2009 California Government Code - Section 53715 :: Article 3.5. Proceeds Of Taxes

53715.  As used in Article XIII B of the California Constitution,
the term "proceeds of taxes" does not include the proceeds from the
sale of bonds, notes, warrants or other obligations required for the
purpose of financing or refinancing the acquisition, construction, or
completion of public improvements or projects or any rents, charges,
assessments, or levies, other than tax levies, made pursuant to law,
the proceeds of which are required for the payment of principal and
interest, or to otherwise secure such obligations, and to pay the
costs and expenses associated therewith.