Section 1003.16 Of Article 4. Appropriation, Security, Sale, And Funds From California Military And Veterans Code >> Division 4. >> Chapter 7. >> Article 4.
1003.16
. (a) Notwithstanding any other provision of this chapter,
and in lieu of a pledge of revenues as security for any debentures
issued pursuant to this chapter, the department may assign or pledge
an undivided interest in the assets of the Veterans' Farm and Home
Building Fund of 1943 as security for the debentures. Undivided
interest so assigned or pledged shall not exceed the amount of
principal and interest of the debentures secured thereby, and shall
be secondary and subordinate to any interest or right of the people
and the holders of general obligation bonds in the fund under any
general obligation veterans bond act.
(b) In that event, the department shall deposit the proceeds of
the sale of the debentures and the revenues therefrom in the Veterans'
Farm and Home Building Fund of 1943, and money may be withdrawn
therefrom in accordance with law upon requisition of the department
for the purpose of carrying out the provisions of this chapter and of
the Veterans' Farm and Home Purchase Act of 1943 and the Veterans'
Farm and Home Purchase Act of 1974. The department may create any
accounts or funds within the Veterans' Farm and Home Building Fund of
1943 and the Veterans' Debenture Revenue Fund that may be
appropriate or desirable for carrying out the provisions of this
section.
(c) Further, in that event, and notwithstanding Section 1006.15,
the interest rates on veterans' purchase contracts shall be
established as provided in Section 987.87.