California Law (Last Updated: March 4, 2014) |
Government Code - GOV |
Title 5. LOCAL AGENCIES |
Division 2. CITIES, COUNTIES, AND OTHER AGENCIES |
Part 1. POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES |
Chapter 6. Revenue Bond Law of 1941 |
ARTICLE 4. Provisions Relating to Bonds |
Section 54431.
Latest version.
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The principal of and interest on the bonds and any premiums upon the redemption of any thereof are not a debt of the local agency, nor a legal or equitable pledge, charge, lien, or encumbrance, upon any of its property, or upon any of its income, receipts, or revenues except the revenues of the enterprise and other funds that may be legally applied, pledged, or otherwise made available to their payment.
(Amended by Stats. 1953, Ch. 526.)