California · Water Code
WAT §11770: From the money deposited in the construction fund the State Treasurer shall transfer to the place or places of payment named in the bonds the sums required to pay the interest as it becomes due on all
What this law says, in plain English
The State Treasurer must transfer money from a construction fund to pay bond interest when due.
Read the full statutory text
From the money deposited in the construction fund the State Treasurer shall transfer to the place or places of payment named in the bonds the sums required to pay the interest as it becomes due on all bonds sold and outstanding for the construction of the project during the period of actual construction and during a period of one year after completion thereof.
Verify at the official source: California legislative text
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