2005 California Government Code Sections 53392-53392.7 Article 6. Bond Payment

GOVERNMENT CODE
SECTION 53392-53392.7

53392.  (a) If the voters approve the issuance of bonds pursuant to
the election conducted in accordance with  Section 53388, the county
auditor, subject to the allocation and payment of funds as provided
for in subdivision (b) of Section 33670 of the Health and Safety
Code, shall allocate, and when collected pay, the amount of property
tax revenue determined pursuant to subdivision (c) into a Bond
Payment Fund to be established by the district.  The county auditor
shall continue to make payments to that fund during each fiscal year
until the bonds are retired.  The county auditor shall make that
payment before distributing any property tax revenue to any other
entity of government except for distributions pursuant to Section
33670 of the Health and Safety Code.  Notwithstanding any other law,
no claim on property tax revenue by any other public or private
entity for any purpose whatever shall take precedence over the
allocation of property tax revenue provided in this section.
   (b) The county auditor shall reduce the amount of property tax
revenue otherwise allocable to the city or county establishing the
district in each fiscal year by the amount deposited in the Bond
Payment Fund pursuant to subdivision (a) for each district during
that fiscal year.
   (c) The county auditor shall determine, in each fiscal year, the
amount sufficient to meet the obligation for the payment of principal
and interest during that fiscal year on any bonds issued pursuant to
this chapter by each district.  However, the amount paid on all
bonds issued by each district shall not exceed 25 percent of the
revenue allocated to the city or county establishing the district
pursuant to Chapter 6 (commencing with Section 95) of Part 0.5 of
Division 1 of the Revenue and Taxation Code during the previous
fiscal year with respect to all tax rate areas within the district.
   (d) The legislative body shall provide for the payment of the
principal and interest from the Bond Payment Fund on any bonds issued
by the district pursuant to this chapter.
   (d) The legislative body of a district established within the
boundaries of a city shall reimburse the county for any costs
incurred by the county auditor on behalf of the district pursuant to
this section.
53392.3.  The State of California does hereby pledge to and agree
with the holders of any bonds issued pursuant to this chapter that
the state will not change the structure, organization, or powers of
any district until all obligations on those bonds are fully met or
discharged.  However, this section does not preclude a change in the
structure, organization, or powers of any district if adequate
provision is made by law for the protection of the contracts
represented by those bonds from impairment, and that right to change
the structure, organization, or powers of any district or the
allocation of those tax revenues is hereby reserved to the State of
California.  Districts may include this pledge of the state in those
bonds.
53392.7.  An action may be brought pursuant to Chapter 9 (commencing
with Section 860) of Part 2 of Title 10 of the Code of Civil
Procedure to determine the validity of bonds, proceedings, projects,
or tax allocations.


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