Section 1006.15 Of Article 7. Miscellaneous From California Military And Veterans Code >> Division 4. >> Chapter 7. >> Article 7.
1006.15
. The purchaser shall make an initial payment of at least 10
percent of the selling price of the property, in case of a farm, and
5 percent in the case of a home. The department may waive the
initial payment in any case where the value of the property as
determined by the department appraisal shall be equal to the amount
to be paid by the department plus at least 10 percent in the case of
a farm, and 5 percent in the case of a home. The balance of the
purchase price may be amortized over a period fixed by the
department, not exceeding 40 years, together with interest thereon at
the rate as determined by the department for such amortization
purposes. The department shall establish the actual interest rate to
be paid. To this end the department, by two-thirds vote of the
California Veterans Board, with the approval of the Veterans'
Debenture Finance Committee established by Section 1000.3 of this
code, is empowered to establish a uniform rate of interest payable
upon the amount remaining unpaid under all pledged veterans' purchase
contracts then or thereafter executed. The California Veterans Board
and the Veterans' Debenture Finance Committee shall periodically at
least once each year make a finding as to the rate of interest to be
charged, taking into consideration the requirements of the Veterans'
Debenture Revenue Fund created by this chapter, but subject to any
covenant contained in any resolution of issuance adopted in
accordance with this chapter pursuant to which debentures are at the
time outstanding. Subject to any such covenant, the department may
raise or lower the rate of interest payable under such contracts for
any given period as many times and as frequently as it deems to be
for the best interests of the department, if in so doing its action
is made applicable alike to any and all pledged contract holders and
30 days' advance notice is given of the time when the new rate of
interest is to become effective. Upon demand of the Veterans'
Debenture Finance Committee, given as provided in any resolution of
issuance adopted pursuant to this chapter, the department shall
increase the rate of interest to be charged upon the amount remaining
unpaid upon all pledged veterans' purchase contracts then in
existence. A change in the interest rate may affect the total amount
of any installment payment. The purchaser on any installment date may
pay any or all installments still remaining unpaid. Subject to any
covenant contained in any resolution of issuance adopted in
accordance with this chapter, and pursuant to which debentures are at
the time outstanding, the department may, in any individual case,
for good cause postpone from time to time, upon such terms as the
department deems proper, the payment of the whole or any part of any
installment of the purchase price or interest thereon.
This section is intended to be applicable to all lands acquired
from the proceeds of the sale of debentures issued hereunder and to
the resale and disposition of such lands to the purchasers thereof
and no other provision of law shall be applicable to the purchase or
resale of such lands except only as in this act provided.