California · Code of Civil Procedure - CCP

CCP §870.5: Any local public agency that pledges sales or retail transaction and use tax revenues received from taxes imposed by another public agency for bond payments or payment of other security obligations sh

What this law says, in plain English

Local public agencies are prohibited from pledging sales tax or use tax revenues received from another public agency to pay bond or security obligations.

Read the full statutory text

Any local public agency that pledges sales or retail transaction and use tax revenues received from taxes imposed by another public agency for bond payments or payment of other security obligations shall, in any validation action it files involving those bonds or other obligations, provide written notice thereof to the public agency imposing the taxes pledged as security for the bonds or other obligations at the time it files the validation action.

Verify at the official source: California legislative text

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