Section 43628 Of Article 1. General From California Government Code >> Division 4. >> Title 4. >> Chapter 4. >> Article 1.
43628
. All premiums and accrued interest received shall be placed
in the fund to be used for the payment of principal of and interest
on the bonds, and the remainder of the proceeds of the bonds shall be
placed in the treasury to the credit of the proper improvement fund
and applied exclusively to the purpose and object recited in the
ordinance; provided, however, that when said purpose and object has
been accomplished any moneys remaining in such improvement fund shall
be transferred to the fund to be used for the payment of principal
of and interest on the bonds. Further, when such purpose and object
have been accomplished and all principal and interest on the bonds
have been paid, any balance of money then remaining shall be
transferred to the general fund.