reglab/statecodes huggingface dataset:
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 2 - Authorization and Issuance of Bonds › Section 481.5.

481.5. Reference on the face of any revenue bonds to a resolution of issuance by its date of adoption, or the apparent date on the face thereof, shall be sufficient to incorporate all of the provisions thereof and of this chapter into the body of the revenue bonds and their appurtenant coupons. Each taker and subsequent holder of the revenue bonds or coupons, whether the coupons are attached to or detached from the revenue bonds, shall have recourse to all of the provisions of the resolution of issuance and of this chapter and shall be bound thereby.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.

482. A resolution of issuance may provide for the issuance of revenue bonds in one or more series and for the aggregate principal amount of any series thereof. Any series of revenue bonds may consist of serial revenue bonds or of term revenue bonds with sinking fund requirements or partially of serial revenue bonds and partially of term revenue bonds with sinking fund requirements. A resolution of issuance may provide for such supplemental resolutions of issuance as may from time to time be required to fix and determine the terms and conditions of each series of revenue bonds.
(Amended by Stats. 1982, Ch. 454, Sec. 140.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.1.

482.1. A resolution of issuance may provide for the dates to be borne by revenue bonds and by each series issued thereunder and for the dates of maturity thereof.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.2.

482.2. A resolution of issuance may provide for the payment of interest on revenue bonds annually or semiannually or in part annually and in part semiannually, upon such dates and at such rates as may be provided for by the California National Guard Finance Committee. The first interest payment may be at any time on or before one year from the date of the revenue bonds.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.3.

482.3. A resolution of issuance may provide for the call and redemption of revenue bonds issued thereunder, upon such terms, conditions and notice, and upon the payment of such premium, as may be fixed in said resolution. No revenue bond shall be subject to call or redemption prior to its fixed maturity date unless the right to exercise such call is expressly stated on the face of the revenue bond.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.4.

482.4. A resolution of issuance may provide for the forms, denominations, registration, transfer, and interchange of revenue bonds issued thereunder. Revenue bonds may be issued as coupon revenue bonds or as registered revenue bonds in any denomination or denominations authorized by the resolution of issuance. A resolution of issuance may provide for the interchange of coupon revenue bonds and registered revenue bonds, and may provide for the registration of coupon revenue bonds as to principal only or as to both principal and interest. Revenue bonds of different denominations, in either coupon or registered form, may be made exchangeable for revenue bonds of an equal aggregate principal amount, but of different denominations upon such terms as may be provided in the resolution of issuance.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.5.

482.5. A resolution of issuance may provide for the replacement of lost, destroyed, or mutilated revenue bonds or coupons.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.6.

482.6. A resolution of issuance may provide for the issuance of temporary or interim revenue bonds, certificates, or receipts pending the preparation and delivery of definitive revenue bonds. Such temporary or interim revenue bonds, certificates, or receipts may be of any denomination and with or without coupons.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.7.

482.7. A resolution of issuance may provide for the payment of the principal and interest of revenue bonds at any place within or without the State of California and in specified coin or currency of the United States and may include a covenant to maintain, in each city in which any outstanding revenue bonds shall be expressed to be payable, an office or agency where such revenue bonds and interest coupons thereon may be presented for payment.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.8.

482.8. A resolution of issuance shall provide the means by which payments of principal and interest of revenue bonds shall be secured.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 482.9.

482.9. A resolution of issuance may include a provision requiring the department to pay or cause to be paid punctually the principal of all revenue bonds issued thereunder and the interest thereon, on the dates, at the places and in the manner provided in such revenue bonds and in the coupons appertaining thereto.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 483.

483. A resolution of issuance may include a provision requiring the department to preserve and protect the security of the revenue bonds and the rights of the holders thereof and to warrant and defend such rights.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 483.1.

483.1. A resolution of issuance may include provisions requiring, specifying, or limiting the kind, amount, and character of insurance to be maintained by the department on any property under the jurisdiction of the department and the use and disposition of the proceeds of any such insurance thereafter collected.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 483.3.

483.3. A resolution of issuance may include provisions requiring the department to hold or cause to be held in trust the revenues, or any part of the revenues, pledged to the payment of revenue bonds and the interest thereon, and to apply or cause to be applied revenues or such part of revenues, only as provided in the resolution of issuance.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 483.4.

