Section 100256 Of Article 9. Retail Transaction And Use Tax From California Public Utilities Code >> Division 10. >> Part 12. >> Chapter 5. >> Article 9.
100256
. Whenever a bond election is held to authorize a bonded
indebtedness pursuant to Section 100400, the ordinance calling the
election may include a statement that the transaction and use taxes,
or a stated portion thereof, shall be levied, or continued to be
levied, and used to the extent required to pay the principal of, and
interest on, the bonds as they become due, to provide any sinking
fund payments required therefor, and to create or maintain any
reserve fund required therefor.
A vote in favor of the issuance of the bonds shall authorize the
use of such taxes for such purposes. The transactions and use tax
ordinance shall not be repealed until all bonds payable from the
revenues derived from such taxes have been fully paid or provision
has been made for their payment in full.