§ 11770 Construction Bond Interest Payments

Water Code·California

AI SummaryVerified

This law says the state must use money from a special construction fund to pay the interest on bonds used for building projects, both while the project is being built and for one year after it's done.

Key Takeaways

•The state has a special fund just for paying interest on construction bonds.
•Interest must be paid while the project is being built.
•Interest must also be paid for one year after the project is finished.

Example

Imagine the state builds a new school using money borrowed through bonds.

The state has to pay the interest on those bonds using a special fund, not just while the school is being built, but also for a whole year after the school is finished.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 11770 Construction Bond Interest Payments

From the money deposited in the construction fund the State Treasurer shall transfer to the place or places of payment named in the bonds the sums required to pay the interest as it becomes due on all bonds sold and outstanding for the construction of the project during the period of actual construction and during a period of one year after completion thereof. (Added by Stats. 1943, Ch. 370.)

Last verified: January 11, 2026

Key Terms

construction fund State Treasurer bonds interest period of actual construction one year after completion

References

Official text at leginfo.legislature.ca.gov
California Legislature. Water Code. Section 11770.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References