Section 180251 Of Chapter 6. Bonds From California Public Utilities Code >> Division 19. >> Chapter 6.
180251
. (a) The bonds authorized by the voters concurrently with
the approval of the retail transactions and use tax may be issued at
any time by the authority and shall be 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 tax
for "pay-as-you-go" financing, except to the extent that that
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.