2005 California Streets and Highways Code Sections 35520-35522 Article 4. Disposition of Funds

35520.  From time to time the street superintendent shall pay to the
treasurer all money collected by him on account of any assessment
levied pursuant to this chapter.
   On receipt of the money the treasurer shall place it in the fund
for the redemption of the bonds issued pursuant to Chapter 3
(commencing with Section 35400) of this part.  All proceeds of any
bonds issued pursuant to this chapter shall also be placed in such
fund.
35521.  Moneys in the fund clearly in excess of the amount necessary
to redeem the outstanding bonds as hereinafter provided may be used
to pay the costs and expenses referred to in Section 35464.  The
balance of the fund shall be a trust fund pledged to and held for the
benefit of the holders of the outstanding bonds issued pursuant to
Chapter 3 (commencing with Section 35400) of this part, and until the
bonds and the interest thereon have been fully paid the balance
shall be used for no purpose other than the payment of the principal
thereof, the interest thereon, and any premiums payable upon the call
thereof.  If the bonds, or any portion thereof, are to be called for
redemption, the city shall immediately give notice of such
redemption in the manner and form provided in the ordinance,
resolution or indenture under which the bonds were issued, even
though the notice may be premature as to time, but if the notice is
premature the city shall later give the notice again within the
proper time.  As soon as the notice, even though premature, has been
given and as soon as there are moneys in the fund clearly sufficient
to pay the principal of all of the bonds, all interest to maturity or
to the call date stated in the notice as the case may be, and all
premiums to which bondholders will be entitled by reason of the call,
the city is discharged from all obligations under this part or under
the ordinance, resolution or indenture to make charges for the use
of, or produce revenues from, parking places of the district or
parking meters on streets, but the city shall continue to be bound by
all other provisions of the ordinance, resolution or indenture.
35522.  When a fund has been established under this chapter
sufficient to redeem all outstanding bonds previously issued on
behalf of the district pursuant to Chapter 3 (commencing with Section
35400) of this part, Section 35111 shall no longer apply to the
district.