483.4. A resolution of issuance may include provisions establishing the amount and terms of purchase contracts to be held in trust in relation to the revenue bonds that are outstanding, including the setting of both maximum and minimum required levels in terms of percentages or otherwise, and such provisions may also:
(a) Prescribe the method for setting the value of any outstanding purchase contracts;
(b) Continue authorization for the department to withdraw purchase contracts or other assets in excess of the maximum required level; and
(c) Permit substitution of purchase contracts or other security under appropriate limitations.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 483.5.

483.5. A resolution of issuance may include a provision authorizing, or limiting the power of, the department to issue additional revenue bonds and establishing the terms and conditions upon which additional bonds may be issued.
(Amended by Stats. 1982, Ch. 454, Sec. 141.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 483.6.

483.6. A resolution of issuance may include a clause providing the events of default and the terms and conditions upon which any or all of the revenue bonds then or thereafter issued may become or be declared due and payable prior to maturity, and the terms and conditions upon which such declaration and its consequences may be waived.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 483.7.

483.7. A resolution of issuance may include provisions establishing the rights, powers and duties arising upon breach by the department of any of the covenants, conditions or obligations contained therein.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 483.8.

483.8. A resolution of issuance may include provisions prescribing a procedure by which the terms and conditions of the resolution may be subsequently amended or modified with the consent of the department and the California National Guard Finance Committee and the vote or written consent of the holders of a specified principal amount or specified proportion of the revenue bonds issued and outstanding. Such provisions may include provisions for meetings of revenue bond holders and for the manner in which the consent of the revenue bondholders may be given. A resolution of issuance may provide that the revenue bonds held by the department or by the State of California or any political subdivision, public corporation, or agency thereof shall not be counted as outstanding revenue bonds or be entitled to vote or consent, but shall nevertheless be subject to any such modification or amendment.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 483.9.

483.9. A resolution of issuance may provide that the revenue bonds issued thereunder and the interest thereon shall be secured by all or part of the revenues or the proceeds of sale of the revenue bonds, or both, and may establish a lien upon the revenues or proceeds as the department, with the approval of the California National Guard Finance Committee, shall determine.
(Amended by Stats. 1981, Ch. 920, Sec. 12.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 484.

484. A resolution of issuance may include a covenant that the department will duly pay and discharge, or cause to be paid and discharged, any taxes, assessments, or other governmental charges lawfully imposed upon any properties owned by or under the jurisdiction of the department, or upon the revenues, as well as any lawful claim for labor, materials, or supplies which, if unpaid, might become a lien or charge upon the revenues, or which might impair the security of the revenue bonds.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 484.1.

484.1. A resolution of issuance may include provisions requiring the preparation, filing, and publication of financial statements with respect to the revenues, the funds securing the revenue bonds, and the expenses, properties, and operations of the department, including provisions for examinations and reports by independent certified public accountants.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 484.2.

484.2. A resolution of issuance may include a convenant that the department will at all times use its best efforts to maintain the powers, functions, duties, and obligations reposed in it pursuant to law at the time of adoption of such resolution, and that it will not at any time voluntarily do, suffer, or permit any act or thing, the effect of which would be to hinder, delay, or imperil the payment of the indebtedness evidenced by any of the revenue bonds or the performance or observance of any of the covenants contained in such resolution.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 484.3.

484.3. A resolution of issuance may include provisions requiring, permitting, restricting, or governing the deposit and investment of funds established for the security of revenue bonds issued thereunder, and requiring that such deposits be secured or specifying the type of security required for such deposits irrespective of any law authorizing or permitting such deposit or investment of public funds generally.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 484.4.

484.4. A resolution of issuance may include a covenant that the department will make or adopt and execute, or cause to be made, adopted, and executed, any and all such further resolutions, acts, deeds, conveyances, assignments, or assurances as may be reasonably required for effectuating the intention of the resolution of issuance and for better assuring and confirming unto the holders of the revenue bonds the rights and benefits provided in the resolution of issuance.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 484.5.

484.5. A resolution of issuance may include any and all covenants and agreements on the part of the department, and for such other acts or matters which the department, subject to the approval of the California National Guard Finance Committee, deems necessary or convenient or advisable for the better security of the revenue bonds issued thereunder or to make the revenue bonds more marketable.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 3 - Provisions of Resolution of Issuance and Supplemental Resolutions › Section 484.6.

