Section 150209 Of Chapter 5. Transactions And Use Tax From California Public Utilities Code >> Division 15.5. >> Chapter 5.
150209
. (a) The bonds authorized by the voters concurrently with
the approval of the retail transactions and use tax may be issued by
the authority at any time, and from time to time, 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.
(b) The pledge of the tax to the limited tax bonds authorized
under this chapter shall have priority over the use of any of the
taxes for "pay-as-you-go" financing, except to the extent that the
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.