2007 California Water Code Article 1. Proceeds Of Bond Sales

CA Codes (wat:44750-44751)

44750.  The proceeds of sale of district bonds shall be placed in
the treasuries of the respective affected counties to the amount of
the unpaid assessment in each county and credited to the bond fund of
the district, except that any premium received upon the sale of
district bonds shall be credited to the bond reserve fund of the
district if the resolution of the board directing the sale of the
bonds so provides.  Said proceeds may be used for the purposes for
which the bonds were authorized to be issued under Part 8 (commencing
with Section 45100) of this division.  Upon completion of an adopted
project, or any unit thereof, any balance in said fund shall be used
exclusively for the payment of principal of or interest on the bonds
sold, or shall be deposited in the bond reserve fund or shall be
used for the purchase at not more than par and cancellation of any
such bonds.



44751.  A proper record of the transaction shall be made upon the
books of the district treasurer.