Use of proceeds.

San José Municipal Code § 14.28.110

in effect

14.28.110 - Use of proceeds. A. All bond proceeds shall be applied exclusively to the purposes and objects recited in the bond measure; provided, however, that when said purposes and objects have been accomplished, any moneys remaining in the improvement fund established upon the issuance of the bonds shall be transferred to the fund to be used for the payment of principal of and interest on the bonds. Further, when such purposes and objects have been accomplished and all principal and interest on the bonds have been paid, any balance of money then remaining shall be transferred to the general fund. B. When the city council determines by resolution that the expenditure of money raised by the sale of bonds for the purposes for which the bonds were voted is impracticable or unwise, it may call an election to obtain the consent of the electors to use the money for some other specified municipal purpose. The procedure shall be the same as when the bond proposition was originally submitted to the voters. C. At any time after a bond election the city council may determine by resolution that no part of the bond issue remaining unsold shall be issued or sold. Upon the adoption of such resolution the bonds remaining unsold and described in the bond measure shall become void. (Ord. 26153.)

Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT14PUWOIM_CH14.28GEOBBOFIPR_14.28.110USPRFetched: 11/1/2026