Article 1. General Provisions of California Military And Veterans Code >> Division 4. >> Chapter 7. >> Article 1.
This chapter may be cited as the Veterans' Revenue
Debenture Act of 1970.
The following terms, wherever used or referred to in this
chapter, shall have the following meanings, respectively, unless a
different meaning appears from the context:
(a) "Department" means the Department of Veterans Affairs of the
State of California, as the same is constituted by the provisions of
Section 63 of this code, and any successor to that office.
(b) "Veterans' Debenture Finance Committee" means the committee
constituted pursuant to the provisions of Section 1000.3 of this
(c) "Debenture" means any written evidence of any obligation
issued by the department pursuant to this chapter for the financing
of programs of the department, or for the refinancing of obligations
issued by the department or by the state for those programs, payment
of which is secured by a pledge of revenues, as provided in this
chapter, irrespective of the form of the obligation.
(d) "Debenture holder" means any person who shall be the bearer of
any outstanding debenture registered to bearer not registered, or
the registered owner of any outstanding debenture which shall at the
time be registered other than to bearer.
(e) "Veteran" shall have the meaning set forth in Section 980 of
(f) "Pledged contracts" means contracts of sale entered into by
the department and veterans covering any property purchased or
acquired by the department from the proceeds of debentures as may be
provided in any resolution of issuance and to the extent therein
(g) "Surplus money" means funds not required to meet any immediate
demand which has accrued against the Veterans' Farm and Home
Building Fund of 1943 without regard to fiscal years.
(h) "Revenues" means all income and receipts of the department
from the pledged contracts, including, without limiting the
generality of the foregoing, all payments received in account of the
selling price, interest thereon, expenses and all other charges added
to the selling price, insurance proceeds collected on account of
loss, damage or injury to the property, life insurance or disability
insurance proceeds received by the department, and all other receipts
of whatsoever kind or nature arising out of or incident to the
The term "revenues" also includes all interest or other income
from any investment of any moneys in any fund established under a
resolution of issuance for the payment of the principal of, or
interest or premium on, debentures.
(i) "Resolution of issuance" means a resolution of the department,
approved by the Veterans' Debenture Finance Committee, pursuant to
which debentures are issued, and any amendatory or supplemental
(j) "Person" means any individual, firm, corporation, association,
partnership, limited liability company, trust, business trust, or
receiver or trustee or conservator for any thereof, but does not
include this state or any public corporation, political subdivision,
city, county, district or agency of this state.
There is hereby created a Veterans' Debenture Finance
Committee composed of the Governor, the State Controller, the State
Treasurer, the Director of Finance, and the Director of Veterans
Affairs, each of whom shall serve thereon without compensation and a
majority of whom shall be empowered to act for such committee.