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California Military and Veterans Code Section 998.056

Legal Research Home > California Laws > Military and Veterans Code > California Military and Veterans Code Section 998.056

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.

Last modified: February 22, 2013