§ 59422. Use of Bond Proceeds.
5 CA ADC § 59422Barclays Official California Code of Regulations
5 CCR § 59422
§ 59422. Use of Bond Proceeds.
When the territory of a district is reorganized, any funds derived from the sale of the bonds issued by the former district shall be used for the acquisition, construction, or improvement of college property only in the territory which comprised the former district or to discharge the bonded indebtedness of the former district, except that if the bonded indebtedness is assumed by the new district, the funds may be used in any area of the new district for the purposes for which the bonds were originally voted.
Credits
Note: Authority cited: Sections 66700 and 70901, Education Code. Reference: Section 70901, Education Code.
History
1. Renumbering and amendment of former section 53530 to section 59422 filed 5-15-93; operative 6-4-93 (Register 93, No. 25).
This database is current through 6/14/24 Register 2024, No. 24.
Cal. Admin. Code tit. 5, § 59422, 5 CA ADC § 59422
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