Military and Veterans Code — Part 6 | MVC — United States — California law | Esheria

Military and Veterans Code

Part 6 of 7 · provisions 1,001–1,200

This section says the act is called the Military and Veterans Code.

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About this statute

This chapter may be cited as the Veterans’ Revenue Debenture Act of 1970. This section defines key terms used in Chapter 7. This section creates the Veterans’ Debenture Finance Committee, names its members, says they serve without compensation, and allows a majority to act for the committee. The department may issue debentures, but only within a $500 million aggregate limit and with approval from the Veterans’ Debenture Finance Committee. If the department decides debentures should be issued, it must adopt and submit a resolution of issuance for committee review, and after approval the State Treasurer must prepare the authorized debentures.

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Provisions of Military and Veterans Code

Showing 200 of 1,235

  1. 989.4.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. )

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    The department must maintain an Indemnity Fund in the State Treasury to indemnify eligible purchasers for certain disaster-related structural repair costs.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. ) ## 989.4. The department shall maintain an Indemnity Fund, which is hereby created in the State Treasury, for the purpose of indemnifying eligible purchasers, for any of the following: (a) The cost of repairing structural damage in excess of five hundred dollars ($500) caused by flood, including floods by surface water, waves, tidal water, tidal wave, overflow of streams or other bodies of water, spray from any of the foregoing, whether wind driven or not, and water that backs up through sewers or drains. (b) The cost of repairing structural damage in excess of 5 percent of the total covered loss or five hundred dollars ($500), whichever is greater, caused by earthquake, volcanic eruption, landslide, or mudslide. (c) Money accruing to the Indemnity Fund is hereby appropriated for carrying out the purposes of this article. (Amended by Stats. 1997, 1st Ex. Sess., Ch. 6, Sec. 1. Effective December 1, 1998.)
  2. 989.5.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. )

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    Purchasers must participate in the Indemnity Fund and pay a department-prescribed reasonable charge in addition to the regular monthly installment.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. ) ## 989.5. All purchasers shall participate in the Indemnity Fund. Purchasers shall pay a reasonable charge, prescribed by the department, in addition to the regular monthly installment. Money so collected shall be deposited in the Indemnity Fund. (Amended by Stats. 1998, Ch. 634, Sec. 1. Effective January 1, 1999.)
  3. 989.6.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. )

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    The department must adopt and publish rules and regulations to administer the Indemnity Fund.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. ) ## 989.6. The department shall, consistent with the purposes of this article, prescribe and publish rules and regulations for the administration of the Indemnity Fund. (Added by Stats. 1971, Ch. 362.)
  4. 989.7.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. )

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    The department may buy insurance for certain risks, and it must send the Legislature an annual report by September 1 each year about that coverage.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. ) ## 989.7. The department may purchase insurance against any risk, or portion of any risk, otherwise payable out of appropriated moneys in the fund. The department shall make an annual report on or before September 1st of each year to the Legislature regarding any insurance coverage implemented or required by it. The report shall include, but not be limited to, the type of insurance coverage, its cost, the reason for purchasing the insurance, and any changes in existing insurance coverage and the reason for those changes. (Amended by Stats. 1998, Ch. 209, Sec. 2. Effective July 21, 1998.)
  5. 989.8.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. )

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    Eligible purchasers must be indemnified only from the Indemnity Fund, and the state is not liable beyond that fund’s assets.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. ) ## 989.8. Eligible purchasers shall be indemnified pursuant to this article solely from moneys in the Indemnity Fund, and the state shall not be liable beyond the assets of the Indemnity Fund for any obligation in connection therewith. (Added by Stats. 1971, Ch. 362.)
  6. 989.9.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. )

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    A purchaser who elects to participate in the Indemnity Fund is not made liable under this article, except for participation charges under Section 989.5.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 3.8. Disaster Indemnity [989.4 - 989.9] ( Article 3.8 added by Stats. 1971, Ch. 362. ) ## 989.9. Nothing in this article shall impose any liability upon a purchaser electing to participate in the Indemnity Fund for any obligation imposed under this article, except for participation charges as provided in Section 989.5. (Added by Stats. 1971, Ch. 362.)
  7. 991.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 4. Veterans’ Finance Committee of 1943 [991- 991.] ( Article 4 added by Stats. 1996, Ch. 161, Sec. 1.5. )

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    This section establishes the Veterans’ Finance Committee of 1943, sets its membership, says members serve without pay, gives a majority power to act, makes the Attorney General its legal advisor, and lets the committee decide whether a bond issue is necessary or desirable when the Department of Veterans Affairs requests it.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 4. Veterans’ Finance Committee of 1943 [991- 991.] ( Article 4 added by Stats. 1996, Ch. 161, Sec. 1.5. ) ## 991. There is hereby established a Veterans’ Finance Committee of 1943 composed of the Governor, Controller, Treasurer, Director of Finance, and Director of Veterans Affairs or their designated representatives, all of whom shall serve thereon without compensation and a majority of whom shall be empowered to act for the committee. The Attorney General shall be the legal advisor of the Veterans’ Finance Committee of 1943. Upon request of the Department of Veterans Affairs, supported by a statement of the plans and projects of the Department of Veterans Affairs with respect thereto, the Veterans’ Finance Committee of 1943 shall determine whether or not a bond issue under this article is necessary or desirable. (Added by Stats. 1996, Ch. 161, Sec. 1.5. Effective July 12, 1996.)
  8. 996.13.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. )

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    This article may be cited as the Veterans Affairs Construction Act of 1953.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. ) ## 996.13. This article may be cited as the Veterans Affairs Construction Act of 1953. (Amended by Stats. 1959, Ch. 1902.)
  9. 996.14.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. )

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    The Public Works Board may buy real property, and the department may build, equip, and improve a building on it, but only with required approvals and within a $2,650,000 total limit.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. ) ## 996.14. With the approval of the Department of Finance and the California Veterans Board, the Public Works Board, pursuant to the provisions of the Property Acquisition Act, may acquire real property, and, after approval of preliminary plans under the procedure provided by Section 6 of the Budget Act of 1953, the department may construct and equip a building thereon, primarily for the department’s own use and make improvements to such property, building, and equipment, not to exceed in total two million six hundred fifty thousand dollars ($2,650,000). (Amended by Stats. 1955, Ch. 1727.)
  10. 996.17.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. )

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    The Department of Veterans Affairs has priority rights to office space built under this article, but must pay the required rent for the space it uses.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. ) ## 996.17. The Department of Veterans Affairs shall have a prior claim on any office space constructed pursuant to this article at the time of initial occupancy of the office space and at all times thereafter; provided, the department shall pay rentals as prescribed in Section 996.19 for the space it occupies. (Added by Stats. 1953, Ch. 1413.)
  11. 996.18.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. )

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    The Department of Veterans Affairs must contract with the Department of General Services for maintenance and repair of covered public works.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. ) ## 996.18. The Department of Veterans Affairs shall contract with the Department of General Services for the maintenance and repair of all public works constructed, acquired, or operated under the provisions of this act, such maintenance and repair to include the items of maintenance and repair customarily supplied and afforded to state buildings by the Department of General Services. (Amended by Stats. 1965, Ch. 371.)
  12. 996.19.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. )

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    Excess space in certain veterans-facility buildings may be leased or let until it is needed, if the Department of Veterans Affairs approves the terms; rental income must be deposited into the Veterans’ Farm and Home Building Fund of 1943.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. ) ## 996.19. The buildings or improvements provided under the provisions of this article may contain space in excess of the requirements of the Department of Veterans Affairs, and until needed, may be leased or let at such rental and upon such terms and conditions as may be approved by the Department of Veterans Affairs; provided, that rentals charged shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. (Amended by Stats. 1959, Ch. 1902.)
  13. 996.21.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. )

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    The Director of Veterans Affairs may take necessary steps to protect certain investment property, including buying insurance, and any transaction under this section must be approved by the Department of General Services.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5d. Veterans Affairs Construction Act [996.13 - 996.21] ( Heading of Article 5d amended by Stats. 1959, Ch. 1902. ) ## 996.21. When money from the Veterans’ Farm and Home Building Fund of 1943 or the Veterans Affairs Construction Fund is used for investment purposes in the purchase of property and in the construction of buildings, and appurtenant facilities or in the purchase of property, or in the construction of buildings, and appurtenant facilities for the use of the Department of Veterans Affairs, or for the use of the Department of Veterans Affairs and other state agencies, the Director of Veterans Affairs may do any and all things necessary to protect the investment including purchasing insurance against the loss of or damage to the property or the loss of use and occupancy of the property. Any transaction entered into by the Director of Veterans Affairs under this section shall be subject to the approval of the Department of General Services. (Amended by Stats. 1965, Ch. 371.)
  14. 996.971.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

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    This article may be cited as the Veterans Bond Act of 1968.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.971. This article may be cited as the Veterans Bond Act of 1968. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  15. 996.972.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

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    This section adopts the State General Obligation Bond Law for the bonds authorized by this article, except where this section says otherwise.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.972. The State General Obligation Bond Law, except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” shall be deemed to refer both to this article and such law. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  16. 996.973.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

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    This section defines key terms used in the Veterans Bond Act article and related State General Obligation Bond Law provisions.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.973. As used in this article and for the purposes of this article as used in the State General Obligation Bond Law, Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943, created by Section 991 of the Military and Veterans Code. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans Farm and Home Building Fund of 1943 created by Section 988 of the Military and Veterans Code. (e) “Bond Act” means this article authorizing the issuance of State General Obligation Bonds and adopting Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code by reference. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  17. 996.974.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

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    The Veterans’ Finance Committee of 1943 is authorized to create up to $200 million in state debt or liabilities to fund farm and home aid for veterans.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.974. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the provisions of the Veterans Farm and Home Purchase Act of 1943 and of all acts amendatory thereof and supplemental thereto, the Veterans’ Finance Committee of 1943, created by Section 991, shall be and it hereby is authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of two hundred million dollars ($200,000,000), in the manner provided herein, but not otherwise, nor in excess thereof. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  18. 996.975.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

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    California must collect enough money each year to pay the principal and interest on these bonds, and revenue-collection officers must take all necessary steps to collect it.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.975. All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the principal and interest on said bonds as herein provided, and it is hereby made the duty of all officers charged by law with any duty in regard to the collections of said revenue, to do and perform each and every act which shall be necessary to collect such additional sum. On the several dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest on the bonds in each fiscal year, there shall be returned into the General Fund in the State Treasury, all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of and interest on the said bonds then due and payable, except as hereinafter provided for the prior redemption of said bonds, and, in the event such money so returned on said remittance dates is less than said principal and interest then due and payable, then the balance remaining unpaid shall be returned into the General Fund in the State Treasury out of said Veterans’ Farm and Home Building Fund of 1943 as soon thereafter as it shall become available, together with interest thereon from such dates of maturity until so returned at the same rate as borne by said bonds, compounded semiannually. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  19. 996.976.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

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    This section appropriates money from the General Fund in the State Treasury for this article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.976. There is hereby appropriated from the General Fund in the State Treasury for the purpose of this article, such an amount as will equal the following: (a) Such sum annually as will be necessary to pay the principal of and the interest on the bonds issued and sold pursuant to the provisions of this article, as said principal and interest become due and payable. (b) Such sum as is necessary to carry out the provisions of Section 996.977 which sum is appropriated without regard to fiscal years. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  20. 996.977.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

    Verify source ↗

    The Director of Finance may authorize limited withdrawals from the General Fund for this article, and the board must repay the money to the General Fund with interest from bond-sale proceeds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.977. For the purposes of carrying out the provisions of this article the Director of Finance may by executive order authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out this article. Any amounts withdrawn shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. Any moneys made available under this article to the board shall be returned by the board to the General Fund from moneys received from the sale of bonds sold for the purpose of carrying out this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  21. 996.978.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 must decide whether bonds should be issued, and how many, when the Department of Veterans Affairs requests it, supports the request with a statement of plans and projects, and the Governor approves.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.978. Upon request of the Department of Veterans Affairs, supported by a statement of the plans and projects of said department with respect thereto, and approved by the Governor, the Veterans’ Finance Committee of 1943 shall determine whether or not it is necessary or desirable to issue any bonds authorized under this article in order to carry such plans and projects into execution, and, if so, the amount of bonds then to be issued and sold. Successive issues of bonds may be authorized and sold to carry out said plans and projects progressively, and it shall not be necessary that all the bonds herein authorized to be issued shall be sold at any one time. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  22. 996.979.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

    Verify source ↗

    While the bonds under this article remain outstanding, the Secretary of Veterans Affairs must ensure an annual fiscal-year survey and operations projection is prepared by an independent public accountant, who must issue written reports and send copies to specified officials and committees. The Division of Farm and Home Purchases must reimburse the accountant from available deposited funds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.979. While bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall cause to be made at the close of each fiscal year, a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, that survey to be made by an independent public accountant of recognized standing. The results of the surveys and projections shall be set forth in written reports and the independent public accountant shall forward copies of the reports to the Secretary of Veterans Affairs, the members of the California Veterans Board, or, if that board is redesignated by the Legislature as the California Veterans Advisory Board, the members of the California Veterans Advisory Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and to the members of the Veterans’ Finance Committee of 1943. The Division of Farm and Home Purchases shall reimburse the independent public accountant for their services out of any funds that the division may have available on deposit with the Treasurer of the State of California. (Amended by Stats. 2024, Ch. 129, Sec. 83. (SB 1097) Effective January 1, 2025.)
  23. 996.980.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

