California Code, SHC 30301.

California Code, SHC 30301.

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Streets and Highways Code - SHC

DIVISION 17. TOLL FACILITIES AND RELATED MATTERS [30000 - 31490] Â Â ( Heading of Division 17 amended by Stats. 2013, Ch. 375, Sec. 1. ) Â Â CHAPTER 1. The California Toll Bridge Authority Act [30000 - 30506] Â Â ( Chapter 1 added by Stats. 1947, Ch. 176. ) Â Â

ARTICLE 6. Custody and Use of Money [30300 - 30312] Â Â ( Article 6 added by Stats. 1947, Ch. 176. )

  30301.  The proceeds from the sale of the bonds shall be paid out or disbursed solely for the acquisition or construction of the particular toll bridge or other highway crossing, transportation facilities, or additional transportation facilities, the acquisition of the necessary lands and easements therefor, and the payment of interest on the bonds during the period of actual construction and for a period of six months thereafter, only as the need therefor arises. The commission may agree with the purchaser of the bonds upon any conditions or limitations restricting the disbursement of such funds which are deemed advisable for the purpose of assuring the proper application of the funds. (Amended by Stats. 1980, Ch. 777, Sec. 185.)