484.6. The State Treasurer shall act as trustee for the department and the holders of the revenue bonds, to receive and disburse all the revenues applicable to the payment of the principal of or interest on the revenue bonds, including any reserve fund, sinking fund, or other fund or account established for further securing the revenue bonds. The department may provide in any resolution of issuance for the appointment of a trustee other than the State Treasurer to represent and enforce the rights of holders of the revenue bonds if, and in the manner and under conditions provided in the resolution authorizing the revenue bonds, such trustee is a bank or trust company duly qualified to do business in this state.
(Amended by Stats. 1979, Ch. 583.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 485.

485. There is in the State Treasury, a revolving fund known as the California National Guard Members’ Farm and Home Building Fund of 1978. Proceeds of the sale of revenue bonds issued for purposes of the California National Guard Members’ Farm and Home Purchase Act of 1978 shall be deposited in this fund. Money may be withdrawn from such fund in accordance with law upon requisition of the department or such other state agency as may be designated pursuant to Section 270.04 for the purpose of carrying out the California National Guard Members’ Farm and Home Purchase Act of 1978.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 485.1.

485.1. There is hereby created in the California National Guard Members’ Farm and Home Building Fund of 1978, a special account known as the National Guard Members’ Revenue Bond Revenue Account. All revenues shall be deposited in the National Guard Members’ Revenue Bond Revenue Account. All moneys deposited in the National Guard Members’ Revenue Bond Revenue Account shall be allocated and applied by the State Treasurer only as provided in the appropriate resolution of issuance of the department and separate and apart from all other moneys in the State Treasury. The moneys deposited in the National Guard Members’ Revenue Bond Revenue Account shall be segregated and applied as provided in the resolution of issuance. The resolution of issuance may provide for the creation of any other funds or accounts which will be deemed necessary or desirable for the payment of or further security of revenue bonds. The resolution of issuance establishing such fund or accounts may provide for the manner and method of disbursement of such funds or accounts, the amounts to be deposited therewith and withdrawn therefrom, the application of any surplus moneys in any such funds or accounts to the purchase or redemption of revenue bonds and for the investment of moneys in such funds or accounts in particular bonds or obligations which are then made eligible for such investments by the terms of such resolution.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 485.3.

485.3. The revenues shall be pledged first to the payment of the principal of and interest on the revenue bonds and to all funds created for the further security of such revenue bonds, including reserve fund, sinking fund, and all other payments required to be made in connection with the revenue bonds.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 485.35.

485.35. The Supplementary Bond Security Account is hereby created in the California National Guard Members’ Farm and Home Building Fund of 1978. Any moneys appropriated to the account shall be used to secure payment of the principal of and interest on outstanding revenue bonds. Moneys in the account may be used to directly pay the principal of and interest on revenue bonds as provided by bond resolution. Moneys in the account not needed to meet revenue bond obligations shall be invested by the Pooled Money Investment Board (Section 16480.1 of the Government Code), and all interest income therefrom shall be deposited in the General Fund at the end of each fiscal year.
When all obligations secured by the account are retired, the account shall be dissolved and all moneys therein shall be used first for repayment to the General Fund of the amounts advanced by General Fund appropriations. Any remaining amount shall be transferred to the National Guard Members’ Farm and Home Building Fund of 1978 and applied to further the purposes of this chapter.
(Added by Stats. 1979, Ch. 583.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 485.4.

485.4. The department shall at all times so long as any of the revenue bonds are outstanding establish, fix, and collect payments on all purchase contracts to produce an amount which, together with income derived from investments, will yield revenues which will, in the aggregate, be sufficient with respect to the then immediately ensuing fiscal year to pay and provide for all of the following:
(a) Interest to become due and payable in such fiscal year on all revenue bonds.
(b) The principal amount of all serial revenue bonds maturing by their terms during such fiscal year.
(c) The aggregate minimum sinking fund payments, if any, required to be made for such fiscal year on account of revenue bonds then outstanding.
(d) Such sums as may be required as reserve fund or funds payments due in such fiscal year.
(e) The estimated expenses of maintenance, operation and administration of the farm and home purchase division within the department as provided in the budget of the department for such fiscal year.
(f) Such additional aggregate sum as may be provided in any resolution of issuance, but not in excess of 1
1
/
2
times the interest payments for such fiscal year on all the revenue bonds then outstanding, but, subject to any applicable federal tax regulations, not less than 10 percent of the sum represented by the total of amounts designated by subdivisions (a), (b), and (c) of this section.
(Amended by Stats. 1981, Ch. 920, Sec. 13.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 485.6.

