Gov. Code, § 50665.7 · Article 4. Limited Obligation Bonds
Gov. Code, § 50665.7
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
The bonds and the resolution providing for their issuance shall state that the bonds are limited obligation bonds payable solely from revenues of the local agency pledged for that purpose.
In addition, the resolution of the legislative body providing for the issuance of limited obligation bonds shall specify the amount and source of revenue pledged therefor. The pledged revenue shall be sufficient to pay the following amounts annually, as they become due and payable:
(a) The interest on and the principal on the bonds.
(b) All payments required for compliance with the resolution authorizing issuance of the bonds or any other contract with the bondholders, including the creation of a sinking fund and reserve funds.
(c) All payments to meet any other obligations of the local agency which are charges, liens, or encumbrances on the pledged revenue.
Notes and commentary — not statutory text
History
Added by Stats. 1985, Ch. 320, Sec. 2.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=50665.7.
- Text hash
- sha256 223d4e44274ac80ceabe5dccc5492938df2a80493b825da3126da897b3460ab8
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 2 provisions
Provisions in this library whose text cites Gov. Code, § 50665.7. Each shows the citation as that text prints it.
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