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HomeHarbors and Navigation CodeDiv. 6Pt. 4Ch. 1§ 3928 Harbor Bond Fund Transfers

§ 3928 Harbor Bond Fund Transfers

Harbors and Navigation Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 3928 Harbor Bond Fund Transfers

This law says that any money left over in the Harbor Bond Sinking Fund after all the bonds and their interest have been paid off must be moved to a harbor improvement fund.

Key Takeaways

  • •Leftover money in the bond fund can’t stay there; it must be transferred out.
  • •The money goes to a specific harbor improvement fund, not to any other purpose.
  • •There are two separate rules: one for the authority’s bond fund (Harbor Improvement Fund) and one for the commission’s bond fund (Small Craft Harbor Improvement Fund).

Example

The city sells bonds to raise money for a new pier. After the city finishes paying back the bond owners and cancels the bonds, there is $200,000 still in the account.

Because the bonds are fully paid, the law tells the city to put that $200,000 into the San Francisco Harbor Improvement Fund (or the Small Craft Harbor Improvement Fund, depending on which bond fund was used) to be used for harbor projects.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 3928 Harbor Bond Fund Transfers

All money remaining in the account of the Harbor Bond Sinking Fund, established pursuant to subdivision (a) of Section 3918.5, after the principal of and interest upon all bonds issued under this part at the instance of the authority have been paid in full and after all such bonds and interest coupons therefrom have been canceled, shall be paid into the San Francisco Harbor Improvement Fund to be expended in accordance with law. All money remaining in the account of the Harbor Bond Sinking Fund, established pursuant to subdivision (b) of Section 3918.5, after the principal of and interest upon all bonds issued under this part at the instance of the commission have been paid in full and after all such bonds and interest coupons therefrom have been canceled, shall be paid into the Small Craft Harbor Improvement Fund to be expended in accordance with law. (Added by Stats. 1958, 1st Ex. Sess., Ch. 103.)

Last verified: January 11, 2026

Key Terms

Harbor Bond Sinking FundSan Francisco Harbor Improvement FundSmall Craft Harbor Improvement Fundbondsinterest coupons

Related Statutes

  • § 3918.5 Harbor Fund Separate Accounts
  • § 3902 Harbor And Seawall Funds
  • § 3909 Bond Signature And Seal Requirements
  • § 3919 Harbor Bond Sinking Fund Investment
  • § 3925 Bond Maturity Payment Procedure

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Harbors and Navigation Code. Section 3928.
View Official Source