Section 4623 Of Article 3. Issuance Of Bonds From California Health And Safety Code >> Division 5. >> Part 3. >> Chapter 1. >> Article 3.

. The governing body may issue and sell the bonds at not less than their par value. The proceeds of the sale shall be placed in the city treasury to the credit of the proper improvement district fund and shall be applied exclusively to the purposes and objects specified in the resolution calling the election.