California Streets and Highways Code 9615 – Any proceeds of sale of any refunding bonds may be deposited in …
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Any proceeds of sale of any refunding bonds may be deposited in escrow or trust with any bank or trust company within or without the state, or both within and without the state, shall be secured in accordance with the laws applicable to funds of the city and shall be invested in federal securities.
(Added by Stats. 1984, Ch. 496, Sec. 1. Effective July 17, 1984.)
Terms Used In California Streets and Highways Code 9615
- City: includes "city and county" and "incorporated town. See California Streets and Highways Code 15
- Escrow: Money given to a third party to be held for payment until certain conditions are met.