Section 130420 Of Article 9. Transaction And Use Taxes In The County Of Orange From California Public Utilities Code >> Division 12. >> Chapter 4. >> Article 9.

. (a) The bonds authorized by the voters concurrently with the approval of the retail transactions and use tax may be issued by the commission at any time, and from time to time, payable solely from the proceeds of the tax. The bonds shall be referred to as "limited tax bonds."
  (b) The pledge of retail transactions and use taxes to the limited tax bonds authorized under this article shall have priority over the use of any of the funds for "pay-as-you-go" financing except to the extent that that priority is expressly restricted in the resolution providing for the issuance of the bonds.