§ 8882
71 words·~1 min read·
/ca/streets-and-highways-code/8882A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon receipt of the bond sale proceeds, the amount so provided for the special reserve fund pursuant to Section 8880 shall be transferred to the fund.
The special reserve fund shall be identified by the name of the proceedings under which the bonds are issued and shall constitute a trust fund for the benefit of the bondholders, subject to and to be administered in accordance with the provisions of this part.