reglab/statecodes huggingface dataset:
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.5.

1002.5. A resolution of issuance may provide for the forms, denominations, registration, transfer and interchange of debentures issued thereunder. Debentures may be issued as coupon debentures or as registered debentures in any denomination or denominations authorized by the resolution of issuance. A resolution of issuance may provide for the interchange of coupon debentures for registered debentures and of registered debentures for coupon debentures, and may provide for the registration of coupon debentures as to principal only or as to both principal and interest. Debentures of different denominations, in either coupon or registered form, may be made exchangeable for debentures 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.6.

1002.6. A resolution of issuance may provide for the replacement of lost, destroyed or mutilated debentures or coupons.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.7.

1002.7. A resolution of issuance may provide for the issuance of temporary or interim debentures, certificates or receipts pending the preparation and delivery of definitive debentures. Such temporary or interim debentures, certificates or receipts may be of any denomination and with or without coupons.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.8.

1002.8. A resolution of issuance may provide for the payment of the principal and interest of debentures 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 debentures shall be expressed to be payable, an office or agency where such debentures and interest coupons thereon may be presented for payment.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.9.

1002.9. A resolution of issuance shall provide the means by which payments of principal and interest of debentures shall be secured.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.10.

1002.10. A resolution of issuance may include a provision requiring the department to pay or cause to be paid punctually the principal of all debentures issued thereunder and the interest thereon, on the dates, at the places and in the manner provided in such debentures and in the coupons appertaining thereto.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.11.

1002.11. A resolution of issuance may include a provision requiring the department to preserve and protect the security of the debentures and the rights of the holders thereof and to warrant and defend such rights.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.12.

1002.12. A resolution of issuance may include provisions which limit, restrict or prohibit any right, power or privilege of the department to create or give any mortgage, lien or pledge on any personal or real property acquired by the department out of moneys in the Veterans’ Farm and Home Building Fund of 1970, or upon the pledged contracts or upon any other revenues.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.13.

1002.13. 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.14.

1002.14. A resolution of issuance may include a provision requiring the department to charge a uniform rate of interest on the unpaid balance of the purchase price of any and all properties acquired by the department and sold to veterans under this act.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.15.

1002.15. 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 debentures 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.16.

1002.16. A resolution of issuance may include provisions defining the power of the department in applying the proceeds of the sale of any debentures.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.17.

1002.17. A resolution of issuance may include a provision authorizing, or limiting the power of, the department to issue additional debentures and establishing the terms and conditions upon which additional debentures may be issued.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.18.

1002.18. 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 debentures 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.19.

1002.19. 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.20.

1002.20. 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 Veterans’ Debenture Finance Committee and the vote or written consent of the holders of a specified principal amount or specified proportion of the debentures issued and outstanding. Such provisions may include provisions for meetings of debenture holders and for the manner in which the consent of the debenture holders may be given. A resolution of issuance may provide that debentures 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 debentures or be entitled to vote or consent, but shall nevertheless be subject to any such modification or amendment.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.21.

1002.21. A resolution of issuance may provide that the debentures issued thereunder and the interest thereon shall be secured by all or part of the revenues, and may establish a lien upon the revenues as the department, with the approval of the Veterans’ Debenture Finance Committee, shall determine.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.22.

1002.22. 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 debentures.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.23.

1002.23. 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 debentures and the expenses, properties and operations of the department, including provisions for examinations and reports by independent certified public accountants.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.24.

1002.24. A resolution of issuance may include a covenant 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 debentures or the performance or observance of any of the covenants contained in such resolution.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.25.

1002.25. A resolution of issuance may include provisions requiring, permitting, restricting or governing the deposit and investment of funds established for the security of debentures 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.26.

1002.26. 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 debentures the rights and benefits provided in the resolution of issuance.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.27.

1002.27. 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 Veterans’ Debenture Finance Committee, deems necessary or convenient or advisable for the better security of the debentures issued thereunder or to make the debentures more marketable.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 3 - Provisions of Resolutions of Issuance and Supplemental Resolutions › Section 1002.28.

