Section 31185 Of Article 5. Custody And Use Of Money From California Streets And Highways Code >> Division 17. >> Chapter 5. >> Article 5.
31185
. From the money deposited in the acquisition and construction
fund, the treasurer shall transfer to the place or places of payment
named in the bonds such sums as are required to pay the interest as
it becomes due on all bonds sold and outstanding for the construction
of the toll tunnel during the period of actual construction and
during the period of six months immediately thereafter. The treasurer
shall thereafter transfer from the toll revenue fund to the place or
places of payment named in the bonds such sums as are required to
pay the interest on the bonds and to redeem the principal thereof as
such interest payments and bond redemptions fall due for all bonds
issued and sold for the construction or acquisition of the toll
tunnel. All funds transferred for the payment of principal or
interest on bonds issued for the toll tunnel shall be segregated and
applied solely for the payment of such principal and interest.