Cal. Code Regs. tit. 5 § 59422

Current through Register 2024 Notice Reg. No. 41, October 11, 2024

Section 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.

Cal. Code Regs. Tit. 5, § 59422

1. Renumbering and amendment of former section 53530 to section 59422 filed 5-15-93; operative 6-4-93 (Register 93, No. 25).

Note: Authority cited: Sections 66700 and 70901, Education Code. Reference: Section 70901, Education Code.

1. Renumbering and amendment of former section 53530 to section 59422 filed 5-15-93; operative 6-4-93 (Register 93, No. 25).