Section 43774 Of Article 4. Investment Bond Act Of 1909 From California Government Code >> Division 4. >> Title 4. >> Chapter 4. >> Article 4.

. The purchase price of any bonds sold and the accrued interest on them shall be placed in the general improvement fund and may be reinvested in bonds, or, if such reinvestment is not permitted, shall be used to pay principal and interest of the bonds issued pursuant to this article.