    Verify source ↗

    The committee may authorize the State Treasurer to sell the authorized bonds, and the Treasurer may set the sale timing.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.980. The committee may authorize the State Treasurer to sell all or any part of the bonds herein authorized at such time or times as may be fixed by the State Treasurer. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  24. 996.981.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. )

    Verify source ↗

    When bonds are sold, the first money received from the sale must be redeposited in the General Obligation Bond Expense Revolving Fund, and those sums may be reused and repaid in the same way when later bond sales occur.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5j. Veterans Bond Act of 1968 [996.971 - 996.981] ( Article 5j added by Stats. 1967, Ch. 1572. ) ## 996.981. Whenever bonds are sold, out of the first money realized from their sale, there shall be redeposited in the General Obligation Bond Expense Revolving Fund established by Section 16724.5 of the Government Code such sums as have been expended for the purposes specified in Section 16724.5 of the Government Code, which may be used for the same purpose and repaid in the same manner whenever additional sales are made. (Added by Stats. 1967, Ch. 1572. Approved in Proposition 1 at the June 4, 1968, election.)
  25. 996.985.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    This article may be cited as the Veterans Bond Act of 1971.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.985. This article may be cited as the Veterans Bond Act of 1971. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  26. 996.986.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bonds authorized by this article, except as otherwise provided here.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.986. The State General Obligation Bond Law, except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” shall be deemed to refer both to this article and such law. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  27. 996.987.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    This section defines key terms used in the Veterans Bond Act of 1971 and related bond-law provisions.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.987. As used in this article and for the purposes of this article as used in the State General Obligation Bond Law, Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943, created by Section 991. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans Farm and Home Building Fund of 1943 created by Section 988. (e) “Bond Act” means this article authorizing the issuance of State General Obligation Bonds and adopting Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code by reference. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  28. 996.988.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 is authorized to create state debt or liabilities for veteran farm and home aid, up to $250 million.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.988. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the provisions of the Veterans Farm and Home Purchase Act of 1943 and of all acts amendatory thereof and supplemental thereto, the Veterans’ Finance Committee of 1943, created by Section 991, shall be and it hereby is authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of two hundred fifty million dollars ($250,000,000), in the manner provided herein, but not otherwise, nor in excess thereof. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  29. 996.989.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    The State must collect enough annual revenue to pay bond principal and interest, and the responsible officers must take all necessary collection steps. Excess money in the Veterans’ Farm and Home Building Fund of 1943 must be returned to the General Fund, subject to a prior-redemption exception.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.989. All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the principal and interest on said bonds as herein provided, and it is hereby made the duty of all officers charged by law with any duty in regard to the collections of said revenue, to do and perform each and every act which shall be necessary to collect such additional sum. On the several dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest on the bonds in each fiscal year, there shall be returned into the General Fund in the State Treasury, all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of and interest on the said bonds then due and payable, except as hereinafter provided for the prior redemption of said bonds, and, in the event such money so returned on said remittance dates is less than said principal and interest then due and payable, then the balance remaining unpaid shall be returned into the General Fund in the State Treasury out of said Veterans’ Farm and Home Building Fund of 1943 as soon thereafter as it shall become available, together with interest thereon from such dates of maturity until so returned at the same rate as borne by said bonds, compounded semiannually. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  30. 996.990.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    This section appropriates money from the General Fund in the State Treasury to pay bond principal and interest and to carry out Section 996.991.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.990. There is hereby appropriated from the General Fund in the State Treasury for the purpose of this article, such an amount as will equal the following: (a) Such sum annually as will be necessary to pay the principal of and the interest on the bonds issued and sold pursuant to the provisions of this article, as said principal and interest become due and payable. (b) Such sum as is necessary to carry out the provisions of Section 996.991, which sum is appropriated without regard to fiscal years. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  31. 996.991.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    The Director of Finance may authorize withdrawals from the General Fund for this article, and withdrawn amounts must be deposited into the Veterans’ Farm and Home Building Fund of 1943.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.991. For the purposes of carrying out the provisions of this article the Director of Finance may by executive order authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out this article. Any amounts withdrawn shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. Any moneys made available under this article to the board shall be returned by the board to the General Fund from moneys received from the sale of bonds sold for the purpose of carrying out this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  32. 996.992.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 decides whether bonds may be issued under this article, after a request from the Department of Veterans Affairs is supported by a statement of its plans and projects and approved by the Governor.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.992. Upon request of the Department of Veterans Affairs, supported by a statement of the plans and projects of said department with respect thereto, and approved by the Governor, the Veterans’ Finance Committee of 1943 shall determine whether or not it is necessary or desirable to issue any bonds authorized under this article in order to carry such plans and projects into execution, and, if so, the amount of bonds then to be issued and sold. Successive issues of bonds may be authorized and sold to carry out said plans and projects progressively, and it shall not be necessary that all the bonds herein authorized to be issued shall be sold at any one time. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  33. 996.993.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    While the bonds are outstanding, the Secretary of Veterans Affairs must arrange a yearly fiscal survey and operations projection, prepared by an independent public accountant, and the accountant must send written report copies to specified officials and committees. The Division of Farm and Home Purchases must reimburse the accountant from available funds on deposit with the State Treasurer.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.993. While bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall cause to be made at the close of each fiscal year, a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, that survey to be made by an independent public accountant of recognized standing. The results of the surveys and projections shall be set forth in written reports and the independent public accountant shall forward copies of the reports to the Secretary of Veterans Affairs, the members of the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and to the members of the Veterans’ Finance Committee of 1943. The Division of Farm and Home Purchases shall reimburse the independent public accountant for their services out of any funds that the division may have available on deposit with the Treasurer of the State of California. (Amended by Stats. 2024, Ch. 129, Sec. 84. (SB 1097) Effective January 1, 2025.)
  34. 996.994.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    The committee may authorize the State Treasurer to sell the authorized bonds, and the Treasurer sets the timing of the sales.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.994. The committee may authorize the State Treasurer to sell all or any part of the bonds herein authorized at such time or times as may be fixed by the State Treasurer. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  35. 996.995.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. )

    Verify source ↗

    When bonds are sold, money from the first sale proceeds must be redeposited into the General Obligation Bond Expense Revolving Fund for the specified purposes.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5k. Veterans Bond Act of 1971 [996.985 - 996.995] ( Article 5k added by Stats. 1971, Ch. 1167. ) ## 996.995. Whenever bonds are sold, out of the first money realized from their sale, there shall be redeposited in the General Obligation Bond Expense Revolving Fund established by Section 16724.5 of the Government Code such sums as have been expended for the purposes specified in Section 16724.5 of the Government Code, which may be used for the same purpose and repaid in the same manner whenever additional sales are made. (Added by Stats. 1971, Ch. 1167. Approved in Proposition 1 at the June 6, 1972, election.)
  36. 997.001.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    This section says the article may be cited as the Veterans Bond Act of 1974.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.001. This article may be cited as the Veterans Bond Act of 1974. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  37. 997.002.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for this article’s bond issuance, sale, and repayment provisions.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.002. The State General Obligation Bond Law, except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” shall be deemed to refer both to this article and such law. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  38. 997.003.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    This section defines key terms used in the Veterans Bond Act article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.003. As used in this article and for the purposes of this article as used in the State General Obligation Bond Law, Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943, created by Section 991. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans Farm and Home Building Fund of 1943 created by Section 988. (e) “Bond Act” means this article authorizing the issuance of State General Obligation Bonds and adopting Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code by reference. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  39. 997.004.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 is authorized to create state debt or liabilities up to $350 million to fund farm and home aid for veterans.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.004. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the provisions of the Veterans Farm and Home Purchase Act of 1943 and of all acts amendatory thereof and supplemental thereto, the Veterans’ Finance Committee of 1943, created by Section 991, shall be and hereby is authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of three hundred fifty million dollars ($350,000,000), in the manner provided herein, but not otherwise, nor in excess thereof. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  40. 997.005.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    The state must collect enough revenue each year to pay bond principal and interest, and officers responsible for revenue collection must take all necessary steps to collect that amount.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.005. All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the principal and interest on said bonds as herein provided, and it is hereby made the duty of all officers charged by law with any duty in regard to the collections of said revenue, to do and perform each and every act which shall be necessary to collect such additional sum. On the several dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest on the bonds in each fiscal year, there shall be returned into the General Fund in the State Treasury, all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of and interest on the said bonds then due and payable, except as hereinafter provided for the prior redemption of said bonds, and, in the event such money so returned on said remittance dates is less than said principal and interest then due and payable, then the balance remaining unpaid shall be returned into the General Fund in the State Treasury out of said Veterans’ Farm and Home Building Fund of 1943 as soon thereafter as it shall become available, together with interest thereon from such dates of maturity until so returned at the same rate as borne by said bonds, compounded semiannually. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  41. 997.006.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    The General Fund in the State Treasury is appropriated for this article, including annual amounts needed to pay bond principal and interest and amounts needed to carry out Section 997.007.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.006. There is hereby appropriated from the General Fund in the State Treasury for the purpose of this article, such an amount as will equal the following: (a) Such sum annually as will be necessary to pay the principal of and the interest on the bonds issued and sold pursuant to the provisions of this article, as said principal and interest become due and payable. (b) Such sum as is necessary to carry out the provisions of Section 997.007, which sum is appropriated without regard to fiscal years. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  42. 997.007.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    The Director of Finance may authorize withdrawals from the General Fund for this article, up to the amount of unsold authorized bonds, and the board must repay those moneys to the General Fund with interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.007. For the purposes of carrying out the provisions of this article the Director of Finance may by executive order authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out this article. Any amounts withdrawn shall be deposited in the Veterans Farm and Home Building Fund of 1943. Any moneys made available under this article to the board shall be returned by the board to the General Fund from moneys received from the sale of bonds sold for the purpose of carrying out this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  43. 997.008.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 must decide whether bonds may be issued, and how many, when the Department of Veterans Affairs requests it and the Governor approves.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.008. Upon request of the Department of Veterans Affairs, supported by a statement of the plans and projects of said department with respect thereto, and approved by the Governor, the Veterans’ Finance Committee of 1943 shall determine whether or not it is necessary or desirable to issue any bonds authorized under this article in order to carry such plans and projects into execution, and, if so, the amount of bonds then to be issued and sold. Successive issues of bonds may be authorized and sold to carry out said plans and projects progressively, and it shall not be necessary that all the bonds herein authorized to be issued shall be sold at any one time. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  44. 997.009.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    When the bonds remain outstanding, the Secretary of Veterans Affairs must arrange an annual fiscal-year-end survey of the Division of Farm and Home Purchases’ financial condition and operations, done by an independent public accountant.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.009. While bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall cause to be made at the close of each fiscal year, a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, that survey to be made by an independent public accountant of recognized standing. The results of the surveys and projections shall be set forth in written reports and the independent public accountant shall forward copies of the reports to the Secretary of Veterans Affairs, the members of the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and to the members of the Veterans’ Finance Committee of 1943. The Division of Farm and Home Purchases shall reimburse the independent public accountant for their services out of any funds that the division may have available on deposit with the Treasurer of the State of California. (Amended by Stats. 2024, Ch. 129, Sec. 85. (SB 1097) Effective January 1, 2025.)
  45. 997.010.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    The committee may authorize the State Treasurer to sell some or all of the authorized bonds, and the Treasurer may set the sale timing.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.010. The committee may authorize the State Treasurer to sell all or any part of the bonds herein authorized at such time or times as may be fixed by the State Treasurer. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  46. 997.011.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. )

