California Military and Veterans Code

§ 988.6

MVC § 988.6 Effective Jun 15, 2010Div. 4 · Ch. 6 · Art. 3.5

Statute text

(a)There is hereby created in the State Treasury a revolving special fund known as the Veterans’ Bonds Payment Fund. All moneys in this fund shall be used solely to pay debt service, as this term is defined in subdivision (c) of Section 998.404, when due on bonds issued pursuant to all veterans’ farm and home purchase bond acts pursuant to this chapter, and notwithstanding Section 13340 of the Government Code, all moneys in this fund are continuously appropriated for this purpose.

(b)All moneys in the Veterans’ Bonds Payment Fund are necessary for immediate use and no amounts of this fund shall be considered “surplus money,” for the purposes of Section 16470 of the Government Code.

(c)Moneys in the Veterans’ Bonds Payment Fund shall be used solely as described in subdivision (a), and therefore no moneys in that fund shall be borrowed by, or transferred to, the General Fund pursuant to subdivision (a) of Section 16310 of the Government Code or any other similar authority, or to the General Cash Revolving Fund pursuant to Section 16381 of the Government Code or any other similar authority.

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Legislative history

Added by Stats. 2010, Ch. 27, Sec. 2. (AB 2651) Effective June 15, 2010.