Section 489.3 Of Article 7. Remedies Of Revenue Bondholders From California Military And Veterans Code >> Division 2. >> Part 1. >> Chapter 10. >> Article 7.
489.3
. Whenever a bank or trust company is acting as trustee by
reason of any default, or for the protection of the interests of the
revenue bondholders, the bank or trust company as such trustee shall
take such action as the holders or registered owners of 25 percent in
principal amount of all the revenue bonds then outstanding shall
request in writing; provided, that the bank or trust company as such
trustee may request reasonable security before taking any action so
requested.