1002.28. The State Treasurer shall act as trustee for the department and the holders of its bonds, to receive and disburse all the revenues applicable to the payment of the principal of or interest on the bonds, including any reserve fund, sinking fund or other fund established for the further securing of the 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 rights of holders of bonds of the department if, and in the manner and under conditions, provided in the resolution authorizing the bonds, such trustee shall be a bank or trust company duly qualified to do business in this state.
(Amended by Stats. 1979, Ch. 302.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.1.

1003.1. There is hereby appropriated, from any surplus money in the Veterans’ Farm and Home Building Fund of 1943, not required to meet any immediate demand which has accrued against the fund, without regard to fiscal years, the sum of fifty million dollars ($50,000,000) or so much thereof as may be necessary to carry out the provisions of this article, but in no event shall the sum be less than 10 percent of the total amount of all debentures outstanding hereunder. Such sum appropriated shall be held in investments which are convertible into cash within the period of time required to satisfy the current requirements of the Veterans’ Debenture Revenue Fund.
(Amended by Stats. 1978, Ch. 1243.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.2.

1003.2. The revenues shall be pledged first to the payment of the principal of and interest on the debentures and to all funds created for the further security of such debentures. In addition there shall be pledged to the payment of such principal and interest and all other charges, including reserve fund, sinking fund and all other payments required to be made in connection with the debentures, as further security therefor, such portions of the funds appropriated in Section 1003.1 as the Veterans’ Debenture Finance Committee shall deem necessary to adequately protect the rights of the debenture holders.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.3.

1003.3. In the event of cancellation of any pledged contract or forfeiture or other termination thereof for any cause the department shall, as soon as practicable, enter into a new contract covering the same or similar property and shall substitute the new contract in lieu of the pledged contract so canceled or terminated. The income and receipts of the substituted contract shall be pledged in their entirety to the payment of the debentures.
(Amended by Stats. 1978, Ch. 1243.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.4.

1003.4. The department shall at all times, so long as any of the debentures are outstanding, establish, fix, and collect interest at the rate or rates, which may be fixed interest rates or variable interest rates, on the unpaid balance on all pledged contracts to produce an amount that, together with income derived from investments, will yield revenues that 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 that fiscal year on all debentures.
(b) The principal amount of all serial debentures maturing by their terms during that fiscal year.
(c) The aggregate minimum sinking fund payments, if any, required to be made for that fiscal year on account of debentures then outstanding.
(d) Those sums as may be required as reserve fund payments due in that fiscal year.
(e) The estimated expenses of maintenance, operation, and administration of the department as provided in the budget of the department for that fiscal year.
(Amended by Stats. 1998, Ch. 530, Sec. 6. Effective September 17, 1998.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.6.

1003.6. 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.7.

1003.7. All revenues to be received by the department from pledged contracts shall be directly, concurrently and exclusively pledged to the payment of debentures, and all such revenues shall remain so pledged until all of the debentures are fully paid or sufficient funds have been accumulated and are legally available for the payment thereof.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.8.

1003.8. All debenture redemption and interest payments and any premium payable upon debentures called for redemption, and all payments required for reserve funds, sinking funds and all other funds created as further security for the debentures constitute a first, direct, and exclusive charge and lien on all revenues of the pledged 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 debentures and shall not be used or pledged for any other purpose or transferred to any other fund as long as any such debentures are outstanding and unpaid.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.10.

1003.10. There is in the State Treasury a revolving fund known as the Veterans’ Farm and Home Building Fund of 1970. Proceeds of sale of debentures shall be deposited in this fund. Money may be withdrawn from such fund in accordance with law upon requisition of the department for the purpose of carrying out the Veterans’ Farm and Home Purchase Act of 1974.
(Amended by Stats. 1976, Ch. 663.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.11.

1003.11. There is in the State Treasury a special fund known as the Veterans’ Debenture Revenue Fund. All revenues shall be deposited in the Veterans’ Debenture Revenue Fund. All moneys deposited in the Veterans’ Debenture Revenue Fund 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 Veterans’ Debenture Revenue Fund shall be segregated and applied as provided in the resolution of issuance. The resolution of issuance may provide for the creation of the Veterans’ Debenture Interest Fund Account, Veterans’ Debenture Principal Fund Account, Veterans’ Debenture Sinking Fund, Veterans’ Debenture Reserve Fund Account and also any other funds or accounts which will be deemed necessary or desirable for the payment of or further security of debentures. The resolution of issuance establishing such funds may provide for the manner and method of disbursement of such funds, the amounts to be deposited therewith and withdrawn therefrom, the application of any surplus moneys in any such funds to the purchase or redemption of debentures and for the investment of moneys in such funds in particular bonds or obligations which are then made eligible for such investments by the terms of such resolution.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.12.

