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Section 57459 Of Chapter 6. Effect Of Dissolution From California Government Code >> Division 3. >> Title 5. >> Part 5. >> Chapter 6.
57459
. Until payment, or provision for payment, has been made of
all principal, interest, and any other amounts owing on account of
any outstanding bonds, contracts, or other obligations which are
payable in whole or in part from the revenues of a revenue-producing
enterprise of the dissolved district, the successor shall not do
either of the following:
(a) Sell, encumber, or otherwise dispose of all or any part of the revenue-producing enterprise or the revenues derived from that enterprise, except as expressly authorized by the ordinance, resolution, or indenture authorizing or providing for the issuance of any of the bonds, contracts, or other obligations.
(b) Distribute less than the whole of the revenue-producing enterprise to any city or county.
(a) Sell, encumber, or otherwise dispose of all or any part of the revenue-producing enterprise or the revenues derived from that enterprise, except as expressly authorized by the ordinance, resolution, or indenture authorizing or providing for the issuance of any of the bonds, contracts, or other obligations.
(b) Distribute less than the whole of the revenue-producing enterprise to any city or county.
