Section 6351.5 Of Article 2.5. Additional Stockton Port District Bonds From California Harbors And Navigation Code >> Division 8. >> Part 4. >> Chapter 4. >> Article 2.5.
6351.5
. The board, in and by the ordinance authorizing the issuance
of the bonds, shall hypothecate and allocate all of the revenues to
be realized from the revenue-producing harbor improvement to be
acquired or constructed from the proceeds of the bonds to the payment
of both principal and interest.
The allocation and hypothecation is irrevocable until all bonds
and the accrued interest thereon are paid.
The allocation and hypothecation shall be made in each case for
the exclusive benefit of the bonds to be issued for the purpose of
acquiring or constructing the particular revenue-producing harbor
improvement, and as additional security for the payment of the
principal and interest of the bonds.
But the allocation and hypothecation do not constitute the
exclusive source of payment. The bonds constitute general obligations
of the district and both principal and interest may be paid from any
money or sources of revenue of any kind, including taxes, on hand
and available for that purpose.