California Military and Veterans Code

§ 485.4

MVC § 485.4Div. 2 · Part 1 · Ch. 10 · Art. 4

Statute text

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.

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Legislative history

Amended by Stats. 1981, Ch. 920, Sec. 13.