Section 1006.11 Of Article 7. Miscellaneous From California Military And Veterans Code >> Division 4. >> Chapter 7. >> Article 7.
1006.11
. This chapter shall be liberally construed to carry out the
objects and purposes and the declared public policy of the State of
California as in this chapter set forth. The facts with which the
Legislature is fully cognizant are:
The State of California is committed to aid and assist veterans
under the Veterans' Farm and Home Purchase Act of 1974. Increasing
numbers of servicemen who served in Vietnam are being discharged and
need home loans. The Cal-Vet loan program must be updated to provide
comparable benefits to those provided veterans of World War II and
the Korean Conflict. Conditions in the money market render it
impracticable for the State of California in conformity with its
other commitments to continue to raise funds for veterans' aid
through the issuance and sale of general obligation bonds of the
state. There is now in the Department of Veterans Affairs a backlog
of applications which cannot be processed because funds are
inadequate to meet the demand for loans. This act provides another
method whereby the State of California will be able to raise the
necessary funds for the aid and assistance of veterans through the
issuance of revenue debentures payable exclusively from the proceeds
of contracts of sale of properties acquired by the department from
veterans' revenue debenture proceeds and resold to veterans without
imposing any liability upon the State of California and without
creating any debt or liability of the State of California. The urgent
requirements of veterans and the necessity of raising funds
immediately for their aid and assistance render it essential that
this law be adopted.