Section 6939.16 Of Article 4. Additional Sacramento-yolo Port District Bonds From California Harbors And Navigation Code >> Division 8. >> Part 6. >> Chapter 4. >> Article 4.
6939.16
. Whenever the revenues of the district are, or in the
opinion of the board will be insufficient to provide for the payment
in full of the principal or interest on the bonds, the board may, and
if the revenues in the interest fund are insufficient to meet the
next ensuing fiscal year's interest on the bonds issued and then
outstanding or if the moneys in the sinking fund are insufficient to
pay or provide for the payment of any bonds maturing during the next
ensuing fiscal year, or if any reserve fund has been drawn upon and
not replenished it shall cause a tax to be levied and collected, upon
all of the taxable property in the district, sufficient to meet all
sums coming due for principal and interest on the bonds during the
next ensuing fiscal year and before the time for fixing the next
general tax levy in the county in which the district is located or to
replenish such reserve fund.
The tax shall be levied and collected annually in the manner
provided by Chapter 5 (commencing with Section 6940) of this part,
and shall be in addition to all other taxes authorized to be levied
and collected. When collected, the tax shall not be used for any
purpose other than the payment of the bonds and the accruing interest
thereon or the replenishment of such reserve fund.