Sts. & Hy. Code, § 8887 · Part 16. SPECIAL SECURITY FUND
Sts. & Hy. Code, § 8887
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
Notwithstanding any other provision in this part, for the purposes of (1) assuring that the bonds to be issued will not become arbitrage bonds as defined in the Internal Revenue Code of 1954 (Title 26 of the United States Code) and regulations promulgated thereunder by the Department of Treasury, and (2) providing for reduction of the amount of money in the special reserve fund during the term of the bonds, the legislative body may, by resolution adopted prior to the issuance of bonds under this division, provide that money in the special reserve fund, including investment income, shall be used, in the amounts and at the times as the legislative body may determine, for either or both of the following:
(a) Credit upon the assessment in the manner provided in Section 10427.1.
(b) Transfer to the redemption fund for advance retirement of the bonds pursuant to this division.
The resolution may specify the terms and conditions, as the legislative body may determine to be reasonable, with respect to its authorization of either or both of the uses.
Notes and commentary — not statutory text
History
Added by Stats. 1981, Ch. 378, Sec. 5. Effective September 9, 1981.
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=SHC§ionNum=8887.
- Text hash
- sha256 4c5b0a606f17d8270f43e5aa82305cb1b62d09f4dbe0ba1a84939b8c80147da2
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- 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
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