Section 1003.3 Of Article 4. Appropriation, Security, Sale, And Funds From California Military And Veterans Code >> Division 4. >> Chapter 7. >> Article 4.
1003.3
. In the event of cancellation of any pledged contract or
forfeiture or other termination thereof for any cause the department
shall, as soon as practicable, enter into a new contract covering the
same or similar property and shall substitute the new contract in
lieu of the pledged contract so canceled or terminated. The income
and receipts of the substituted contract shall be pledged in their
entirety to the payment of the debentures.