Cal. Public Utilities Code § 103507
Cal. Public Utilities Code § 103507
California · California Public Utilities Code · Status: effective
Cite this
- Citation
- Cal. Public Utilities Code § 103507, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/914907
- Permanent ID
ys:prov:914907@1- SHA-256
c03a476364bc94a2590ca6e6e2d43312f229148e2df037b5119e346b91a1488b
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
All accrued interest and premiums received on the sale of bonds shall be placed in the fund to be used for the payment of principal of, and interest on, the bonds and the remainder of the proceeds of the bonds shall be placed in the treasury to the credit of the proper improvement fund and applied exclusively to the purposes for which the debt was incurred (which purposes shall be in conformity with an approved general transit plan or element thereof then in effect); provided, however, that when such purposes have been accomplished, any moneys remaining in such improvement fund (a) shall be transferred to the fund to be used for the payment of principal of, and interest on, the bonds, or (b) shall be placed in a fund to be used for the purchase of outstanding bonds of the district from time to time in the open market at such prices and in such manner, either at public or private sale or otherwise, as the board may determine. Bonds so purchased shall be canceled immediately.