California · Water Code

WAT §9542: The bond fund of the assessment shall be credited with the amount of purchase money paid in bonds or coupons on delinquent sales, and of all sums indorsed as paid upon account of purchase money on any

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What this law says, in plain English

Bond funds receive credits for purchase money paid through bonds, coupons on delinquent sales, and sums endorsed as paid toward purchase money.

Read the full statutory text

The bond fund of the assessment shall be credited with the amount of purchase money paid in bonds or coupons on delinquent sales, and of all sums indorsed as paid upon account of purchase money on any bonds or coupons, specifying the same, a statement of which shall be furnished by the county treasurer to the State Treasurer.

Verify at the official source: California legislative text

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