    Verify source ↗

    When bonds are sold, money received from the sale must be redeposited into the General Obligation Bond Expense Revolving Fund in the amounts previously spent for the purposes named in Government Code Section 16724.5.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5l. Veterans Bond Act of 1974 [997.001 - 997.011] ( Article 5 l added by Stats. 1974, Ch. 7. ) ## 997.011. Whenever bonds are sold, out of the first money realized from their sale, there shall be redeposited in the General Obligation Bond Expense Revolving Fund established by Section 16724.5 of the Government Code such sums as have been expended for the purposes specified in Section 16724.5 of the Government Code, which may be used for the same purpose and repaid in the same manner whenever additional sales are made. (Added by Stats. 1974, Ch. 7. Approved in Proposition 3 at the June 4, 1974, election.)
  47. 998.001.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    This article may be cited as the Veterans Bond Act of 1976.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.001. This article may be cited as the Veterans Bond Act of 1976. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  48. 998.002.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bonds authorized by this article, except where this section says otherwise.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.002. The State General Obligation Bond Law, except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” shall be deemed to refer both to this article and such law. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  49. 998.003.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    This section defines key terms used in the article and related bond law.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.003. As used in this article and for the purposes of this article as used in the State General Obligation Bond Law, Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943, created by Section 991. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans’ Farm and Home Building Fund of 1943 created by Section 988. (e) “Bond Act” means this article authorizing the issuance of State General Obligation Bonds and adopting Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code by reference. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  50. 998.004.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 is authorized to create up to $500 million in State of California debt or liabilities for farm and home aid for veterans.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.004. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the provisions of the Veterans’ Farm and Home Purchase Act of 1974 and of all acts amendatory thereof and supplemental thereto, the Veterans’ Finance Committee of 1943, created by Section 991, shall be and hereby is authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of five hundred million dollars ($500,000,000), in the manner provided herein, but not otherwise, nor in excess thereof. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  51. 998.005.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    The section says the bonds are valid general obligations of California, and state officers responsible for revenue collection must take the steps needed to collect enough money each year to pay principal and interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.005. All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the principal and interest on said bonds as herein provided, and it is hereby made the duty of all officers charged by law with any duty in regard to the collections of said revenue, to do and perform each and every act which shall be necessary to collect such additional sum. On the several dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest on the bonds in each fiscal year, there shall be returned into the General Fund in the State Treasury, all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of and interest on the said bonds then due and payable, except as hereinafter provided for the prior redemption of said bonds, and, in the event such money so returned on said remittance dates is less than said principal and interest then due and payable, then the balance remaining unpaid shall be returned into the General Fund in the State Treasury out of said Veterans’ Farm and Home Building Fund of 1943 as soon thereafter as it shall become available, together with interest thereon from such dates of maturity until so returned at the same rate as borne by said bonds, compounded semiannually. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  52. 998.006.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    Funds are appropriated from the General Fund in the State Treasury for this article, including amounts needed for bond principal and interest and for Section 998.007.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.006. There is hereby appropriated from the General Fund in the State Treasury for the purpose of this article, such an amount as will equal the following: (a) Such sum annually as will be necessary to pay the principal of and the interest on the bonds issued and sold pursuant to the provisions of this article, as said principal and interest become due and payable. (b) Such sum as is necessary to carry out the provisions of Section 998.007, which sum is appropriated without regard to fiscal years. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  53. 998.007.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    The Director of Finance may authorize withdrawals from the General Fund for this article, up to the amount of unsold bonds, and the withdrawn money must be deposited in the Veterans’ Farm and Home Building Fund of 1943.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.007. For the purposes of carrying out the provisions of this article the Director of Finance may by executive order authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out this article. Any amounts withdrawn shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. Any moneys made available under this article to the board shall be returned by the board to the General Fund from moneys received from the sale of bonds sold for the purpose of carrying out this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  54. 998.008.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 must decide whether bond issuance is necessary or desirable when the Department of Veterans Affairs requests it, with the Governor’s approval.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.008. Upon request of the Department of Veterans Affairs, supported by a statement of the plans and projects of said department with respect thereto, and approved by the Governor, the Veterans’ Finance Committee of 1943 shall determine whether or not it is necessary or desirable to issue any bonds authorized under this article in order to carry such plans and projects into execution, and, if so, the amount of bonds then to be issued and sold. Successive issues of bonds may be authorized and sold to carry out said plans and projects progressively, and it shall not be necessary that all the bonds herein authorized to be issued shall be sold at any one time. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  55. 998.009.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    While the specified bonds are outstanding, the Secretary of Veterans Affairs must arrange an annual fiscal-year-end survey and operations projection for the Division of Farm and Home Purchases, prepared by an independent public accountant.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.009. While bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall cause to be made at the close of each fiscal year, a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, that survey to be made by an independent public accountant of recognized standing. The results of the surveys and projections shall be set forth in written reports and the independent public accountant shall forward copies of the reports to the Secretary of Veterans Affairs, the members of the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and to the members of the Veterans’ Finance Committee of 1943. The Division of Farm and Home Purchases shall reimburse the independent public accountant for their services out of any funds that the division may have available on deposit with the Treasurer of the State of California. (Amended by Stats. 2024, Ch. 129, Sec. 86. (SB 1097) Effective January 1, 2025.)
  56. 998.010.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    The committee may authorize the State Treasurer to sell some or all of the authorized bonds, and the Treasurer sets the timing.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.010. The committee may authorize the State Treasurer to sell all or any part of the bonds herein authorized at such time or times as may be fixed by the State Treasurer. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  57. 998.011.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. )

    Verify source ↗

    When bonds are sold, certain sums must be redeposited into the General Obligation Bond Expense Revolving Fund from the first money realized.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5m. Veterans Bond Act of 1976 [998.001 - 998.011] ( Article 5m added by Stats. 1975, Ch. 982. ) ## 998.011. Whenever bonds are sold, out of the first money realized from their sale, there shall be redeposited in the General Obligation Bond Expense Revolving Fund established by Section 16724.5 of the Government Code such sums as have been expended for the purposes specified in Section 16724.5 of the Government Code, which may be used for the same purpose and repaid in the same manner whenever additional sales are made. (Added by Stats. 1975, Ch. 982. Approved in Proposition 2 at the June 8, 1976, election.)
  58. 998.021.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    This article may be cited as the Veterans Bond Act of 1978.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.021. This article may be cited as the Veterans Bond Act of 1978. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  59. 998.022.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for these veterans bond provisions, except where this section says otherwise.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.022. The State General Obligation Bond Law, except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” shall be deemed to refer both to this article and such law. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  60. 998.023.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    This section defines key terms used in the Veterans Bond Act article and related bond-law references.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.023. As used in this article and for the purposes of this article as used in the State General Obligation Bond Law, Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943, created by Section 991. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans’ Farm and Home Building Fund of 1943 created by Section 988. (e) “Bond Act” means this article authorizing the issuance of state general obligation bonds and adopting Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code by reference. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  61. 998.024.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 is authorized to create state debt or liabilities up to $500 million to fund farm and home aid for veterans.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.024. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the provisions of the Veterans’ Farm and Home Purchase Act of 1974 and of all acts amendatory thereof and supplemental thereto, the Veterans’ Finance Committee of 1943, created by Section 991, shall be and hereby is authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of five hundred million dollars ($500,000,000), in the manner provided herein, but not otherwise, nor in excess thereof. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  62. 998.025.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    California must collect annual sums for bond payments and return specified Veterans’ Farm and Home Building Fund money to the General Fund when bond principal and interest are due.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.025. All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the principal and interest on such bonds as herein provided, and it is hereby made the duty of all officers charged by law with any duty in regard to the collections of such revenue, to do and perform each and every act which shall be necessary to collect such additional sum. On the several dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest of the bonds in each fiscal year, there shall be returned into the General Fund in the State Treasury, all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of, and interest on, such bonds then due and payable, except as hereinafter provided for the prior redemption of such bonds, and, in the event such money so returned on said remittance dates is less than such principal and interest then due and payable, then the balance remaining unpaid shall be returned into the General Fund in the State Treasury out of the Veterans’ Farm and Home Building Fund of 1943 as soon thereafter as it shall become available, together with interest thereon from such dates of maturity until so returned at the same rate as borne by such bonds, compounded semiannually. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  63. 998.026.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    The section appropriates money from the General Fund in the State Treasury to pay veterans bond principal and interest, and to carry out Section 998.027.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.026. There is hereby appropriated from the General Fund in the State Treasury for the purpose of this article, such an amount as will equal the following: (a) Such sum annually as will be necessary to pay the principal of, and the interest on, the bonds issued and sold pursuant to the provisions of this article, as such principal and interest become due and payable. (b) Such sum as is necessary to carry out the provisions of Section 998.027, which sum is appropriated without regard to fiscal years. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  64. 998.027.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    The Director of Finance may authorize General Fund withdrawals for this article, up to the amount of unsold authorized bonds, and withdrawn money must be deposited into the Veterans’ Farm and Home Building Fund of 1943.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.027. For the purposes of carrying out the provisions of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out this article. Any amounts withdrawn shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. Any moneys made available under this article to the board shall be returned by the board to the General Fund from moneys received from the sale of bonds sold for the purpose of carrying out this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  65. 998.028.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    When the Department of Veterans Affairs requests it and the Governor approves, the Veterans’ Finance Committee of 1943 must decide whether bonds should be issued and, if so, how many.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.028. Upon request of the Department of Veterans Affairs, supported by a statement of the plans and projects of such department with respect thereto, and approved by the Governor, the Veterans’ Finance Committee of 1943 shall determine whether or not it is necessary or desirable to issue any bonds authorized under this article in order to carry such plans and projects into execution, and, if so, the amount of bonds then to be issued and sold. Successive issues of bonds may be authorized and sold to carry out said plans and projects progressively, and it shall not be necessary that all the bonds herein authorized to be issued shall be sold at any one time. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  66. 998.029.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    While the authorized bonds are outstanding, the Secretary of Veterans Affairs must arrange a yearly fiscal-year-end survey of the Division of Farm and Home Purchases, have it done by an independent public accountant, require written reports, and the division must reimburse the accountant if funds are available.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.029. While bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall cause to be made at the close of each fiscal year, a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, that survey to be made by an independent public accountant of recognized standing. The results of the surveys and projections shall be set forth in written reports, and the independent public accountant shall forward copies of the reports to the Secretary of Veterans Affairs, the members of the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and to the members of the Veterans’ Finance Committee of 1943. The Division of Farm and Home Purchases shall reimburse the independent public accountant for their services out of any funds that the division may have available on deposit with the Treasurer of the State of California. (Amended by Stats. 2024, Ch. 129, Sec. 87. (SB 1097) Effective January 1, 2025.)
  67. 998.030.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    The committee may authorize the State Treasurer to sell some or all of the authorized bonds, and the Treasurer sets the timing for the sale.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.030. The committee may authorize the State Treasurer to sell all or any part of the bonds herein authorized at such time or times as may be fixed by the State Treasurer. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  68. 998.031.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. )

    Verify source ↗

    When bonds are sold, certain amounts must be redeposited into the General Obligation Bond Expense Revolving Fund.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5n. Veterans Bond Act of 1978 [998.021 - 998.031] ( Article 5n added by Stats. 1978, Ch. 215. ) ## 998.031. Whenever bonds are sold, out of the first money realized from their sale, there shall be redeposited in the General Obligation Bond Expense Revolving Fund established by Section 16724.5 of the Government Code such sums as have been expended for the purposes specified in Section 16724.5 of the Government Code, which may be used for the same purpose and repaid in the same manner whenever additional sales are made. (Added by Stats. 1978, Ch. 215. Approved in Proposition 1 at the November 7, 1978, election.)
  69. 998.041.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    This article may be cited as the Veterans Bond Act of 1980.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.041. This article may be cited as the Veterans Bond Act of 1980. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  70. 998.042.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bonds authorized by this article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.042. The State General Obligation Bond Law, except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” shall be deemed to refer both to this article and such law. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  71. 998.043.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    This section defines key terms used in the article and related bond law.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.043. As used in this article and for the purposes of this article as used in the State General Obligation Bond Law, Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943, created by Section 991. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans’ Farm and Home Building Fund of 1943, created by Section 988. (e) “Bond act” means this article authorizing the issuance of state general obligation bonds and adopting Chapter 4 (commencing with Section 16720), Part 3, Division 4, Title 2 of the Government Code by reference. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  72. 998.044.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 is authorized to create state debt or liabilities up to $750 million for farm and home aid for veterans.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.044. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the provisions of the Veterans’ Farm and Home Purchase Act of 1974 and of all acts amendatory thereof and supplemental thereto, the Veterans’ Finance Committee of 1943, created by Section 991, shall be and hereby is authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of seven hundred fifty million dollars ($750,000,000), in the manner provided herein, but not otherwise, nor in excess thereof. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  73. 998.045.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    The section says the bonds are binding obligations of California, backed by the state’s full faith and credit, and requires annual collections and fund transfers to pay bond principal and interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.045. All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the principal and interest on such bonds as herein provided, and it is hereby made the duty of all officers charged by law with any duty in regard to the collections of such revenue, to do and perform each and every act which shall be necessary to collect such additional sum. On the several dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest of the bonds in each fiscal year, there shall be returned into the General Fund in the State Treasury, all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of, and interest on, such bonds then due and payable, except as hereinafter provided for the prior redemption of such bonds, and, in the event such money so returned on said remittance dates is less than such principal and interest then due and payable, then the balance remaining unpaid shall be returned into the General Fund in the State Treasury out of the Veterans’ Farm and Home Building Fund of 1943 as soon thereafter as it shall become available, together with interest thereon from such dates of maturity until so returned at the same rate as borne by such bonds, compounded semiannually. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  74. 998.046.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    Money is appropriated from the General Fund to pay bond principal and interest and to carry out Section 998.047.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.046. There is hereby appropriated from the General Fund in the State Treasury for the purpose of this article, such an amount as will equal the following: (a) Such sum annually as will be necessary to pay the principal of, and the interest on, the bonds issued and sold pursuant to the provisions of this article, as such principal and interest become due and payable. (b) Such sum as is necessary to carry out the provisions of Section 998.047, which sum is appropriated without regard to fiscal years. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  75. 998.047.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    The Director of Finance may authorize withdrawals from the General Fund for this article, and the board must return the money to the General Fund with interest from bond-sale proceeds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.047. For the purposes of carrying out the provisions of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out this article. Any amounts withdrawn shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. Any moneys made available under this article to the board shall be returned by the board to the General Fund from moneys received from the sale of bonds sold for the purpose of carrying out this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  76. 998.048.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    When the Department of Veterans Affairs requests it, supports the request with plans and projects, and the Governor approves, the Veterans’ Finance Committee of 1943 must decide whether bonds should be issued and, if so, how many.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.048. Upon request of the Department of Veterans Affairs, supported by a statement of the plans and projects of such department with respect thereto, and approved by the Governor, the Veterans’ Finance Committee of 1943 shall determine whether or not it is necessary or desirable to issue any bonds authorized under this article in order to carry such plans and projects into execution, and, if so, the amount of bonds then to be issued and sold. Successive issues of bonds may be authorized and sold to carry out said plans and projects progressively, and it shall not be necessary that all the bonds herein authorized to be issued shall be sold at any one time. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  77. 998.049.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    When the bonds under this article are still outstanding, the Secretary of Veterans Affairs must ensure an annual survey and projection is prepared, the accountant must send copies of the written report to listed recipients, and the Division of Farm and Home Purchases must reimburse the accountant.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.049. While bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall cause to be made at the close of each fiscal year, a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, that survey to be made by an independent public accountant of recognized standing. The results of the surveys and projections shall be set forth in written reports, and the independent public accountant shall forward copies of the reports to the Secretary of Veterans Affairs, the members of the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and to the members of the Veterans’ Finance Committee of 1943. The Division of Farm and Home Purchases shall reimburse the independent public accountant for their services out of any funds that the division may have available on deposit with the Treasurer of the State of California. (Amended by Stats. 2024, Ch. 129, Sec. 88. (SB 1097) Effective January 1, 2025.)
  78. 998.050.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    The committee may authorize the State Treasurer to sell all or part of the bonds, and the Treasurer sets the timing for those sales.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.050. The committee may authorize the State Treasurer to sell all or any part of the bonds herein authorized at such time or times as may be fixed by the State Treasurer. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  79. 998.051.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. )

