SECTIONS 36320-36323 - California Statutes

WATER CODE

SECTION 36320-36323

36320. The payment of both principal and interest of revenue bonds
shall be secured only by the revenues pledged therefor.

36321. No holder of any revenue bond may ever compel any exercise
of the taxing power to pay the bond, interest thereon, or any part of
either.

36322. All revenue bonds of the same issue shall, subject to the
prior and superior rights of outstanding bonds, claims, or
obligations, and notwithstanding anything to the contrary contained
in Section 35471, have a prior and paramount lien on the revenue
pledged for the payment or redemption thereof and the payment of
interest thereon over and ahead of all revenue bonds of any issue
which may be subsequently issued and over and ahead of any claims or
obligations of any nature against the revenue subsequently arising or
subsequently incurred. This section shall not prohibit the district
from making provisions, at the time of issuance and sale of revenue
bonds, for the subsequent issuance of parity lien bonds.

36323. All revenue bonds of the same issue shall be equally and
ratably secured without priority by reason of number, date of bonds,
of sale, of execution, or of delivery, by a lien on the district's
revenue in accordance with the provisions of this division and the
resolutions authorizing the issuance of the bonds.