Section 485.8 Of Article 4. Appropriation, Security, Sale And Funds From California Military And Veterans Code >> Division 2. >> Part 1. >> Chapter 10. >> Article 4.
485.8
. The revenue bond principal and interest payments and any
premium payable upon revenue bonds called for redemption, and all
payments required for reserve funds, sinking funds and all other
funds and accounts created as further security for the revenue bonds
constitute a first, direct, and exclusive charge and lien on all
revenues of the purchase contracts and the interest or other income
derived therefrom. Such revenues, together with any interest or other
income earned thereon, and such funds and the interest and income
earned thereon, constitute a trust fund for the security and payment
of the revenue bonds and shall not be used or pledged for any other
purpose or transferred to any other fund as long as any such revenue
bonds are outstanding and unpaid.