ARTICLE 2. Lien of Bonds

Article 2 added by Stats. 1951, Ch. 390.

§§ 36320–36323 · 4 sections

• § 36320 The payment of both principal and interest of revenue bonds shall be secured only by the revenues pledged therefor.
• § 36321 No holder of any revenue bond may ever compel any exercise of the taxing power to pay the bond, interest thereon, or any part of either.
• § 36322 All revenue bonds of the same issue shall, subject to the prior and superior rights of outstanding bonds, claims, or obligations, and notwithstanding anything…
• § 36323 All revenue bonds of the same issue shall be equally and ratably secured without priority by reason of number, date of bonds, of sale, of execution, or of…