485.6. All interest and other payments or charges of any kind or character due under any and all such contracts shall be payable in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 485.7.

485.7. All revenues to be received by the department from purchase contracts shall be directly, concurrently, and exclusively pledged to the payment of revenue bonds.
(Amended by Stats. 1981, Ch. 920, Sec. 15.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 485.8.

485.8. The revenue bond principal and interest payments and any premium payable upon revenue bonds called for redemption, and all payments required for reserve funds, sinking funds and all other funds and accounts created as further security for the revenue bonds constitute a first, direct, and exclusive charge and lien on all revenues of the purchase contracts and the interest or other income derived therefrom. Such revenues, together with any interest or other income earned thereon, and such funds and the interest and income earned thereon, constitute a trust fund for the security and payment of the revenue bonds and shall not be used or pledged for any other purpose or transferred to any other fund as long as any such revenue bonds are outstanding and unpaid.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 485.9.

485.9. Whenever the National Guard Members’ Finance Committee finds that the interest rate then fixed and charged by the department on any purchase contract is not adequate to meet the covenants or requirements of any resolution of issuance, the National Guard Members’ Finance Committee shall specify the amount of the increased rate of interest to be charged on all purchase contracts acquired with the proceeds of or otherwise allocable to the revenue bonds issued pursuant to the resolution of issuance on all purchase contracts if they bear a uniform rate of interest. The department shall increase the interest rate on those purchase contracts which are specified by the National Guard Members’ Finance Committee. Such increased interest rate will take effect on the first day of the second calendar month next succeeding the date of such action and shall remain in effect until such time as the National Guard Members’ Finance Committee consents to the reduction thereof. The National Guard Members’ Finance Committee shall not consent to any reduction in the interest rate then fixed unless:
(a) The revenues in the preceding fiscal year produced by the interest rate or rates then in effect are in excess of all requirements of all resolutions of issuance under which revenue bonds are then outstanding, and
(b) The interest rate or rates so reduced will produce revenues for each subsequent fiscal year while any revenue bonds are outstanding in the aggregate amount required by all resolutions of issuance under which such revenue bonds are outstanding.
(Amended by Stats. 1981, Ch. 920, Sec. 16.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 486.

486. The State Controller is hereby authorized to make all necessary orders to provide for the establishment of special funds or accounts authorized by any resolution of issuance and for the transfer of moneys from the National Guard Members’ Revenue Bond Revenue Account into such funds or accounts. Such transfer shall be made by the State Treasurer without further action on the part of the department. Neither the department nor the State of California nor any officer thereof shall have or exercise any rights with respect to the moneys in any of such funds or accounts so established save only in trust for the direct benefit of the holders of revenue bonds.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 486.1.

486.1. Revenue bonds authorized under any resolution of issuance approved by the National Guard Members’ Finance Committee shall be sold by the State Treasurer upon the request of the department at public or private sale and at such times and in such amounts as the department deems necessary to provide sufficient funds for the purposes for which the revenue bonds are then authorized, provided that the revenue bonds shall not be sold at less than 95 percent of their par value and accrued interest thereon to date of delivery. No revenue bonds authorized under any resolution of issuance may be sold at private sale unless such sale and the terms thereof have been approved in writing by the National Guard Members’ Finance Committee. Successive issues of the revenue bonds within the limits of the authorization for the issuance of revenue bonds, in the event any such limitations are included in the proceedings for the issuance of such revenue bonds, shall be equally and regularly secured without preference, priority, or distinction as to security or otherwise by reason of time of issue, or sale, and all purchase contracts shall be deemed to constitute a pool for all bonds of any issue or series, except as revenue bonds of various series may differ with respect to dates, numbers, interest rates, maturity, redemption provisions, sinking fund provisions, or otherwise as expressly authorized or provided in any resolution of issuance.
(Amended by Stats. 1981, Ch. 920, Sec. 17.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 4 - Appropriation, Security, Sale and Funds › Section 486.2.

