State Codes and Statutes
Statutes > California > Wat > 36320-36323WATER CODE
SECTION 36320-36323
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 to the contrary contained in Section 35471, have a prior and paramount lien on the revenue pledged for the payment or redemption thereof and the payment of interest thereon over and ahead of all revenue bonds of any issue which may be subsequently issued and over and ahead of any claims or obligations of any nature against the revenue subsequently arising or subsequently incurred. This section shall not prohibit the district from making provisions, at the time of issuance and sale of revenue bonds, for the subsequent issuance of parity lien bonds. 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 delivery, by a lien on the district's revenue in accordance with the provisions of this division and the resolutions authorizing the issuance of the bonds.
