Government Code - GOV
TITLE 5. LOCAL AGENCIES [50001 - 57607]
( Title 5 added by Stats. 1949, Ch. 81. ) DIVISION 3. CORTESE-KNOX-HERTZBERG LOCAL GOVERNMENT REORGANIZATION ACT OF 2000 [56000 - 57550]
( Heading of Division 3 amended by Stats. 2001, Ch. 388, Sec. 1. ) PART 5. TERMS AND CONDITIONS AND EFFECT OF A CHANGE OF ORGANIZATION OR REORGANIZATION [57300 - 57550]
( Part 5 added by Stats. 1985, Ch. 541, Sec. 3. ) CHAPTER 6. Effect of Dissolution [57450 - 57463]
( Chapter 6 added by Stats. 1985, Ch. 541, Sec. 3. ) 57460.
If at the time of distribution more than one city or county or any combination of cities or counties are entitled to distribution of portions of a revenue-producing enterprise but the successor is unable to distribute the same because of Section 57459, the successor shall retain the revenue-producing enterprise and all revenues derived from that enterprise until payment, or provision for payment, has been made of all principal, interest, and any other amounts owing on account of outstanding bonds, contracts, or other obligations which are payable in whole or in part from the revenues of the enterprise, at which time the successor shall distribute the enterprise and any revenues derived therefrom in accordance with Section 57457.
(Added by Stats. 1985, Ch. 541, Sec. 3. Effective September 9, 1985. Operative January 1, 1986, by Sec. 5 of Ch. 541.)