    Verify source ↗

    When bonds are sold, money from the first sale proceeds must be redeposited into the General Obligation Bond Expense Revolving Fund for the same purposes described in Government Code Section 16724.5.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5p. Veterans Bond Act of 1980 [998.041 - 998.051] ( Article 5p added by Stats. 1980, Ch. 1. ) ## 998.051. Whenever bonds are sold, out of the first money realized from their sale, there shall be redeposited in the General Obligation Bond Expense Revolving Fund established by Section 16724.5 of the Government Code such sums as have been expended for the purposes specified in Section 16724.5 of the Government Code, which may be used for the same purpose and repaid in the same manner whenever additional sales are made. (Added by Stats. 1980, Ch. 1. Approved in Proposition 2 at the June 3, 1980, election.)
  80. 998.052.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    This article may be cited as the Veterans Bond Act of 1982.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.052. This article may be cited as the Veterans Bond Act of 1982. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  81. 998.053.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bond issuance, sale, repayment, and related matters covered by this article, unless this article provides otherwise.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.053. The State General Obligation Bond Law, except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” shall be deemed to refer both to this article and such law. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  82. 998.054.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    This section defines key terms used in the Veterans Bond Act article and related bond-law context.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.054. As used in this article and for the purposes of this article as used in the State General Obligation Bond Law, Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943, created by Section 991. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans’ Farm and Home Building Fund of 1943, created by Section 988. (e) “Bond act” means this article authorizing the issuance of state general obligation bonds and adopting Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code by reference. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  83. 998.055.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 is authorized to create State debt or liabilities up to $450 million to fund farm and home aid for veterans.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.055. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the provisions of the Veterans’ Farm and Home Purchase Act of 1974 and of all acts amendatory thereof and supplemental thereto, the Veterans’ Finance Committee of 1943, created by Section 991, shall be and hereby is authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of four hundred fifty million dollars ($450,000,000) in the manner provided herein, but not otherwise, nor in excess thereof. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  84. 998.056.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    The section says these bonds are valid state obligations, requires annual collection of enough revenue to pay principal and interest, and directs certain officers to take the needed collection steps.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.056. All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of California, and the full faith credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the principal and interest on such bonds as herein provided, and it is hereby made the duty of all officers charged by law with any duty in regard to the collections of such revenue, to do and perform each and every act which shall be necessary to collect such additional sum. On the several dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest of the bonds in each fiscal year, there shall be returned into the General Fund in the State Treasury, all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of, and interest on, such bonds then due and payable, except as hereinafter provided for the prior redemption of such bonds, and, in the event such money so returned on said remittance dates is less than such principal and interest then due and payable, then the balance remaining unpaid shall be returned into the General Fund in the State Treasury out of the Veterans’ Farm and Home Building Fund of 1943 as soon thereafter as it shall become available, together with interest thereon from such dates of maturity until so returned at the same rate as borne by such bonds, compounded semiannually. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  85. 998.057.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    Money is appropriated from the General Fund in the State Treasury to pay bond principal and interest, and to carry out Section 998.058.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.057. There is hereby appropriated from the General Fund in the State Treasury for the purpose of this article such an amount as will equal the following: (a) Such sum annually as will be necessary to pay the principal of, and the interest on, the bonds issued and sold pursuant to the provisions of this article, as such principal and interest become due and payable. (b) Such sum as is necessary to carry out the provisions of Section 998.058, which sum is appropriated without regard to fiscal years. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  86. 998.058.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    The Director of Finance may authorize withdrawals from the General Fund for this article, limited to the amount of unsold authorized bonds, and the board must repay any money made available under the article with interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.058. For the purposes of carrying out the provisions of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out this article. Any amounts withdrawn shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. Any moneys made available under this article to the board shall be returned by the board to the General Fund from moneys received from the sale of bonds sold for the purpose of carrying out this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  87. 998.059.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    The Veterans’ Finance Committee of 1943 must decide whether bonds should be issued, and how many, when the Department of Veterans Affairs requests it, submits a supporting statement, and the Governor approves.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.059. Upon request of the Department of Veterans Affairs, supported by a statement of the plans and projects of such department with respect thereto, and approved by the Governor, the Veterans’ Finance Committee of 1943 shall determine whether or not it is necessary or desirable to issue any bonds authorized under this article in order to carry such plans and projects into execution, and, if so, the amount of bonds then to be issued and sold. Successive issues of bonds may be authorized and sold to carry out said plans and projects progressively, and it shall not be necessary that all the bonds herein authorized to be issued shall be sold at any one time. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  88. 998.060.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    The Secretary of Veterans Affairs must arrange an annual fiscal-year-end survey of the Division of Farm and Home Purchases while the authorized bonds remain outstanding, and the accountant must send the reports to listed recipients. The division must also reimburse the accountant.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.060. While bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall cause to be made at the close of each fiscal year, a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, that survey to be made by an independent public accountant of recognized standing. The results of the surveys and projections shall be set forth in written reports, and the independent public accountant shall forward copies of the reports to the Secretary of Veterans Affairs, the members of the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and to the members of the Veterans’ Finance Committee of 1943. The Division of Farm and Home Purchases shall reimburse the independent public accountant for their services out of any funds that the division may have available on deposit with the Treasurer of the State of California. (Amended by Stats. 2024, Ch. 129, Sec. 89. (SB 1097) Effective January 1, 2025.)
  89. 998.061.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    The committee may authorize the State Treasurer to sell authorized bonds, including at a discount, but the discount may not exceed 6% of par value.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.061. The committee may authorize the State Treasurer to sell all or any part of the bonds herein authorized at such time or times as may be fixed by the State Treasurer. Notwithstanding Section 16754 of the Government Code, the committee may, whenever it deems it necessary to an effective sale, authorize the State Treasurer to sell any issue of bonds at less than the par value thereof. However, the discount on the bonds so sold shall not exceed 6 percent of the par value thereof. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  90. 998.062.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. )

    Verify source ↗

    When bonds are sold, the first money from the sale must be redeposited into the General Obligation Bond Expense Revolving Fund for the amounts previously spent for the specified purposes.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5q. Veterans Bond Act of 1982 [998.052 - 998.062] ( Article 5q added by Stats. 1982, Ch. 304, Sec. 1. ) ## 998.062. Whenever bonds are sold, out of the first money realized from their sale, there shall be redeposited in the General Obligation Bond Expense Revolving Fund established by Section 16724.5 of the Government Code such sums as have been expended for the purposes specified in Section 16724.5 of the Government Code, which may be used for the same purpose and repaid in the same manner whenever additional sales are made. (Added by Stats. 1982, Ch. 304, Sec. 1. Approved in Proposition 3 at the November 2, 1982, election.)
  91. 998.063.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    This article may be cited as the Veterans Bond Act of 1984.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.063. This article may be cited as the Veterans Bond Act of 1984. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  92. 998.064.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bonds authorized by this article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.064. The State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” refer both to this article and that law. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  93. 998.065.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    This section defines key terms used in the Veterans Bond Act article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.065. As used herein, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans’ Farm and Home Building Fund of 1943. (e) “Bond Act” means this article authorizing the issuance of state general obligation bonds and adopting the State General Obligation Bond Law by reference. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  94. 998.066.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    The committee may create state debt or liabilities to fund farm and home aid for veterans, up to $650 million.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.066. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the Veterans’ Farm and Home Purchase Act of 1974 (Article 3.1 (commencing with Section 987.50)), and of all acts amendatory thereof and supplemental thereto, the committee may create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of not more than six hundred fifty million dollars ($650,000,000) in the manner provided herein. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  95. 998.067.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    State revenue officers must collect an additional annual sum to pay principal and interest on the bonds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.067. All bonds authorized by this article, when duly sold and delivered as provided herein, constitute valid and legally binding general obligations of the State of California, and the full faith credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected a sum of money, in addition to the ordinary revenues of the state, sufficient to pay the principal and interest on these bonds as provided herein, and all officers required by law to perform any duty in regard to the collection of state revenues shall collect this additional sum. On the dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest of the bonds in each fiscal year, there shall be returned into the General Fund all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of and interest on any bonds then due and payable, except as herein provided for the prior redemption of the bonds, and, if the money so returned on the remittance dates is less than the principal and interest then due and payable, the balance remaining unpaid shall be returned into the General Fund out of the Veterans’ Farm and Home Building Fund of 1943 as soon as it shall become available, together with interest thereon from the dates of maturity until so returned at the same rate of interest as borne by the bonds, compounded semiannually. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  96. 998.068.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    Money is appropriated from the General Fund to pay bond principal and interest and to carry out Section 998.069.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.068. There is hereby appropriated from the General Fund, for purposes of this article, a sum of money that will equal both of the following: (a) That sum annually necessary to pay the principal of, and the interest on, the bonds issued and sold as provided herein, as that principal and interest become due and payable. (b) That sum necessary to carry out Section 998.069, appropriated without regard to fiscal years. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  97. 998.069.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    The Director of Finance may authorize limited withdrawals from the General Fund for this article, and withdrawn money must be deposited into the Veterans’ Farm and Home Building Fund of 1943.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.069. For purposes of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of a sum of money not to exceed the amount of the unsold bonds which have been authorized to be sold by this article. Any sums withdrawn shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. All money made available under this article to the board shall be returned by the board to the General Fund from receipts from the sale of bonds sold under this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  98. 998.070.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    The committee must decide whether to issue authorized bonds when the board requests it and the board’s plans are approved by the Governor.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.070. Upon request of the board, supported by a statement of its plans and projects approved by the Governor, the committee shall determine whether to issue any bonds authorized under this article in order to carry out the board’s plans and projects, and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out these plans and projects progressively, and it is not necessary that all the bonds be issued or sold at any one time. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  99. 998.071.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    While the authorized bonds are outstanding, the Secretary of Veterans Affairs must require an annual survey and operations projection by an independent public accountant, and the Division of Farm and Home Purchases must reimburse the accountant.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.071. (a) So long as bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall, at the close of each fiscal year, require a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, to be made by an independent public accountant of recognized standing. The results of each survey and projection shall be reported in writing by the public accountant to the Secretary of Veterans Affairs, the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and the committee. (b) The Division of Farm and Home Purchases shall reimburse the public accountant for these services out of money that the division may have available on deposit with the Treasurer. (Amended by Stats. 2024, Ch. 129, Sec. 90. (SB 1097) Effective January 1, 2025.)
  100. 998.072.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    The committee may authorize the Treasurer to sell the bonds, including below par value, but any discount cannot exceed 3 percent.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.072. The committee may authorize the Treasurer to sell all or any part of the bonds authorized by this article at the time or times fixed by the Treasurer. Whenever the committee deems it necessary for an effective sale of the bonds, the committee may authorize the Treasurer to sell any issue of bonds at less than their par value, notwithstanding Section 16754 of the Government Code. However, the discount on the bonds shall not exceed 3 percent of the par value thereof. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  101. 998.073.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. )

