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School Facilities Improvement District; Method of Bond Payment   

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Any money paid into the county treasury of the county and credited to the interest and sinking fund of any school facilities improvement district remaining after the payment of all bonds and coupons payable from the fund, or which is in excess of an amount sufficient to pay all unpaid bonds and coupons payable from the fund, shall be transferred to the special reserve fund of the school district or community college district in which the school facilities improvement district is located and may be used only for the purpose specified in Section 42840.

(Added by Stats. 1997, Ch. 893, Sec. 70.)


Education code 42840