Section 55802 Of Part 3. Authorities From California Government Code >> Division 2. >> Title 5. >> Part 3.
55802
. (a) The bonds authorized by the voters pursuant to Section
55800 may be issued at any time by the authority and shall be payable
from the proceeds of the tax. The bonds shall be referred to as
"limited tax bonds." The bonds may be secured by a pledge of revenues
from the proceeds of the tax, including income from the investment
of those proceeds.
(b) The pledge of the retail transactions and use tax revenues for
the limited tax bonds authorized under this chapter shall have
priority over the use of any of the tax revenues for "pay-as-you-go"
financing, or any other purposes except to the extent that that
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.