1003.12. The State Controller is hereby authorized to make all necessary orders to provide for the establishment of special funds and accounts authorized by any resolution of issuance and for the transfer of moneys from the Veterans’ Debenture Revenue Fund into such account. 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 debentures.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.13.

1003.13. Prior to the issuance of any debentures the department is authorized to deposit in any reserve fund created for the further security of the debentures, as the initial deposit therein, cash or securities equal to the minimum amounts required to be maintained therein by any resolution of issuance. Excess money in the reserve fund or account not required to be maintained therein by the provisions of any resolution of issuance may be withdrawn at the request of the department and transferred to the Veterans’ Farm and Home Building Fund of 1970 and used and applied for the purpose of carrying out the Veterans’ Farm and Home Purchase Act of 1974.
(Amended by Stats. 1976, Ch. 663.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.14.

1003.14. Debentures authorized under any resolution of issuance approved by the Veterans’ Debenture Finance Committee shall be sold by the State Treasurer upon the written request of the department at public or private sale, as determined by the department with the approval of the Veterans’ Debenture Finance Committee, and at those times and in those amounts that the department deems necessary to provide sufficient funds for the purposes for which the debentures are then authorized. Successive issues of debentures within the limits of the authorization for the issuance of debentures, if any of those limitations are included in the proceedings for the issuance of the debentures, shall be equally and regularly secured without preference, priority or distinction as to security or otherwise by reason of time of issue, or sale, except as debentures of various series may differ with respect to dates, numbers, interest rates, maturity, redemption provisions, sinking fund provisions, or otherwise as authorized in any resolution of issuance.
(Amended by Stats. 2008, Ch. 287, Sec. 5. Effective September 25, 2008.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.15.

1003.15. In the event the State Treasurer shall determine to sell the debentures, 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 debentures, the charges of any duly authorized agent of the State Treasurer appointed for the payment of principal and interest of the debentures in any place other than the office of the State Treasurer, any expenses incurred in connection with delivery of the debentures, including the fees and expenses of municipal bond attorneys whose opinion on the validity of the debentures is to be provided by the department without charge to the successful purchaser of the debentures. 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 debentures to be furnished to the purchaser of the debentures 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 debentures. Payment for such services shall be made from the proceeds of the sale of the debentures or from any other funds available to the department on Controller’s warrant duly drawn for that purpose. Such expenses may also include the cost of delivering debentures at any place other than the office of the State Treasurer, including transportation and insurance costs.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 4 - Appropriation, Security, Sale, and Funds › Section 1003.16.

1003.16. (a) Notwithstanding any other provision of this chapter, and in lieu of a pledge of revenues as security for any debentures issued pursuant to this chapter, the department may assign or pledge an undivided interest in the assets of the Veterans’ Farm and Home Building Fund of 1943 as security for the debentures. Undivided interest so assigned or pledged shall not exceed the amount of principal and interest of the debentures secured thereby, and shall be secondary and subordinate to any interest or right of the people and the holders of general obligation bonds in the fund under any general obligation veterans bond act.
(b) In that event, the department shall deposit the proceeds of the sale of the debentures and the revenues therefrom in the Veterans’ Farm and Home Building Fund of 1943, and money may be withdrawn therefrom in accordance with law upon requisition of the department for the purpose of carrying out the provisions of this chapter and of the Veterans’ Farm and Home Purchase Act of 1943 and the Veterans’ Farm and Home Purchase Act of 1974. The department may create any accounts or funds within the Veterans’ Farm and Home Building Fund of 1943 and the Veterans’ Debenture Revenue Fund that may be appropriate or desirable for carrying out the provisions of this section.
(c) Further, in that event, and notwithstanding Section 1006.15, the interest rates on veterans’ purchase contracts shall be established as provided in Section 987.87.
(Amended by Stats. 1998, Ch. 530, Sec. 10. Effective September 17, 1998.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 5 - Issuance of Refunding Debentures › Section 1004.1.

