California Streets and Highways Code

§ 8882

SHC § 8882 Effective Sep 9, 1981Div. 10 · Part 16

Statute text

Upon receipt of the bond sale proceeds, the amount so provided for the special reserve fund pursuant to Section 8880 shall be transferred to the fund. The special reserve fund shall be identified by the name of the proceedings under which the bonds are issued and shall constitute a trust fund for the benefit of the bondholders, subject to and to be administered in accordance with the provisions of this part.

Legislative history

Amended by Stats. 1981, Ch. 378, Sec. 1. Effective September 9, 1981.