Section 99696 Of Chapter 6. Bonds From California Public Utilities Code >> Division 10. >> Part 11.5. >> Chapter 6.

. The people of California hereby find and declare that, inasmuch as the proceeds from the sale of bonds authorized by this part are not "proceeds of taxes" as that term is used in Article XIII B of the California Constitution, the disbursement of these proceeds is not subject to the limitation imposed by that article.