486.2. In the event the State Treasurer shall proceed with the sale of revenue bonds, all costs and expenses of publication of notice of sale shall be a charge against the department and shall be paid by the department. The department shall likewise pay the cost of printing, lithographing, or otherwise preparing the revenue bonds, the charges of any duly authorized agent of the State Treasurer appointed for the payment of principal and interest of the revenue bonds in any place other than the office of the State Treasurer, any expenses incurred in connection with delivery of the revenue bonds including the fees and expenses of municipal bond attorneys whose opinion on the validity of the revenue bonds is to be provided by the department without charge to the successful purchaser of the revenue bonds. The department is authorized to employ any nationally known municipal bond attorney or attorneys and the Attorney General for the purpose of rendering legal opinions as to the validity of the revenue bonds to be furnished to the purchaser of the revenue bonds without cost. The department is also authorized to employ or appoint such independent financial consultants, attorneys, certified public accountants, public accountants, engineers, or other independent consultants whose services or opinions are necessary or advisable in connection with the issuance and sale of revenue bonds. Payment for such services shall be made from the proceeds of the sale of the revenue bonds or from any other funds available to the department on a warrant duly drawn by the State Controller for that purpose. Such expenses may also include the cost of delivering revenue bonds at any place other than the office of the State Treasurer, including transportation and insurance costs and the costs of using uniform identification numbers as specified by the Committee on Uniform Security Identification Procedure (CUSIP numbers) on the bonds including filing fees, printing, and related costs.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 5 - Refunding Bonds › Section 487.

487. The department, subject to the approval of the National Guard Members’ Finance Committee, may provide for the issuance, sale, or exchange of refunding bonds for the purpose of redeeming or retiring any bonds issued under this chapter. All provisions of this chapter applicable to the issuance of revenue bonds are applicable to the funding or refunding bonds and to the issuance, sale, or exchange thereof. The department, with the approval of the National Guard Members’ Finance Committee, may adopt a resolution or resolutions of issuance or supplemental resolutions authorizing the issuance of such refunding bonds and fixing the terms and conditions thereof.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 5 - Refunding Bonds › Section 487.1.

487.1. Refunding bonds may be issued in a principal amount sufficient to provide funds for the payment of all revenue bonds to be refunded thereby and in addition to the payment of all expenses incident to the calling, retiring, or paying of such outstanding revenue bonds and the issuance of such refunding bonds. Such expenses include any amount necessary to be made available for the payment of interest upon such refunding bonds from the date of sale thereof to the date of payment of the revenue bonds to be refunded, or to the date upon which the revenue bonds to be refunded will be paid pursuant to the call thereof or agreement with the holders thereof, and the premium, if any, necessary to be paid in order to call or retire the outstanding revenue bonds and the interest accruing thereon to the date of the call or retirement.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 5 - Refunding Bonds › Section 487.2.

487.2. Refunding revenue bonds shall not constitute a debt or obligation of the State of California but shall be revenue bonds of the department of the same character and payable from the same funds as other revenue bonds authorized pursuant to this chapter. Any and all reserve or other funds applicable to the payment of the revenue bonds to be refunded may, if so directed by the department, be transferred to any reserve or other funds provided with respect to the refunding bonds. The pledge of revenues to be received from contracts entered into by the department with California National Guard members shall not be lessened, diminished, or affected in any way by the issuance of such refunding bonds.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 5 - Refunding Bonds › Section 487.3.

487.3. The department may from time to time or at any time sell or exchange refunding bonds for the purpose of retiring, paying, or refunding either all or part of the outstanding revenue bonds, or of one or more series thereof, as it deems advisable. Such refunding bonds may be issued and delivered as outstanding revenue bonds to be refunded thereby mature or are about to mature or are subject to call or redemption, or if the retirement thereof has been assured by consent of the holders thereof. Refunding bonds may be delivered in whole or in part in exchange for outstanding revenue bonds with the consent of such holders.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 6 - Bond Anticipation Notes › Section 488.

488. The department, subject to the approval of the National Guard Members’ Finance Committee, may borrow money in anticipation of the sale of revenue bonds, and for that purpose may provide for the issuance and sale of negotiable bond anticipation notes. Except as otherwise provided in this article, such notes and the resolution providing for their issuance may contain any provision, condition, or limitation which a revenue bond or any resolution of issuance may contain.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 6 - Bond Anticipation Notes › Section 488.1.