    Verify source ↗

    Money from the first bond sales must be redeposited into the General Obligation Bond Expense Revolving Fund to cover certain expenditures, and that money may later be used and repaid again in the same way when more bonds are sold.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5r. Veterans Bond Act of 1984 [998.063 - 998.073] ( Article 5r added by Stats. 1984, Ch. 391, Sec. 1. ) ## 998.073. Out of the first money realized from the sale of bonds as provided herein, there shall be redeposited in the General Obligation Bond Expense Revolving Fund, established by Section 16724.5 of the Government Code, the amount of all expenditures made for the purposes specified in that section, and this money may be used for the same purpose and repaid in the same manner whenever additional bond sales are made. (Added by Stats. 1984, Ch. 391, Sec. 1. Approved in Proposition 29 at the November 6, 1984, election.)
  102. 998.074.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    This article may be cited as the Veterans Bond Act of 1986.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.074. This article may be cited as the Veterans Bond Act of 1986. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  103. 998.075.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bonds authorized by this article, except where this article provides otherwise.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.075. The State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” refer both to this article and that law. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  104. 998.076.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    This section defines key terms used in the Veterans Bond Act article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.076. As used herein, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans’ Farm and Home Building Fund of 1943. (e) “Bond Act” means this article authorizing the issuance of state general obligation bonds and adopting the State General Obligation Bond Law by reference. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  105. 998.077.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    The committee may create state debt or liabilities up to $850 million to fund farm and home aid for veterans.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.077. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the Veterans’ Farm and Home Purchase Act of 1974 (Article 3.1 (commencing with Section 987.50)), and of all acts amendatory thereof and supplemental thereto, the committee may create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of not more than eight hundred fifty million dollars ($850,000,000) in the manner provided herein. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  106. 998.078.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    The section says these bonds are valid state obligations, backed by California’s full faith and credit, and directs annual collection and fund transfers to pay principal and interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.078. All bonds authorized by this article, when duly sold and delivered as provided herein, constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected a sum of money, in addition to the ordinary revenues of the state, sufficient to pay the principal and interest on these bonds as provided herein, and all officers required by law to perform any duty in regard to the collection of state revenues shall collect this additional sum. On the dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest of the bonds in each fiscal year, there shall be returned into the General Fund all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of and interest on any bonds then due and payable, except as herein provided for the prior redemption of the bonds, and, if the money so returned on the remittance dates is less than the principal and interest then due and payable, the balance remaining unpaid shall be returned into the General Fund out of the Veterans’ Farm and Home Building Fund of 1943 as soon as it shall become available, together with interest thereon from the dates of maturity until so returned at the same rate of interest as borne by the bonds, compounded semiannually. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  107. 998.079.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    The General Fund is appropriated for this article to cover bond principal and interest due, and to fund Section 998.080 without regard to fiscal years.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.079. There is hereby appropriated from the General Fund, for purposes of this article, a sum of money that will equal both of the following: (a) That sum annually necessary to pay the principal of, and the interest on, the bonds issued and sold as provided herein, as that principal and interest become due and payable. (b) That sum necessary to carry out Section 998.080, appropriated without regard to fiscal years. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  108. 998.080.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    The Director of Finance may authorize certain withdrawals from the General Fund for this article, and withdrawn money must be deposited in the Veterans’ Farm and Home Building Fund of 1943 and later returned to the General Fund with interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.080. For purposes of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of a sum of money not to exceed the amount of the unsold bonds which have been authorized by the committee to be sold pursuant to this article. Any sums withdrawn shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. All money made available under this article to the board shall be returned by the board to the General Fund from receipts from the sale of bonds sold under this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  109. 998.081.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    The committee must decide whether to issue authorized bonds when the board requests it and the board’s plans and projects are approved by the Governor.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.081. Upon request of the board, supported by a statement of its plans and projects approved by the Governor, the committee shall determine whether to issue any bonds authorized under this article in order to carry out the board’s plans and projects, and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out these plans and projects progressively, and it is not necessary that all the bonds be issued or sold at any one time. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  110. 998.082.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    While the bonds under this article are outstanding, the Secretary of Veterans Affairs must require an annual independent survey of the Division of Farm and Home Purchases’ finances and operations, and the division must reimburse the accountant.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.082. (a) So long as bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall, at the close of each fiscal year, require a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, to be made by an independent public accountant of recognized standing. The results of each survey and projection shall be reported in writing by the public accountant to the Secretary of Veterans Affairs, the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and the committee. (b) The Division of Farm and Home Purchases shall reimburse the public accountant for these services out of money that the division may have available on deposit with the Treasurer. (Amended by Stats. 2024, Ch. 129, Sec. 91. (SB 1097) Effective January 1, 2025.)
  111. 998.083.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    The committee may authorize the Treasurer to sell bonds, including below par value if needed, but any discount cannot exceed 3 percent.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.083. The committee may authorize the Treasurer to sell all or any part of the bonds authorized by this article at the time or times fixed by the Treasurer. Whenever the committee deems it necessary for an effective sale of the bonds, the committee may authorize the Treasurer to sell any issue of bonds at less than their par value, notwithstanding Section 16754 of the Government Code. However, the discount on the bonds shall not exceed 3 percent of the par value thereof. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  112. 998.084.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. )

    Verify source ↗

    Bond-sale proceeds must be redeposited to cover specified expenditures, and the money can be reused and repaid in the same way after later bond sales.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5s. Veterans Bond Act of 1986 [998.074 - 998.084] ( Article 5s added by Stats. 1985, Ch. 972, Sec. 1. ) ## 998.084. Out of the first money realized from the sale of bonds as provided herein, there shall be redeposited in the General Obligation Bond Expense Revolving Fund, established by Section 16724.5 of the Government Code, the amount of all expenditures made for the purposes specified in that section, and this money may be used for the same purpose and repaid in the same manner whenever additional bond sales are made. (Added by Stats. 1985, Ch. 972, Sec. 1. Approved in Proposition 42 at the June 3, 1986, election.)
  113. 998.085.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    This section says the article may be cited as the Veterans Bond Act of 1988.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.085. This article may be cited as the Veterans Bond Act of 1988. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  114. 998.086.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for bonds authorized by this article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.086. The State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” refer both to this article and that law. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  115. 998.087.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    This section defines key terms used in the Veterans Bond Act article, including “bond,” “committee,” “board,” “fund,” and “bond act.”

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.087. As used herein, the following words shall have the following meanings: (a) “Bond” means veterans bond, a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans’ Farm and Home Building Fund of 1943. (e) “Bond act” means this article authorizing the issuance of state general obligation bonds and adopting the State General Obligation Bond Law by reference. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  116. 998.088.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    The committee may create State debt or liabilities up to $510 million to fund farm and home aid for veterans.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.088. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the Veterans’ Farm and Home Purchase Act of 1974 (Article 3.1 (commencing with Section 987.50)), and of all acts amendatory thereof and supplemental thereto, the committee may create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of not more than five hundred ten million dollars ($510,000,000) in the manner provided herein. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  117. 998.089.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    Certain state-revenue officers must collect an additional sum to pay bond principal and interest, and money from the specified veterans fund must be returned to the General Fund on the stated remittance dates.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.089. All bonds authorized by this article, when duly sold and delivered as provided herein, constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There shall be collected annually in the same manner and at the same time as other state revenue is collected a sum of money, in addition to the ordinary revenues of the state, sufficient to pay the principal and interest on these bonds as provided herein, and all officers required by law to perform any duty in regard to the collection of state revenues shall collect this additional sum. On the dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal and interest of the bonds in each fiscal year, there shall be returned into the General Fund all of the money in the Veterans’ Farm and Home Building Fund of 1943, not in excess of the principal of and interest on any bonds then due and payable, except as herein provided for the prior redemption of the bonds, and, if the money so returned on the remittance dates is less than the principal and interest then due and payable, the balance remaining unpaid shall be returned into the General Fund out of the Veterans’ Farm and Home Building Fund of 1943 as soon as it shall become available, together with interest thereon from the dates of maturity until so returned at the same rate of interest as borne by the bonds, compounded semiannually. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  118. 998.090.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    Money is appropriated from the General Fund for this article, including amounts needed to pay bond principal and interest and to carry out Section 998.091.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.090. There is hereby appropriated from the General Fund, for purposes of this article, a sum of money that will equal both of the following: (a) That sum annually necessary to pay the principal of, and the interest on, the bonds issued and sold as provided herein, as that principal and interest become due and payable. (b) That sum necessary to carry out Section 998.091, appropriated without regard to fiscal years. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  119. 998.091.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    The Director of Finance may authorize a withdrawal from the General Fund for this article, and the board must repay money made available under the article back to the General Fund with interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.091. For purposes of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of a sum of money not to exceed the amount of the unsold bonds which have been authorized by the committee to be sold pursuant to this article. Any sums withdrawn shall be deposited in the Veterans’ Farm and Home Building Fund of 1943. All money made available under this article to the board shall be returned by the board to the General Fund from receipts from the sale of bonds sold under this article, together with interest at the rate of interest fixed in the bonds so sold. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  120. 998.092.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    The board may ask for a loan for this chapter and must sign the documents needed to get and repay it.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.092. The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purposes of carrying out this chapter. The amount of the request shall not exceed the amount of unsold bonds which the committee has, by resolution, authorized to be sold for the purpose of carrying out this chapter. The board shall execute whatever documents are required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this chapter. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  121. 998.093.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    On the board’s request, and with a Governor-approved statement of plans and projects, the committee must decide whether to issue authorized bonds and, if so, how many.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.093. Upon request of the board, supported by a statement of its plans and projects approved by the Governor, the committee shall determine whether to issue any bonds authorized under this article in order to carry out the board’s plans and projects, and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out these plans and projects progressively, and it is not necessary that all the bonds be issued or sold at any one time. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  122. 998.094.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    While the bonds authorized by this article are still outstanding, the Secretary of Veterans Affairs must arrange an annual survey and operations projection, and the Division of Farm and Home Purchases must pay the accountant.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.094. (a) So long as bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall, at the close of each fiscal year, require a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, to be made by an independent public accountant of recognized standing. The results of each survey and projection shall be reported in writing by the public accountant to the Secretary of Veterans Affairs, the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and the committee. (b) The Division of Farm and Home Purchases shall reimburse the public accountant for these services out of money that the division may have available on deposit with the Treasurer. (Amended by Stats. 2024, Ch. 129, Sec. 92. (SB 1097) Effective January 1, 2025.)
  123. 998.095.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    The committee may authorize the Treasurer to sell bonds, including at less than par value, but any discount may not exceed 3%.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.095. The committee may authorize the Treasurer to sell all or any part of the bonds authorized by this article at the time or times fixed by the Treasurer. Whenever the committee deems it necessary for an effective sale of the bonds, the committee may authorize the Treasurer to sell any issue of bonds at less than their par value, notwithstanding Section 16754 of the Government Code. However, the discount on the bonds shall not exceed 3 percent of the par value thereof. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  124. 998.096.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    Bond-sale proceeds must first be used to redeposit certain expenditures into the General Obligation Bond Expense Revolving Fund.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.096. Out of the first money realized from the sale of bonds as provided herein, there shall be redeposited in the General Obligation Bond Expense Revolving Fund, established by Section 16724.5 of the Government Code, the amount of all expenditures made for the purposes specified in that section, and this money may be used for the same purpose and repaid in the same manner whenever additional bond sales are made. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  125. 998.097.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. )

    Verify source ↗

    Bonds issued and sold under this chapter may be refunded with refunding bonds, and voter approval for bonds also covers refunding bonds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5t. Veterans Bond Act of 1988 [998.085 - 998.097] ( Article 5t added by Stats. 1988, Ch. 26, Sec. 2. ) ## 998.097. Any bonds issued and sold pursuant to this chapter may be refunded by the issuance of refunding bonds in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 2 of Title 2 of the Government Code. Approval by the electors of the state for the issuance of bonds shall include the approval of the issuance of any bonds issued to refund any bonds originally issued or any previously issued refunding bonds. (Added by Stats. 1988, Ch. 26, Sec. 2. Approved in Proposition 76 at the June 7, 1988, election.)
  126. 998.098.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    This section says Article 5u may be cited as the Veterans’ Bond Act of 1990.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.098. This article may be cited as the Veterans’ Bond Act of 1990. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  127. 998.099.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bonds authorized by this article and designates the Department of Veterans Affairs as the board for that law’s purposes.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.099. (a) The State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” refer both to this article and that law. (b) For purposes of the State General Obligation Bond Law, the Department of Veterans Affairs is designated the board. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  128. 998.100.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    This section defines key terms used in the Veterans’ Bond Act of 1990.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.100. As used herein, the following words have the following meanings: (a) “Bond” means veterans’ bond, a state general obligation bond, issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (b) “Committee” means the Veterans’ Finance Committee of 1943, created by Section 991. (c) “Board” means the Department of Veterans Affairs. (d) “Fund” means the Veterans’ Farm and Home Building Fund of 1943, created by Section 988. (e) “Bond act” means this article authorizing the issuance of state general obligation bonds and adopting the State General Obligation Bond Law by reference. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  129. 998.101.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    The committee may create State debt or liabilities up to $400 million to fund farm and home aid for veterans, excluding refunding bonds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.101. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the Veterans’ Farm and Home Purchase Act of 1974 (Article 3.1 (commencing with Section 987.50)), and of all acts amendatory thereof and supplemental thereto, the committee may create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of not more than four hundred million dollars ($400,000,000), exclusive of refunding bonds, in the manner provided herein. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  130. 998.102.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    Bonds authorized by this article are binding obligations of the State of California, and state officers collecting revenue must collect enough money each year to pay principal and interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.102. (a) All bonds authorized by this article, when duly sold and delivered as provided herein, constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. (b) There shall be collected annually in the same manner and at the same time as other state revenue is collected a sum of money, in addition to the ordinary revenues of the state, sufficient to pay the principal of, and interest on, these bonds as provided herein, and all officers required by law to perform any duty in regard to the collection of state revenues shall collect this additional sum. (c) On the dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal of, and interest on, the bonds in each fiscal year, there shall be returned to the General Fund all of the money in the fund, not in excess of the principal of, and interest on, any bonds then due and payable, except as herein provided for the prior redemption of the bonds. If the money so returned on the remittance dates is less than the principal and interest then due and payable, the balance remaining unpaid shall be returned to the General Fund out of the fund as soon as it shall become available, together with interest thereon from the dates of maturity until so returned, at the same rate of interest as borne by the bonds, compounded semiannually. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  131. 998.103.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    Money is appropriated from the General Fund for this article, including amounts needed to pay bond principal and interest and to carry out Section 998.104.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.103. There is hereby appropriated from the General Fund, for purposes of this article, a sum of money that will equal both of the following: (a) That sum annually necessary to pay the principal of, and the interest on, the bonds issued and sold as provided herein, as that principal and interest become due and payable. (b) That sum necessary to carry out Section 998.104, appropriated without regard to fiscal years. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  132. 998.104.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    The Director of Finance may authorize certain withdrawals from the General Fund for this article, and the board must return the money to the General Fund with interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.104. For purposes of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of a sum of money not to exceed the amount of the unsold bonds which have been authorized by the committee to be sold pursuant to this article. Any sums withdrawn shall be deposited in the fund. All money made available under this section to the board shall be returned by the board to the General Fund, plus the interest that the amounts would have earned in the Pooled Money Investment Account, from the sale of bonds for the purpose of carrying out this article. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  133. 998.105.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    The board may ask the Pooled Money Investment Board for a loan, and the board must sign any documents needed to obtain and repay it.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.105. The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purposes of carrying out this chapter. The amount of the request shall not exceed the amount of unsold bonds which the committee has, by resolution, authorized to be sold for the purpose of carrying out this chapter. The board shall execute whatever documents are required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this chapter. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  134. 998.106.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    If the board requests it and provides a Governor-approved statement of its plans and projects, the committee must decide whether to issue authorized bonds and, if so, how many.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.106. Upon request of the board, supported by a statement of its plans and projects approved by the Governor, the committee shall determine whether to issue any bonds authorized under this article in order to carry out the board’s plans and projects, and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out these plans and projects progressively, and it is not necessary that all the bonds be issued or sold at any one time. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  135. 998.107.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    While the authorized bonds remain outstanding, the Secretary of Veterans Affairs must require an annual survey and operations projection for the Division of Farm and Home Purchases by an independent public accountant. The accountant must report the results in writing, and the division must reimburse the accountant from funds on deposit with the Treasurer.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.107. (a) So long as bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall, at the close of each fiscal year, require a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, to be made by an independent public accountant of recognized standing. The results of each survey and projection shall be reported in writing by the public accountant to the Secretary of Veterans Affairs, the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and the committee. (b) The Division of Farm and Home Purchases shall reimburse the public accountant for these services out of money that the division may have available on deposit with the Treasurer. (Amended by Stats. 2024, Ch. 129, Sec. 93. (SB 1097) Effective January 1, 2025.)
  136. 998.108.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    The committee may authorize the Treasurer to sell these bonds, including at a discount, but the discount cannot exceed 3 percent of par value.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.108. The committee may authorize the Treasurer to sell all or any part of the bonds authorized by this article at the time or times fixed by the Treasurer. Whenever the committee deems it necessary for an effective sale of the bonds, the committee may authorize the Treasurer to sell any issue of bonds at less than their par value, notwithstanding Section 16754 of the Government Code. However, the discount on the bonds shall not exceed 3 percent of the par value thereof. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  137. 998.109.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    Bond-sale proceeds must first be used to redeposit specified expenditure amounts into the General Obligation Bond Expense Revolving Fund; those funds may then be used again for the same purpose and repaid when more bond sales occur.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.109. Out of the first money realized from the sale of bonds as provided herein, there shall be redeposited in the General Obligation Bond Expense Revolving Fund, established by Section 16724.5 of the Government Code, the amount of all expenditures made for the purposes specified in that section, and this money may be used for the same purpose and repaid in the same manner whenever additional bond sales are made. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  138. 998.110.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    Bonds issued and sold under this article may be refunded under a specified Government Code article, and voter approval for issuing bonds also covers refunding bonds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.110. Any bonds issued and sold pursuant to this article may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 2 of Title 2 of the Government Code. The approval of the voters for the issuance of bonds under this article includes approval for the issuance of bonds issued to refund bonds originally issued or any previously issued refunding bonds. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  139. 998.111.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    If bond counsel says the bond interest is federally tax-exempt, the Treasurer may create separate accounts and use bond proceeds or earnings for required federal payments or other federally permitted actions needed to preserve tax-exempt status or gain another federal tax advantage.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.111. Notwithstanding any provision of the bond act, if the Treasurer sells bonds under this article for which bond counsel has issued an opinion to the effect that the interest on the bonds is excludable from gross income for purposes of federal income tax, subject to any conditions which may be designated, the Treasurer may establish separate accounts for the investment of bond proceeds and for the earnings on those proceeds, and may use those proceeds or earnings to pay any rebate, penalty, or other payment required by federal law or take any other action with respect to the investment and use of bond proceeds required or permitted under federal law necessary to maintain the tax-exempt status of the bonds or to obtain any other advantage under federal law on behalf of the funds of this state. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  140. 998.112.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. )

