§ 11842 Bond Revenue Allocation Rules

This law says that if there's extra money from a project paid for by bonds, and no rules say how to use it, the department can decide how to spend it on things like building, running, or fixing the project.

Key Takeaways

•Extra money from bond projects can be used for things like building, running, or fixing the project.
•If there are no rules for the extra money, the department gets to decide how to use it.
•The money should only be used for things related to the project.

Example

A city builds a new park using money from bonds. After paying for everything, there's some money left over.

Since there's no rule saying what to do with the extra money, the city can use it to buy new playground equipment or fix broken benches in the park.

If the proceedings authorizing the issuance of bonds do not require surplus revenues to be held or applied in any particular manner, they shall be allocated and used for such other purposes incidental to the construction, operation, and maintenance of the project and for making necessary replacements thereto as the department may determine. (Amended by Stats. 1957, Ch. 1932.)

Key Takeaways

•Extra money from bond projects can be used for things like building, running, or fixing the project.
•If there are no rules for the extra money, the department gets to decide how to use it.
•The money should only be used for things related to the project.

Example

A city builds a new park using money from bonds. After paying for everything, there's some money left over.

Since there's no rule saying what to do with the extra money, the city can use it to buy new playground equipment or fix broken benches in the park.

Key Takeaways

Example

Key Terms

References

§ 11842 Bond Revenue Allocation Rules

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References