§ 8772
81 words·~1 min read·
/ca/streets-and-highways-code/8772A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the legislative body determines that in its judgment there will be a shortage in the redemption fund, it shall direct the treasurer to pay to the holders of all outstanding and unpaid bonds such proportion thereof as the amount of funds on hand bears to the total amount of the unpaid principal of the bonds and the interest which has accrued or will accrue thereon. Similar proportionate payments shall thereafter be made periodically as moneys come into the redemption fund.