488.1. The interest on bond anticipation notes shall be payable from the same funds from which the interest on revenue bonds is payable. The principal of such notes shall be payable from the proceeds of sale of revenue bonds, provided that the department shall not be precluded from paying such principal from any other moneys lawfully available therefor.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 7 - Remedies of Revenue Bondholders › Section 489.

489. Any revenue bondholder may by mandamus or other appropriate proceedings compel the performance of any of the duties imposed upon any state official or employee or imposed upon the department or its officers, agents, or employees with respect to the collection of revenues from pledged contracts entered into by the department with veterans, and the investment and disbursement of the proceeds received from the sale of revenue bonds.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 7 - Remedies of Revenue Bondholders › Section 489.1.

489.1. The department may, in any resolution of issuance, define the events of default, including among other things, default in the payment of the principal or interest upon or premium due upon any revenue bonds or default by the department in the observance of any of the covenants, agreements, or conditions on its part to be performed under the resolution of issuance, and may provide that upon the happening of any such event of default the holders of not less than the majority in aggregate principal amount of the revenue bonds at the time outstanding will be entitled to declare the principal of all of the revenue bonds then outstanding and the interest accrued thereon to be immediately due and payable.
(Amended by Stats. 1982, Ch. 454, Sec. 142.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 7 - Remedies of Revenue Bondholders › Section 489.3.

489.3. Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the revenue bondholders, the bank or trust company as such trustee shall take such action as the holders or registered owners of 25 percent in principal amount of all the revenue bonds then outstanding shall request in writing; provided, that the bank or trust company as such trustee may request reasonable security before taking any action so requested.
(Amended by Stats. 1979, Ch. 583.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 7 - Remedies of Revenue Bondholders › Section 489.4.

489.4. No remedy conferred upon or reserved to the holders of revenue bonds is intended to be exclusive of any other remedy or remedies now or hereafter provided by law and each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this chapter or now or hereafter existing at law or in equity or by statute or otherwise.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 7 - Remedies of Revenue Bondholders › Section 489.5.

489.5. While any of the revenue bonds remain outstanding the powers, duties, or existence of the department and of every other official or agency of the State of California shall not be diminished or impaired in any manner that will adversely affect the interests and rights of the holders of the revenue bonds.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 8 - Miscellaneous › Section 490.

490. All revenue bonds and the income therefrom are at all times exempt from taxation in the State of California, except for transfer, inheritance, and gift taxes.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 8 - Miscellaneous › Section 490.1.

490.1. All revenue bonds shall be legal investments for all trust funds, for the funds of all insurance companies, banks (both commercial and savings), trust companies, state school funds, and any pension funds, public or private.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 8 - Miscellaneous › Section 490.2.

490.2. Any money or funds which may by law be invested in bonds of the State of California may be invested in revenue bonds authorized under Section 481.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 8 - Miscellaneous › Section 490.3.

490.3. Whenever any bonds of the State of California may by law be used as security for the performance of any act or the deposit of any public money, revenue bonds authorized under Section 481 may be so used.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 8 - Miscellaneous › Section 490.4.

490.4. All revenue bonds, subject to the provisions for registration contained therein, are negotiable instruments.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 8 - Miscellaneous › Section 490.5.

490.5. The department may include in the proceedings authorizing the issuance of revenue bonds any provisions not inconsistent with this chapter which limit, restrict, or regulate the holding, deposit, investment, and application of money consisting of the proceeds from the sale of the revenue bonds or the revenues or other income received from the pledged contracts entered into by the department with California National Guard members, and such provisions shall constitute a contract with the holders of the revenue bonds and shall be binding upon the department and all other officers, officials, and agencies of the State of California and upon the state so long as any of the revenue bonds are outstanding.
(Added by Stats. 1978, Ch. 1274.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 2 - THE MILITARY FORCES OF THE STATE › PART 1 - THE STATE MILITIA › CHAPTER 10 - California National Guard Members Revenue Bond Act of 1978 › ARTICLE 8 - Miscellaneous › Section 490.6.

490.6. The department may provide in the proceedings authorizing issuance of revenue bonds for the establishment of one or more reserve funds or accounts out of the proceeds of the sale of the revenue bonds or out of revenues or out of any moneys or securities available to the department under this chapter, and may provide for the use and application of any surplus moneys in any such reserve fund or account.
(Added by Stats. 1978, Ch. 1274.)