Section 5403 Of Chapter 5. Tax Or Assessment Levy For Unsold Bonds From California Government Code >> Division 6. >> Title 1. >> Chapter 5.
5403
. When bonds to be issued by or on behalf of a public body have
been authorized by an election or other method provided by law, and
where it is expected that all or any part of such bonds will be sold
at such time that principal or interest on such bonds will become due
before the proceeds of a tax or assessment levied after such sale
would be available to pay such principal or interest, the governing
body, at the time of fixing the annual tax or assessment levy, may
levy a tax or assessment, as the case may be, in an amount clearly
sufficient to pay that portion of the principal of and interest on
said bonds which it is expected will become due before the proceeds
of the next succeeding tax or assessment levy will be available.