1004.1. The department, subject to the approval of the Veterans’ Debenture Finance Committee, may provide for the issuance, sale, or exchange of refunding debentures for the purpose of redeeming or retiring any debentures issued under this chapter or any obligations issued by the state to finance programs of the department. All provisions of this chapter applicable to the issuance of debentures are applicable to the funding or refunding debentures and to the issuance, sale or exchange thereof. The department with the approval of the Veterans’ Debenture Finance Committee may adopt a resolution or resolutions of issuance or supplemental resolutions authorizing the issuance of refunding debentures and fixing the terms and conditions thereof.
(Amended by Stats. 1998, Ch. 530, Sec. 11. Effective September 17, 1998.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 5 - Issuance of Refunding Debentures › Section 1004.2.

1004.2. Refunding debentures may be issued in a principal amount sufficient to provide funds for the payment of all debentures or obligations to be refunded thereby and in addition to the payment of all expenses incident to the calling, retiring or paying of outstanding debentures or obligations and the issuance of refunding debentures. Those expenses include any amount necessary to be made available for the payment of interest upon refunding debentures from the date of sale thereof to the date of payment of the debentures or obligations to be refunded, or to the date upon which the debentures or obligations 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 debentures or obligations and the interest accruing thereon to the date of the call or retirement.
(Amended by Stats. 1998, Ch. 530, Sec. 12. Effective September 17, 1998.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 5 - Issuance of Refunding Debentures › Section 1004.3.

1004.3. Refunding debentures shall not constitute a debt or obligation of the State of California but shall be debentures of the department of the same character and payable from the same funds as other debentures authorized pursuant to this chapter. Any and all reserve or other funds applicable to the payment of the debentures to be refunded may, if so directed by the department, be transferred to any reserve or other funds provided with respect to the refunding debentures. The pledge of revenues to be received from contracts entered into by the department with veterans shall not be lessened, diminished, or affected in any way by the issuance of such refunding debentures.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 5 - Issuance of Refunding Debentures › Section 1004.4.

1004.4. The department may from time to time or at any time sell or exchange refunding debentures for the purpose of retiring, paying or refunding either all or part of the outstanding debentures or obligations, or of one or more series thereof, as it deems advisable. Refunding debentures may be issued and delivered as outstanding debentures or obligations to be refunded thereby, if the debentures are 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 debentures may be delivered in whole or in part in exchange for outstanding debentures or obligations with the consent of the holders thereof.
(Amended by Stats. 1998, Ch. 530, Sec. 13. Effective September 17, 1998.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 6 - Remedies of Debenture Holders › Section 1005.1.

1005.1. The holder of any debenture 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 debentures.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 6 - Remedies of Debenture Holders › Section 1005.2.

1005.2. The department may in any resolution of issuance define the events of default including among others default in the payment of the principal or interest upon or premium due upon any debentures 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 debentures at the time outstanding will be entitled to declare the principal of all of the debentures then outstanding and the interest accrued thereon to be immediately due and payable.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 6 - Remedies of Debenture Holders › Section 1005.4.

1005.4. Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the debenture holders, the bank or trust company as such trustee, shall take such action as the holders or registered owners of 20 percent in principal amount of all the debentures 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. 302.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 6 - Remedies of Debenture Holders › Section 1005.5.

1005.5. No remedy conferred upon or reserved to the holders of debentures 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 6 - Remedies of Debenture Holders › Section 1005.6.

1005.6. While any of the debentures 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 debentures.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.1.

1006.1. All debentures 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.2.

1006.2. All debentures 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. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.3.

1006.3. Any money or funds which may by law be invested in bonds of the State of California may be invested in debentures.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.4.

1006.4. 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, debentures may be so used.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.5.

1006.5. All debentures, subject to the provisions for registration contained therein, are negotiable instruments under the law merchant.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.6.

1006.6. The department may include in the proceedings authorizing the issuance of debentures 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 debentures or the revenues or other income received from the pledged contracts entered into by the department with veterans, and such provisions shall constitute a contract with the holders of the debentures 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 debentures are outstanding.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.7.

