Section 8514 Of Chapter 12. Metropolitan Transportation Commission From California Revenue And Taxation Code >> Division 2. >> Part 2. >> Chapter 12.
8514
. (a) The bonds authorized by the voters concurrently with the
approval of the tax may be issued at any time by the commission 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 this
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.