Section 9465 Of Article 6. Funds And Warrants From California Water Code >> Division 5. >> Part 5. >> Chapter 6. >> Article 6.
9465
. The money derived from the sale of any of the bonds shall be
received by the State Treasurer and placed to the credit of the
following funds in the following manner:
(a) An amount equal to the accrued interest on the bonds so sold
to the date of sale shall be placed by the State Treasurer to the
credit of the bond fund of the assessment upon which the bonds are
based.
(b) All other money derived from the sale of any of the bonds
shall be placed to the credit of the drainage district in a fund
designated as the "Construction fund of (giving the name and number
of the assessment upon which the bonds are based)," and may be drawn
and expended upon warrants drawn by the Controller at the request of
the board upon and payable out of the construction fund in the same
manner as provided in Part 4 of this division, with reference to the
expenditure of moneys collected upon assessments.