California Military and Veterans Code

§ 1003.4

MVC § 1003.4 Effective Sep 17, 1998Div. 4 · Ch. 7 · Art. 4

Statute text

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.

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Legislative history

Amended by Stats. 1998, Ch. 530, Sec. 6. Effective September 17, 1998.