Section 4638 Of Article 4. Taxation And Finances From California Health And Safety Code >> Division 5. >> Part 3. >> Chapter 1. >> Article 4.
4638
. Until the bonds are paid, or until there is a sum in the city
treasury set aside for the purpose, sufficient to meet all sums
coming due for the principal and interest on the bonds, the city
governing body shall, at the time of fixing, and in the manner
provided for the general city tax levy, levy and collect each year
upon the taxable property situated in the district, and upon that
property only, a tax sufficient to pay the interest on the bonds as
it falls due, and also such part of the principal as will become due
before the proceeds of a tax levied at the next general tax levy will
be available. However, if the maturity of the indebtedness created
by the issuance of the bonds, or any series of the bonds, is made to
begin more than two years after date of the bonds or such series, the
tax shall be levied and collected annually, sufficient to pay the
interest on the indebtedness as it falls due, and also to constitute
a sinking fund for the payment of the principal on or before
maturity.