    Verify source ↗

    Bond proceeds authorized by this article are not treated as tax proceeds, so disbursements of those proceeds are not subject to Article XIII B limits.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5u. Veterans’ Bond Act of 1990 [998.098 - 998.112] ( Article 5u added by Stats. 1990, Ch. 573, Sec. 1. ) ## 998.112. The Legislature hereby finds and declares that, inasmuch as the proceeds from the sale of bonds authorized by this article are not “proceeds of taxes” as that term is used in Article XIII B of the California Constitution, the disbursement of these proceeds is not subject to the limitations imposed by Article XIII B. (Added by Stats. 1990, Ch. 573, Sec. 1. Approved in Proposition 142 at the November 6, 1990, election.)
  141. 998.200.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    This section says the article may be cited as the Veterans’ Bond Act of 1996.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.200. This article may be cited as the Veterans’ Bond Act of 1996. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  142. 998.201.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bonds authorized by this article, except where this article says otherwise, and designates the Department of Veterans Affairs as the board for that law.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.201. (a) The State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” refer both to this article and that law. (b) For purposes of the State General Obligation Bond Law, the Department of Veterans Affairs is designated the board. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  143. 998.202.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    This section defines several terms used in the Veterans’ Bond Act of 1996.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.202. As used herein, the following words have the following meanings: (a) “Board” means the Department of Veterans Affairs. (b) “Bond” means veterans’ bond, a state general obligation bond, issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (c) “Bond act” means this article authorizing the issuance of state general obligation bonds and adopting the State General Obligation Bond Law by reference. (d) “Committee” means the Veterans’ Finance Committee of 1943, established by Section 991. (e) “Fund” means the Veterans’ Farm and Home Building Fund of 1943, established by Section 988. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  144. 998.203.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    The committee may create state debt or liabilities to fund farm and home aid for veterans, up to $400 million total, excluding refunding bonds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.203. For the purpose of establishing a fund to provide farm and home aid for veterans in accordance with the Veterans’ Farm and Home Purchase Act of 1974 (Article 3.1 (commencing with Section 987.50)), and of all acts amendatory thereof and supplemental thereto, the committee may create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of not more than four hundred million dollars ($400,000,000), exclusive of refunding bonds, in the manner provided herein. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  145. 998.204.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    The section requires annual collection and transfer of money to cover bond principal and interest, and it limits how the fund may be used.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.204. (a) All bonds authorized by this article, when duly sold and delivered as provided herein, constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. (b) There shall be collected annually in the same manner and at the same time as other state revenue is collected a sum of money, in addition to the ordinary revenues of the state, sufficient to pay the principal of, and interest on, these bonds as provided herein, and all officers required by law to perform any duty in regard to the collection of state revenues shall collect this additional sum. (c) On the dates on which funds are to be remitted pursuant to Section 16676 of the Government Code for the payment of debt service on the bonds in each fiscal year, there shall be transferred to the General Fund to pay the debt service all of the money in the fund, not in excess of the amount of debt service then due and payable. If the money so transferred on the remittance dates is less than the debt service then due and payable, the balance remaining unpaid shall be transferred to the General Fund out of the fund as soon as it shall become available, together with interest thereon from the remittance date until paid, at the same rate of interest as borne by the bonds, compounded semiannually. Notwithstanding any other provision of law to the contrary, this subdivision shall apply to all veterans farm and home purchase bond acts pursuant to this chapter. This subdivision does not grant any lien on the fund or the moneys therein to the holders of any bonds issued under this article. For the purposes of the subdivision, “debt service” means the principal (whether due at maturity, by redemption, or acceleration), premium, if any, or interest payable on any date with respect to any series of bonds. This subdivision shall not apply, however, in the case of any debt service that is payable from the proceeds of any refunding bonds. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  146. 998.205.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    Money is appropriated from the General Fund to cover bond principal and interest and to carry out Section 998.206.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.205. There is hereby appropriated from the General Fund, for purposes of this article, a sum of money that will equal both of the following: (a) That sum annually necessary to pay the principal of, and the interest on, the bonds issued and sold as provided herein, as that principal and interest become due and payable. (b) That sum necessary to carry out Section 998.206, appropriated without regard to fiscal years. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  147. 998.206.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    The Director of Finance may authorize limited withdrawals from the General Fund by executive order for this article, and withdrawn money must be deposited in the fund and later repaid to the General Fund with interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.206. For purposes of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of a sum of money not to exceed the amount of the unsold bonds which have been authorized by the committee to be sold pursuant to this article. Any sums withdrawn shall be deposited in the fund. All money made available under this section to the board shall be returned by the board to the General Fund, plus the interest that the amounts would have earned in the Pooled Money Investment Account, from the sale of bonds for the purpose of carrying out this article. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  148. 998.207.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    The board may request a loan from the Pooled Money Investment Board, but the request cannot exceed the amount of unsold bonds authorized for this article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.207. The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purposes of carrying out this article. The amount of the request shall not exceed the amount of unsold bonds which the committee has, by resolution, authorized to be sold for the purpose of carrying out this article. The board shall execute whatever documents are required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this article. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  149. 998.208.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    On the board’s request, and with a Governor-approved plan statement, the committee decides whether to issue authorized bonds and how many to issue and sell.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.208. Upon request of the board, supported by a statement of its plans and projects approved by the Governor, the committee shall determine whether to issue any bonds authorized under this article in order to carry out the board’s plans and projects, and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out these plans and projects progressively, and it is not necessary that all the bonds be issued or sold at any one time. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  150. 998.209.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    While the covered bonds are outstanding, the Secretary of Veterans Affairs must require an annual independent survey and projection about the Division of Farm and Home Purchases, and the division must reimburse the accountant for that work.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.209. (a) So long as bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall, at the close of each fiscal year, require a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, to be made by an independent public accountant of recognized standing. The results of each survey and projection shall be reported in writing by the public accountant to the Secretary of Veterans Affairs, the California Veterans Board, and the committee. (b) The Division of Farm and Home Purchases shall reimburse the public accountant for these services out of money that the division may have available on deposit with the Treasurer. (Amended by Stats. 2024, Ch. 129, Sec. 94. (SB 1097) Effective January 1, 2025.)
  151. 998.210.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    The committee may authorize the Treasurer to sell the bonds, including at less than par value, but any discount cannot exceed 3 percent.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.210. The committee may authorize the Treasurer to sell all or any part of the bonds authorized by this article at the time or times established by the Treasurer. Whenever the committee deems it necessary for an effective sale of the bonds, the committee may authorize the Treasurer to sell any issue of bonds at less than their par value, notwithstanding Section 16754 of the Government Code. However, the discount on the bonds shall not exceed 3 percent of the par value thereof. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  152. 998.211.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    Money from the first bond sales must be redeposited into the General Obligation Bond Expense Revolving Fund to cover specified expenditures, and that money may later be reused and repaid the same way when more bonds are sold.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.211. Out of the first money realized from the sale of bonds as provided herein, there shall be redeposited in the General Obligation Bond Expense Revolving Fund, established by Section 16724.5 of the Government Code, the amount of all expenditures made for the purposes specified in that section, and this money may be used for the same purpose and repaid in the same manner whenever additional bond sales are made. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  153. 998.212.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    Bonds issued and sold under this article may be refunded under the referenced Government Code article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.212. Any bonds issued and sold pursuant to this article may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 2 of Title 2 of the Government Code. The approval of the voters for the issuance of bonds under this article includes approval for the issuance of bonds issued to refund bonds originally issued or any previously issued refunding bonds. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  154. 998.213.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    If bond counsel says the bond interest is federally tax-excludable, the Treasurer may set up separate accounts for bond proceeds and earnings and use them for federal tax-related payments or other federal-law-required or permitted actions.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.213. Notwithstanding any provision of the bond act, if the Treasurer sells bonds under this article for which bond counsel has issued an opinion to the effect that the interest on the bonds is excludable from gross income for purposes of federal income tax, subject to any conditions which may be designated, the Treasurer may establish separate accounts for the investment of bond proceeds and for the earnings on those proceeds, and may use those proceeds or earnings to pay any rebate, penalty, or other payment required by federal law or take any other action with respect to the investment and use of bond proceeds required or permitted under federal law necessary to maintain the tax-exempt status of the bonds or to obtain any other advantage under federal law on behalf of the funds of this state. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  155. 998.214.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    The section says bond sale proceeds under this article are not “proceeds of taxes,” so their disbursement is not subject to Article XIII B limits.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.214. The Legislature hereby finds and declares that, inasmuch as the proceeds from the sale of bonds authorized by this article are not “proceeds of taxes” as that term is used in Article XIII B of the California Constitution, the disbursement of these proceeds is not subject to the limitations imposed by Article XIII B. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  156. 998.215.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. )