1006.7. The department may provide in the proceedings authorizing issuance of debentures for the establishment of one or more reserve funds out of the proceeds of the sale of the debentures or out of revenues or out of any moneys or securities available to the department under this act, and may provide for the use and application of any surplus moneys in any such reserve fund.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.8.

1006.8. The State Treasurer may sell any of the debentures authorized under this chapter to the United States of America or to any of its departments, agencies or instrumentalities upon such terms and conditions as may be mutually agreed upon, and the department is specifically authorized to enter into any such agreements, terms and conditions required by the United States of America or any of its departments, agencies or instrumentalities as a condition to the purchase of such debentures.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.9.

1006.9. Warrants for the payments to be made on account of the debentures either as to principal, interest, premium, or otherwise, shall be duly drawn by the State Controller, upon the request of the State Treasurer, whenever the drawing of such warrants is required in order to make such payments.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.10.

1006.10. Notwithstanding anything contained in this chapter, the proceeds received from the sale of debentures and any revenues received by the department from pledged contracts entered into by the department may be used to defray any expenses incurred by the department or the State Treasurer in connection with and incidental to the issuance and sale of debentures including expenses for preparation, inspections and examinations, surveys and reports, which may be required by the purchasers of debentures, and any legal opinions deemed necessary or advisable by the department in connection with the issuance of debentures except that the proceedings authorizing the issuance of such debentures may contain appropriate provisions governing the use and application of the proceeds from the sale of the debentures or other revenues received by the department for the purposes above specified.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.11.

1006.11. This chapter shall be liberally construed to carry out the objects and purposes and the declared public policy of the State of California as in this chapter set forth. The facts with which the Legislature is fully cognizant are:
The State of California is committed to aid and assist veterans under the Veterans’ Farm and Home Purchase Act of 1974. Increasing numbers of servicemen who served in Vietnam are being discharged and need home loans. The Cal-Vet loan program must be updated to provide comparable benefits to those provided veterans of World War II and the Korean Conflict. Conditions in the money market render it impracticable for the State of California in conformity with its other commitments to continue to raise funds for veterans’ aid through the issuance and sale of general obligation bonds of the state. There is now in the Department of Veterans Affairs a backlog of applications which cannot be processed because funds are inadequate to meet the demand for loans. This act provides another method whereby the State of California will be able to raise the necessary funds for the aid and assistance of veterans through the issuance of revenue debentures payable exclusively from the proceeds of contracts of sale of properties acquired by the department from veterans’ revenue debenture proceeds and resold to veterans without imposing any liability upon the State of California and without creating any debt or liability of the State of California. The urgent requirements of veterans and the necessity of raising funds immediately for their aid and assistance render it essential that this law be adopted.
(Amended by Stats. 1976, Ch. 663.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.12.

1006.12. If any section, subdivision, sentence, clause or phrase of this chapter is for any reason held to be unconstitutional or invalid or unenforceable, such decision shall not affect the validity or enforceability of the remaining portions of the chapter. The Legislature hereby declares that it would have passed this chapter and each section, subdivision, sentence, clause and phrase hereof irrespective of the fact that any one or more sections, subdivisions, sentences, clauses and phrases may be declared unconstitutional, invalid or unenforceable.
(Added by Stats. 1970, Ch. 1488.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.13.

1006.13. This chapter shall not operate to rescind or repeal any act of the State of California now or hereafter enacted providing for the issuance of general obligation bonds of the State of California for the purpose of financing the Veterans’ Farm and Home Purchase Act of 1974 or for purposes similar to those set forth in the Veterans’ Farm and Home Purchase Act of 1974 provided such bonds are either payable out of the General Fund of the State of California or the full faith and credit of said state is pledged for the payment of both the principal of and interest thereon.
(Amended by Stats. 1976, Ch. 663.)
2023 California Code › Military and Veterans Code - MVC › DIVISION 4 - VETERANS' AID AND WELFARE › CHAPTER 7 - Veterans Revenue Debenture Act of 190 › ARTICLE 7 - Miscellaneous › Section 1006.14.

1006.14. All money in any of the funds created or authorized to be created in any resolution of issuance under the provisions of this chapter is hereby appropriated for expenditure in carrying out the purposes herein and therein provided.
(Added by Stats. 1970, Ch. 1488.)