Cal. SHC § 8775
This is the official text of Cal. SHC § 8775, part of California’s Streets and Highways Code — governs the construction and maintenance of public roads.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Official statutory text
If a deficiency occurs in the redemption fund with which to pay past due bonds, past due interest, or bonds or interest which will become due during the current tax collecting year, but it does not appear to the treasurer that there will be an ultimate loss to the bondholders, he shall pay matured bonds as presented and make interest payments when due as long as there are available funds in the redemption fund, in the following order of priority:
(1) All matured interest payments shall be made before the principal of any bonds is paid.
(2) Interest on bonds of earlier maturity shall be paid before interest on bonds of later maturity.
(3) Within a single maturity, interest on lower-numbered bonds shall be paid before interest on higher-numbered bonds.
(4) The principal of bonds shall be paid in the order in which the bonds are presented for payment. Any bond which is presented but not paid shall be assigned a serial number according to the order of presentment and shall be returned to the bondholder.
Bonds not paid when presented, and interest payments not paid when due, shall bear interest at the rate stated in the bonds, without compounding, until paid.
(1) All matured interest payments shall be made before the principal of any bonds is paid.
(2) Interest on bonds of earlier maturity shall be paid before interest on bonds of later maturity.
(3) Within a single maturity, interest on lower-numbered bonds shall be paid before interest on higher-numbered bonds.
(4) The principal of bonds shall be paid in the order in which the bonds are presented for payment. Any bond which is presented but not paid shall be assigned a serial number according to the order of presentment and shall be returned to the bondholder.
Bonds not paid when presented, and interest payments not paid when due, shall bear interest at the rate stated in the bonds, without compounding, until paid.
Status: in_force · Read it on the official government site
Need a lawyer in California?
Find a California lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.