    Verify source ↗

    Certain bonds issued under specified Veterans Bond Acts may be refunded under a Government Code procedure, despite the first sentence of Section 16786.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5v. Veterans’ Bond Act of 1996 [998.200 - 998.215] ( Article 5v added by Stats. 1996, Ch. 161, Sec. 2. ) ## 998.215. Notwithstanding any other provision of law, any bonds issued and sold under the Veterans Bond Act of 1974, the Veterans Bond Act of 1976, the Veterans Bond Act of 1978, the Veterans Bond Act of 1980 or the Veterans Bond Act of 1986 may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 4 of Title 2 of the Government Code, without regard to the first sentence of Section 16786 of the Government Code. (Added by Stats. 1996, Ch. 161, Sec. 2. Approved in Proposition 206 at the November 5, 1996, election.)
  157. 998.300.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    This article may be cited as the Veterans’ Bond Act of 2000.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.300. This article may be cited as the Veterans’ Bond Act of 2000. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  158. 998.301.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bonds authorized by this article and designates the Department of Veterans Affairs as the board for that law.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.301. (a) The State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” refer both to this article and that law. (b) For purposes of the State General Obligation Bond Law, the Department of Veterans Affairs is designated the board. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  159. 998.302.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    This section defines key terms used in the Veterans’ Bond Act of 2000.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.302. As used herein, the following words have the following meanings: (a) “Board” means the Department of Veterans Affairs. (b) “Bond” means veterans’ bond, a state general obligation bond, issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (c) “Bond act” means this article authorizing the issuance of state general obligation bonds and adopting the State General Obligation Bond Law by reference. (d) “Committee” means the Veterans’ Finance Committee of 1943, established by Section 991. (e) “Fund” means the Veterans’ Farm and Home Building Fund of 1943, established by Section 998. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  160. 998.303.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    The committee may create State of California debt or liabilities up to $500 million, excluding refunding bonds, to fund farm and home aid for veterans.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.303. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the Veterans’ Farm and Home Purchase Act of 1974 (Article 3.1 (commencing with Section 987.50)), and of all acts amendatory thereof and supplemental thereto, the committee may create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of not more than five hundred million dollars ($500,000,000), exclusive of refunding bonds, in the manner provided herein. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  161. 998.304.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    State bond proceeds must be treated as binding general obligations, with annual collections used to pay principal and interest, and remaining money returned to the General Fund.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.304. (a) All bonds authorized by this article, when duly sold and delivered as provided herein, constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. (b) There shall be collected annually, in the same manner and at the same time as other state revenue is collected, a sum of money, in addition to the ordinary revenues of the state, sufficient to pay the principal of, and interest on, these bonds as provided herein, and all officers required by law to perform any duty in regard to the collection of state revenues shall collect this additional sum. (c) On the dates on which funds are remitted pursuant to Section 16676 of the Government Code for the payment of the then maturing principal of, and interest on, the bonds in each fiscal year, there shall be returned to the General Fund all of the money in the fund, not in excess of the principal of, and interest on, any bonds then due and payable. If the money so returned on the remittance dates is less than the principal and interest then due and payable, the balance remaining unpaid shall be returned to the General Fund out of the fund as soon as it shall become available, together with interest thereon from the dates of maturity until returned, at the same rate of interest as borne by the bonds, compounded semiannually. Notwithstanding any other provision of law to the contrary, this subdivision shall apply to all veterans farm and home purchase contracts pursuant to this chapter. This subdivision does not grant any lien on the fund or the moneys therein to holders of any bonds issued under this article. For the purposes of the subdivision, “debt service” means the principal (whether due at maturity, by redemption, or acceleration), premium, if any, or interest payable on any date to any series of bonds. This subdivision shall not apply, however, in the case of any debt service that is payable from the proceeds of any refunding bonds. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  162. 998.305.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    Money is appropriated from the General Fund to pay bond principal and interest for this article, and to carry out Section 998.306.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.305. There is hereby appropriated from the General Fund, for purposes of this article, a sum of money that will equal both of the following: (a) That sum annually necessary to pay the principal of, and the interest on, the bonds issued and sold as provided herein, as that principal and interest become due and payable. (b) That sum necessary to carry out Section 998.306, appropriated without regard to fiscal years. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  163. 998.306.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    The Director of Finance may authorize a withdrawal from the General Fund for this article, up to the amount of unsold bonds authorized for sale. Withdrawn money must be deposited in the fund, and money made available to the board must be returned to the General Fund with interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.306. For the purposes of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of a sum of money not to exceed the amount of the unsold bonds which have been authorized by the committee to be sold pursuant to this article. Any sums withdrawn shall be deposited in the fund. All moneys made available under this section to the board shall be returned by the board to the General Fund, plus the interest that the amounts would have earned in the Pooled Money Investment Account, from the sale of bonds for the purpose of carrying out this article. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  164. 998.307.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    The board may ask for a loan from the Pooled Money Investment Board, but the request cannot exceed the amount of unsold bonds authorized by resolution. The board must sign the documents needed to get and repay the loan, and loaned amounts must be deposited in the fund for allocation under this article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.307. The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purposes of carrying out this article. The amount of the request shall not exceed the amount of unsold bonds which the committee has, by resolution, authorized to be sold for the purpose of carrying out this article. The board shall execute whatever documents are required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this article. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  165. 998.308.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    The committee must decide whether to issue authorized bonds, and if so how many, when the board requests it and the request is backed by a Governor-approved plan.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.308. Upon request of the board, supported by a statement of its plans and projects approved by the Governor, the committee shall determine whether to issue any bonds authorized under this article in order to carry out the board’s plans and projects, and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out these plans and projects progressively, and it is not necessary that all of the bonds be issued or sold at any one time. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  166. 998.309.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    While the bonds are outstanding, the Secretary of Veterans Affairs must arrange an annual survey of the Division of Farm and Home Purchases’ finances and operations by an independent public accountant.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.309. As long as any bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall, at the close of each fiscal year, require a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, to be made by an independent public accountant of recognized standing. The results of each survey and projection shall be reported in writing by the public accountant to the Secretary of Veterans Affairs, the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and the committee. The Division of Farm and Home Purchases shall reimburse the public accountant for these services out of any money which the division may have available on deposit with the Treasurer. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  167. 998.310.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    The committee may authorize the Treasurer to sell the bonds, including below par value when needed for an effective sale, but the discount cannot exceed 3 percent.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.310. The committee may authorize the Treasurer to sell all or any part of the bonds authorized by this article at the time or times established by the Treasurer. Whenever the committee deems it necessary for an effective sale of the bonds, the committee may authorize the Treasurer to sell any issue of bonds at less than their par value, notwithstanding Section 16754 of the Government Code. However, the discount on the bonds shall not exceed 3 percent of the par value thereof. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  168. 998.311.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    Bond-sale proceeds must first cover specified expenditures and be redeposited into the General Obligation Bond Expense Revolving Fund; later bond sales can replenish and reuse the money for the same purpose.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.311. Out of the first money realized from the sale of bonds as provided herein, there shall be redeposited in the General Obligation Bond Expense Revolving Fund, established by Section 16724.5 of the Government Code, the amount of all expenditures made for the purposes specified in that section, and this money may be used for the same purpose and repaid in the same manner whenever additional bond sales are made. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  169. 998.312.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    Bonds issued under this article may be refunded under the referenced Government Code article, and voter approval for issuing the bonds also covers refunding bonds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.312. Any bonds issued and sold pursuant to this article may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 2 of Title 2 of the Government Code. The approval of the voters for the issuance of bonds under this article includes approval for the issuance of bonds issued to refund bonds originally issued or any previously issued refunding bonds. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  170. 998.313.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    If the bond conditions are met, the Treasurer may create separate accounts and use bond proceeds or earnings to make required federal payments or other actions needed to preserve tax treatment.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.313. Notwithstanding any provision of the bond act, if the Treasurer sells bonds under this article for which bond counsel has issued an opinion to the effect that the interest on the bonds is excludable from gross income for purposes of federal income tax, subject to any conditions which may be designated, the Treasurer may establish separate accounts for the investment of bond proceeds and for the earnings on those proceeds, and may use those proceeds or earnings to pay any rebate, penalty, or other payment required by federal law or take any other action with respect to the investment and use of bond proceeds required or permitted under federal law necessary to maintain the tax-exempt status of the bonds or to obtain any other advantage under federal law on behalf of the funds of this state. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  171. 998.314.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    The Legislature declares that bond-sale proceeds under this article are not “proceeds of taxes,” and their disbursement is not subject to Article XIII B limits.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.314. The Legislature hereby finds and declares that, inasmuch as the proceeds from the sale of bonds authorized by this article are not “proceeds of taxes” as that term is used in Article XIII B of the California Constitution, the disbursement of these proceeds is not subject to the limitations imposed by Article XIII B. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  172. 998.315.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. )

    Verify source ↗

    Bonds issued and sold under the 1982 and 1984 Veterans Bond Acts may be refunded under the specified Government Code procedure, despite the first sentence of Section 16786.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5w. Veterans’ Bond Act of 2000 [998.300 - 998.315] ( Article 5w added by Stats. 2000, Ch. 51, Sec. 1. ) ## 998.315. Notwithstanding any other provision of law, any bonds issued and sold under the Veterans Bond Act of 1982, and the Veterans Bond Act of 1984 may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 4 of Title 2 of the Government Code, without regard to the first sentence of Section 16786 of the Government Code. (Added by Stats. 2000, Ch. 51, Sec. 1. Approved in Proposition 32 at the November 7, 2000, election.)
  173. 998.400.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    This section says Article 5x may be cited as the Veterans’ Bond Act of 2008.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.400. This article may be cited as the Veterans’ Bond Act of 2008. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  174. 998.401.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for the bonds authorized by this article and designates the Department of Veterans Affairs as the board for that law.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.401. (a) The State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” refer both to this article and that law. (b) For purposes of the State General Obligation Bond Law, the Department of Veterans Affairs is designated the board. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  175. 998.402.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    This section defines several terms used in the Veterans’ Bond Act of 2008.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.402. As used herein, the following terms have the following meanings: (a) “Board” means the Department of Veterans Affairs. (b) “Bond” means a veterans’ bond, a state general obligation bond, issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (c) “Bond act” means this article authorizing the issuance of state general obligation bonds and adopting the State General Obligation Bond Law by reference. (d) “Committee” means the Veterans’ Finance Committee of 1943, established by Section 991. (e) “Fund” means the Veterans’ Farm and Home Building Fund of 1943, established by Section 988. (f) “Payment Fund” means the Veterans’ Bonds Payment Fund established by Section 988.6. (Amended by Stats. 2010, Ch. 27, Sec. 3. (AB 2651) Effective June 15, 2010. Note: This section was added by Stats. 2008, Ch. 122, and approved in Prop. 12 on Nov. 4, 2008.)
  176. 998.403.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    The committee may create state debt or liabilities to fund farm and home aid for veterans, up to $300 million, excluding refunding bonds.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.403. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the Veterans’ Farm and Home Purchase Act of 1974 (Article 3.1 (commencing with Section 987.50)), and of all acts amendatory thereof and supplemental thereto, the committee may create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of not more than three hundred million dollars ($300,000,000), exclusive of refunding bonds, in the manner provided herein. (Amended by Stats. 2013, Ch. 727, Sec. 2. (AB 639) Effective October 10, 2013. Note: This section was added by Stats. 2008, Ch. 122, and approved in Prop. 12 on Nov. 4, 2008.)
  177. 998.404.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    The section makes these bonds general obligations of California, requires annual collection of money to pay principal and interest, and directs transfers of available funds for debt service.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.404. (a) All bonds authorized by this article, when duly sold and delivered as provided herein, constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. (b) There shall be collected annually, in the same manner and at the same time as other state revenue is collected, a sum of money, in addition to the ordinary revenues of the state, sufficient to pay the principal of, and interest on, these bonds as provided herein, and all officers required by law to perform any duty in regard to the collection of state revenues shall collect this additional sum. (c) On the dates on which funds are to be remitted pursuant to Section 16676 of the Government Code for the payment of debt service on the bonds in each fiscal year, there shall be transferred to the Payment Fund to pay the debt service all of the money in the fund, not in excess of the amount of debt service then due and payable. If the money transferred on the remittance dates is less than debt service then due and payable, the balance remaining unpaid shall be transferred to the General Fund out of the fund as soon as it shall become available, together with interest thereon from the remittance date until paid, at the same rate of interest as borne by the bonds, compounded semiannually. Notwithstanding any other provision of law to the contrary, this subdivision shall apply to all veterans’ farm and home purchase bond acts pursuant to this chapter. This subdivision does not grant any lien on the fund, the Payment Fund, or the moneys therein to the holders of any bonds issued under this article. For the purposes of this subdivision, “debt service” means the principal (whether due at maturity, by redemption, or acceleration), premium, if any, or interest payable on any date with respect to any series of bonds. This subdivision shall not apply, however, in the case of any debt service that is payable from the proceeds of any refunding bonds. (Amended by Stats. 2010, Ch. 27, Sec. 4. (AB 2651) Effective June 15, 2010. Note: This section was added by Stats. 2008, Ch. 122, and approved in Prop. 12 on Nov. 4, 2008.)
  178. 998.405.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    The General Fund is appropriated to pay bond principal and interest when due, and to carry out Section 998.406.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.405. There is hereby appropriated from the General Fund, for purposes of this article, a sum of money that will equal both of the following: (a) That sum annually necessary to pay the principal of, and the interest on, the bonds issued and sold as provided herein, as that principal and interest become due and payable. (b) That sum necessary to carry out Section 998.406, appropriated without regard to fiscal years. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  179. 998.406.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    The Director of Finance may authorize a withdrawal from the General Fund for this article, and the withdrawn money must be deposited in the fund and later repaid to the General Fund with interest.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.406. For the purposes of this article, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of a sum of money not to exceed the amount of the unsold bonds which have been authorized by the committee to be sold pursuant to this article. Any sums withdrawn shall be deposited in the fund. All moneys made available under this section to the board shall be returned by the board to the General Fund, plus the interest that the amounts would have earned in the Pooled Money Investment Account, from the sale of bonds for the purpose of carrying out this article. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  180. 998.407.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    The board may ask the Pooled Money Investment Board for a loan, but the request cannot exceed the amount of unsold bonds authorized for sale for this article, and the board must sign whatever documents are needed to obtain and repay the loan.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.407. The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purposes of carrying out this article. The amount of the request shall not exceed the amount of unsold bonds which the committee has, by resolution, authorized to be sold for the purpose of carrying out this article. The board shall execute whatever documents are required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this article. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  181. 998.408.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    When the board requests it and provides a Governor-approved statement of its plans, the committee must decide whether to issue bonds under this article and, if so, how many.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.408. Upon request of the board, supported by a statement of its plans and projects approved by the Governor, the committee shall determine whether to issue any bonds authorized under this article in order to carry out the board’s plans and projects, and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out these plans and projects progressively, and it is not necessary that all of the bonds be issued or sold at any one time. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  182. 998.409.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    While bonds issued under this article are outstanding, the Secretary of Veterans Affairs must require an annual fiscal-year-end survey and projection, the accountant must report the results in writing, and the Division of Farm and Home Purchases must reimburse the accountant.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.409. As long as any bonds authorized under this article are outstanding, the Secretary of Veterans Affairs shall, at the close of each fiscal year, require a survey of the financial condition of the Division of Farm and Home Purchases, together with a projection of the division’s operations, to be made by an independent public accountant of recognized standing. The results of each survey and projection shall be reported in writing by the public accountant to the Secretary of Veterans Affairs, the California Veterans Board, the appropriate policy committees dealing with veterans affairs in the Senate and the Assembly, and the committee. The Division of Farm and Home Purchases shall reimburse the public accountant for these services out of any money which the division may have available on deposit with the Treasurer. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  183. 998.410.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    The committee may authorize the Treasurer to sell authorized bonds, including below par value when necessary, but any discount must not exceed 3% of par.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.410. The committee may authorize the Treasurer to sell all or any part of the bonds authorized by this article at the time or times established by the Treasurer. Whenever the committee deems it necessary for an effective sale of the bonds, the committee may authorize the Treasurer to sell any issue of bonds at less than their par value, notwithstanding Section 16754 of the Government Code. However, the discount on the bonds shall not exceed 3 percent of the par value thereof. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  184. 998.411.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    Bond-sale proceeds must be redeposited in the General Obligation Bond Expense Revolving Fund for specified expenditures, and the money may be used and repaid in the same manner when more bond sales occur.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.411. Out of the first money realized from the sale of bonds as provided herein, there shall be redeposited in the General Obligation Bond Expense Revolving Fund, established by Section 16724.5 of the Government Code, the amount of all expenditures made for the purposes specified in that section, and this money may be used for the same purpose and repaid in the same manner whenever additional bond sales are made. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  185. 998.412.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    Bonds issued and sold under this article may be refunded under the referenced Government Code article.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.412. Any bonds issued and sold pursuant to this article may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 4 of Title 2 of the Government Code. The approval of the voters for the issuance of bonds under this article includes approval for the issuance of bonds issued to refund bonds originally issued or any previously issued refunding bonds. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  186. 998.413.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    The Treasurer may set up separate accounts and use bond proceeds or earnings for federal tax-related payments or other actions needed to preserve the bonds’ tax-exempt status or secure another federal tax advantage.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.413. Notwithstanding any provision of the bond act, if the Treasurer sells bonds under this article for which bond counsel has issued an opinion to the effect that the interest on the bonds is excludable from gross income for purposes of federal income tax, subject to any conditions which may be designated, the Treasurer may establish separate accounts for the investment of bond proceeds and for the earnings on those proceeds, and may use those proceeds or earnings to pay any rebate, penalty, or other payment required by federal law or take any other action with respect to the investment and use of bond proceeds required or permitted under federal law necessary to maintain the tax-exempt status of the bonds or to obtain any other advantage under federal law on behalf of the funds of this state. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  187. 998.414.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. )

