Cal. Public Utilities Code § 131118
Cal. Public Utilities Code § 131118
California · California Public Utilities Code · Status: effective · Effective 1986-07-14
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- Citation
- Cal. Public Utilities Code § 131118, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/915696
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Full text
All accrued interest and premiums received on the sale of the bonds shall be placed in the fund to be used for the payment of the principal of, and interest on, the bonds, and the remainder of the proceeds of the bonds shall be placed in the treasury of the agency imposing the retail transactions and use tax and applied to secure the bonds or for the purposes for which the debt was incurred. However, when the purposes have been accomplished, any money remaining shall be either (a) transferred to the fund to be used for the payment of principal of, and interest on, the bonds or (b) placed in a fund to be used for the purchase of the outstanding bonds in the open market at prices and in the manner, either at public or private sale or otherwise, as determined by the agency. Bonds so purchased shall be canceled immediately.