California Harbors and Navigation Code

§ 6105

HNC § 6105 Effective Jan 1, 1997Div. 8 · Part 3 · Ch. 4

Statute text

(a)The lien of the bonds of the same issue shall be prior and superior to all revenue bonds subsequently issued.

(b)The district shall only issue parity revenue bonds if the district board determines, based on an audit of the district’s finances conducted under generally accepted accounting principles, that both of the following conditions exist:

(1)The district is not in default in the repayment of any prior issuance of its bonds.

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Legislative history

Amended by Stats. 1996, Ch. 770, Sec. 3. Effective January 1, 1997.