    Verify source ↗

    The Legislature states that bond-sale proceeds under this article are not tax proceeds, so their disbursement is not subject to Article XIII B limits.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5x. Veterans’ Bond Act of 2008 [998.400 - 998.414] ( Article 5x added by Stats. 2008, Ch. 122, Sec. 1. ) ## 998.414. The Legislature hereby finds and declares that, inasmuch as the proceeds from the sale of bonds authorized by this article are not “proceeds of taxes” as that term is used in Article XIII B of the California Constitution, the disbursement of these proceeds is not subject to the limitations imposed by Article XIII B. (Added by Stats. 2008, Ch. 122, Sec. 1. Approved in Proposition 12 at the November 4, 2008, election.)
  188. 998.540.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

    Verify source ↗

    This article is named the Veterans Housing and Homeless Prevention Bond Act of 2014 and may be cited by that name.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.540. This article shall be known and may be cited as the Veterans Housing and Homeless Prevention Bond Act of 2014. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  189. 998.541.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

    Verify source ↗

    The Legislature must advance a coordinated, cost-effective approach to veterans’ housing needs.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.541. (a) California is home to almost two million veterans, more than any other state in the nation, and with the winding down of the wars in Iraq and Afghanistan, an unprecedented number of California veterans will return to our communities, many in need of housing, employment, mental health and drug treatment, and physical rehabilitation. (b) Unfortunately, California also leads the nation in the number of homeless veterans, roughly 25 percent of the nation’s homeless veterans live in California, approximately 19,000 veterans. According to the California Research Bureau, Los Angeles is number one in terms of the number of homeless veterans followed by the San Diego region at number three, and the San Francisco Bay Area at number nine. (c) Moreover, the face of the nation’s homeless veterans’ population is changing as more OIF/OEF veterans find themselves in a downward spiral towards homelessness and, increasingly, female veterans and their children comprise more and more of the homeless veteran demographic. (d) With their higher rates of post-traumatic stress disorder, substance abuse, and unemployment, as well as the higher incidence of sexual trauma experienced by our female veterans, current homeless veterans, all too often, cycle in and out of our jails, hospitals, and treatment programs, disproportionately drawing down services without receiving the proper services to stabilize their lives. (e) The Legislature must advance a comprehensive, coordinated, and cost-effective approach to respond to the housing needs of our veterans. Such an approach should leverage public and private resources as well as align housing and services. (f) Five years ago, Californians overwhelmingly affirmed their gratitude to our veterans by approving Proposition 12, a nine hundred million dollars ($900,000,000) general obligation bond intended to help veterans specifically purchase single family homes, farms, and mobilehomes through the CalVet Home Loan Program. (g) As a result of the nation’s economic crisis and state’s housing downturn coupled with the changing demographics of our veterans, the Farm and Home Loan Program, as approved by Proposition 12, has been significantly undersubscribed. Five years since its passage, the full nine hundred million dollars ($900,000,000) remains unspent as does a portion of the five hundred million dollars ($500,000,000) from Proposition 32, which was approved by the voters in 2000. (h) Meanwhile, the need of veterans for multifamily housing that is affordable, supportive, and transitional remains unmet and public and private resources available for these purposes remain underutilized. (i) California voters should be granted the opportunity to restructure the Proposition 12 veterans’ bond program to better respond to the housing needs as well as the changing demographics of the current veteran population. (j) The Veterans Housing and Homeless Prevention Bond Act of 2014 will restructure six hundred million dollars ($600,000,000) of the existing Proposition 12 bond moneys to allow for the construction and rehabilitation of multifamily housing for veterans and prioritize projects that align housing with services. Even with this restructuring of bond moneys, the act still preserves over half a billion dollars for the existing CalVet Farm and Home Loan Program. (k) The Veterans Housing and Homeless Prevention Bond Act of 2014 will expand housing and service options for veterans, cost-effectively leverage public dollars, reduce the number of homeless veterans and its attendant public costs, and place California at the forefront of our nation’s efforts to end veterans’ homelessness by 2015. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  190. 998.542.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

    Verify source ↗

    This section adopts the State General Obligation Bond Law for bonds issued under this article and designates the Department of Veterans Affairs as the board for those purposes.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.542. (a) The State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), as amended from time to time, except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” refer both to this article and that law. (b) For purposes of the State General Obligation Bond Law, the Department of Veterans Affairs is designated the board. The Department of Veterans Affairs shall carry out the board duties in consultation with the California Housing Finance Agency and the Department of Housing and Community Development. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  191. 998.543.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

    Verify source ↗

    This section defines key terms used in the Veterans Housing and Homeless Prevention Bond Act of 2014.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.543. As used herein, the following terms have the following meanings: (a) “Board” means the Department of Veterans Affairs. (b) “Bond” means a veterans’ bond, a state general obligation bond, issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. (c) “Bond act” means this article authorizing the issuance of state general obligation bonds and adopting the State General Obligation Bond Law by reference. (d) “Committee” means the Housing for Veterans Finance Committee, established pursuant to Section 998.547. (e) “Fund” means the Housing for Veterans Fund, established pursuant to Section 998.544. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  192. 998.544.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

    Verify source ↗

    This section authorizes bond issuance for veterans housing and requires the bond proceeds to be made available to the board and deposited in the Housing for Veterans Fund.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.544. (a) Bonds in the total amount of six hundred million dollars ($600,000,000), or so much thereof as is necessary, not including the amount of any refunding bonds, or so much thereof as is necessary, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in subdivision (b) and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds, when sold, shall be and constitute a valid and binding obligation of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal of, and interest on, the bonds as the principal and interest become due and payable. (b) The proceeds of bonds issued and sold pursuant to this section shall be made available to the board for the purposes of creating a fund to provide multifamily housing to veterans and their families pursuant to the Veterans Housing and Homeless Prevention Act of 2014 (Article 3.2 (commencing with Section 987.001)), and any subsequent statutory enactment that amends that act or enacts or amends any successor act for the purpose of providing housing to veterans and their families. (c) The Legislature may, from time to time, by majority vote, amend the provisions of this act for the purpose of improving program efficiency, effectiveness, and accountability, or for the purpose of furthering overall program goals. (d) The proceeds of bonds issued and sold pursuant to this article shall be deposited in the Housing for Veterans Fund, which is hereby created. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  193. 998.546.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

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    The bonds authorized by this article must be handled under the State General Obligation Bond Law, except for subdivisions (a) and (b) of Section 16727.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.546. The bonds authorized by this article shall be prepared, executed, issued, sold, paid, and redeemed as provided in the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), and all of the provisions of that law, except subdivisions (a) and (b) of Section 16727 of the Government Code, shall apply to the bonds and to this article and are hereby incorporated in this article as though set forth in full in this article. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  194. 998.548.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

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    The committee must decide whether bonds should be issued for the article’s purposes and, if so, how many bonds should be issued and sold.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.548. The committee shall determine whether or not it is necessary or desirable to issue bonds authorized pursuant to this article in order to carry out the actions specified in Section 998.544 and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out those actions progressively, and it is not necessary that all of the bonds authorized to be issued be sold at any one time. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  195. 998.549.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

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    Each year, an additional sum must be collected to pay the bonds’ principal and interest, and revenue-collection officers must do whatever is necessary to collect it.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.549. There shall be collected each year and in the same manner and at the same time as other state revenue is collected, in addition to the ordinary revenues of the state, a sum in an amount required to pay the principal of, and interest on, the bonds each year. It is the duty of all officers charged by law with any duty in regard to the collection of the revenue to do and perform each and every act that is necessary to collect that additional sum. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  196. 998.550.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

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    This section appropriates money from the General Fund to pay bond principal and interest and to carry out Section 998.551.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.550. Notwithstanding Section 13340 of the Government Code, there is hereby appropriated from the General Fund in the State Treasury, for the purposes of this article, an amount that will equal the total of the following: (a) The sum annually necessary to pay the principal of, and interest on, bonds issued and sold pursuant to this article, as the principal and interest become due and payable. (b) The sum necessary to carry out Section 998.551, appropriated without regard to fiscal years. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  197. 998.551.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

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    The Director of Finance may authorize withdrawals from the General Fund to carry out this article, up to the amount of unsold bonds authorized for sale.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.551. For the purposes of carrying out this article, the Director of Finance may authorize the withdrawal from the General Fund of an amount not to exceed the amount of the unsold bonds that have been authorized by the committee to be sold for the purpose of carrying out this article. Any amounts withdrawn shall be deposited in the fund. Any money made available under this section shall be returned to the General Fund from proceeds received from the sale of bonds for the purpose of carrying out this article. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  198. 998.552.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

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    Money in the fund from bond premium and accrued interest must be kept in the fund and may be transferred to the General Fund as a credit for bond interest expenditures, except for any premium already used to pay bond issuance costs.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.552. All money deposited in the fund that is derived from premium and accrued interest on bonds sold, in excess of any amount of premium used to pay costs of issuing the bonds, shall be reserved in the fund and shall be available for transfer to the General Fund as a credit to expenditures for bond interest. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  199. 998.553.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

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    Bond issuance costs may be paid from bond proceeds, including any premium from bond sales, and those costs must be shared proportionally by each program funded by the bond act.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.553. Pursuant to Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code, all or a portion of the cost of bond issuance may be paid out of the bond proceeds, including any premium derived from the sale of the bonds. These costs shall be shared proportionally by each program funded through this bond act. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)
  200. 998.554.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. )

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    The board may ask for a loan or interim financing for this article, but the request cannot exceed the amount of unsold bonds authorized for sale. If it does so, the board must sign the documents needed to get and repay the loan.

    ## Military and Veterans Code - MVC ## DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5] ( Division 4 enacted by Stats. 1935, Ch. 389. ) ## CHAPTER 6. State Benefits for Veterans [980 - 999.80] ( Heading of Chapter 6 amended by Stats. 1979, Ch. 121. ) ## ARTICLE 5y. The Veterans Housing and Homeless Prevention Bond Act of 2014 [998.540 - 998.557] ( Article 5y added by Stats. 2013, Ch. 727, Sec. 1. ) ## 998.554. The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, including other authorized forms of interim financing that include, but are not limited to, commercial paper, in accordance with Section 16312 of the Government Code, for purposes of carrying out this article. The amount of the request shall not exceed the amount of the unsold bonds that the committee, by resolution, has authorized to be sold for the purpose of carrying out this article. The board shall execute any documents required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this article. (Added by Stats. 2013, Ch. 727, Sec. 1. (AB 639) Approved in Proposition 41 at the June 3, 2014, election.)

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