(a) Chapter 1 (commencing with Section 180000), Chapter 5 (commencing with Section 180200), and, except Section 180260, Chapter 6 (commencing with Section 180250) of Division 19 (commencing with Section 180000) shall be equally applicable to the authority as if set forth herein and shall be in addition to the powers and functions of the authority set forth in this division. (b) Notwithstanding Section 180260, all proceeds of the authorityâs bonds shall be applied to secure the bonds or for the purposes for which the debt was incurred. However, when the purposes have been accomplished, any moneys remaining shall be either transferred to the fund used for the payment of principal of, and interest on, the bonds, or placed in a fund to be used for the purchase of the outstanding bonds in the open market at prices and in the manner, either at public or private sale or otherwise, as determined by the authority. Bonds so purchased shall be canceled immediately.
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