2007 California Streets and Highways Code Article 2. The Redemption Fund

CA Codes (shc:9260-9263)

9260.  The treasurer shall keep a redemption fund designated by the
name of the bonds, into which he shall place all sums received by him
from the collection of the reassessments made for such refunding and
upon the security of which the refunding bonds are issued and all
interest and penalties thereon.


9261.  A city proceeding under this division may at its discretion
temporarily transfer money into the redemption fund from other funds
in which such moneys are not immediately needed.  The money so
transferred shall be used to pay sums due from the redemption fund
and shall be retransferred therefrom out of the first available
receipts.



9262.  From the redemption fund the treasurer shall disburse and pay
the refunding bonds and the interest due thereon upon presention of
the proper bonds and coupons.  Under no circumstances shall the bonds
or the interest thereon be paid out of any other fund.



9263.  All money in the redemption fund upon the date the statement
of the auditor is approved by the legislative body shall be paid to
the holders of outstanding bonds and coupons entitled thereto at or
prior to the delivery of the refunding bonds.