(a) The bonds authorized by the voters concurrently with the approval of the retail transactions and use tax may be issued by the agency at any time, and from time to time, payable from the proceeds of the tax. The bonds shall be referred to as “limited tax bonds.”
(b) The pledge of the retail transactions and use tax revenues for the limited tax bonds authorized under this chapter shall have priority over the use of any of the tax revenues for “pay-as-you-go” financing, or any other purposes except to the extent that that priority is expressly restricted in the resolution authorizing the issuance of the bonds.
(Added by Stats. 1989, Ch. 1335, Sec. 1.5.)
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