Section 485.35 Of Article 4. Appropriation, Security, Sale And Funds From California Military And Veterans Code >> Division 2. >> Part 1. >> Chapter 10. >> Article 4.
485.35
. The Supplementary Bond Security Account is hereby created
in the California National Guard Members' Farm and Home Building Fund
of 1978. Any moneys appropriated to the account shall be used to
secure payment of the principal of and interest on outstanding
revenue bonds. Moneys in the account may be used to directly pay the
principal of and interest on revenue bonds as provided by bond
resolution. Moneys in the account not needed to meet revenue bond
obligations shall be invested by the Pooled Money Investment Board
(Section 16480.1 of the Government Code), and all interest income
therefrom shall be deposited in the General Fund at the end of each
fiscal year.
When all obligations secured by the account are retired, the
account shall be dissolved and all moneys therein shall be used first
for repayment to the General Fund of the amounts advanced by General
Fund appropriations. Any remaining amount shall be transferred to
the National Guard Members' Farm and Home Building Fund of 1978 and
applied to further the purposes of this chapter.