SECTIONS 11840-11842 - California Statutes

WATER CODE

SECTION 11840-11842

11840. All money in the construction fund not required to meet
preconstruction, acquisition, or construction costs and expenses, or
interest thereon, of the project, or unit thereof, for which bonds
were issued and sold, and all funds constituting surplus revenues
which are not immediately needed for the particular object or purpose
to which they are required to be applied or are pledged shall be
invested in bonds and obligations eligible for investment of surplus
State money.

11841. The department may provide in the proceedings authorizing
the issuance of bonds that the investment of surplus money shall be
made only in particular bonds and obligations within the
classifications eligible for such investment and such provisions
shall thereupon be binding upon the department and all officials
having anything to do with such investment.

11842. If the proceedings authorizing the issuance of bonds do not
require surplus revenues to be held or applied in any particular
manner, they shall be allocated and used for such other purposes
incidental to the construction, operation, and maintenance of the
project and for making necessary replacements thereto as the
department may determine.