California Public Utilities Code

§ 100609

PUC § 100609 Effective Jan 1, 2017Div. 10 · Part 12 · Ch. 9

Statute text

(a)All accrued interest and premiums received on the sale of bonds issued by the VTA pursuant to this chapter shall be placed in the fund to be used for the payment of principal of, and interest on, those bonds. The remainder of the proceeds received on the sale of the bonds shall be placed in the treasury to secure those bonds or for the purposes for which the debt was incurred.

(b)When the purposes for which the debt was incurred have been accomplished, any money remaining shall be either (a) transferred to the fund to be used for the payment of principal of, and interest on, the bonds or (b) placed in a fund to be used for the purchase of those outstanding bonds of the VTA, from time to time, in the open market at the prices and in the manner, either at public or private sale or otherwise, that the board determines. Bonds so purchased shall be canceled immediately.

Legislative history

Amended by Stats. 2016, Ch. 381, Sec. 116. (AB 2196) Effective January 1, 2017.