Section 35998.1 Of Article 3. Sale And Exchange Of Bonds From California Water Code >> Division 13. >> Part 6. >> Chapter 2. >> Article 3.
35998.1
. The accrued interest and premium, if any, shall be placed
in the general obligation bond fund. The purchase price of said bonds
shall be placed in the proper improvement fund and applied
exclusively to the purposes for which said bonds were voted. When
said purposes have been accomplished any moneys remaining in said
improvement fund shall be transferred to the general obligation bond
fund and when all principal of and interest on said bonds has been
paid, the balance of money then remaining in the general obligation
bond fund shall be transferred to the general fund.