California · Military and Veterans Code - MVC
MVC §485.3: The revenues shall be pledged first to the payment of the principal of and interest on the revenue bonds and to all funds created for the further security of such revenue bonds, including reserve fund
What this law says, in plain English
Revenue bond proceeds must first be used to pay bond principal, interest, and establish security funds for those bonds.
Read the full statutory text
The revenues shall be pledged first to the payment of the principal of and interest on the revenue bonds and to all funds created for the further security of such revenue bonds, including reserve fund, sinking fund, and all other payments required to be made in connection with the revenue bonds.
Verify at the official source: California legislative text
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