SECTIONS 25260-25264 - California Statutes

WATER CODE

SECTION 25260-25264

25260. Any designated revenue may by resolution of the board be
allocated to the payment of the whole or any portion of the principal
or interest or both of any bonds.

25261. The allocation may be for either or both:
(a) Payment of the whole or any part of the principal or interest
or both of any bonds payable solely from revenue.
(b) As additional security for the payment of the whole or any
part of the principal or interest or both of any bonds payable from
assessments.

25262. Until the payment or retirement of the bonds for the benefit
of which an allocation was made, the revenue allocated shall be
applied solely to the payment of the obligation specified in the
allocating resolution.

25263. An allocation may be made for the exclusive benefit of any
one or more issues or portions of issues of bonds of a district
designated in the allocating resolutions or in the discretion of its
board for the benefit of any bonds of the district at any time issued
or outstanding.

25264. Any allocation shall be irrevocable until all of the bonds
for which the allocation was made and their appurtenant coupons have
been paid or retired.