Current as of January 01, 2019 | Updated by FindLaw Staff
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Whenever a bond election is held to authorize a bonded indebtedness pursuant to Section 100400, the ordinance calling the election may include a statement that the transaction and use taxes, or a stated portion thereof, shall be levied, or continued to be levied, and used to the extent required to pay the principal of, and interest on, the bonds as they become due, to provide any sinking fund payments required therefor, and to create or maintain any reserve fund required therefor.
A vote in favor of the issuance of the bonds shall authorize the use of such taxes for such purposes. The transactions and use tax ordinance shall not be repealed until all bonds payable from the revenues derived from such taxes have been fully paid or provision has been made for their payment in full.
Cite this article: FindLaw.com - California Code, Public Utilities Code - PUC § 100256 - last updated January 01, 2019 | https://codes.findlaw.com/ca/public-utilities-code/puc-sect-100256/
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