Section 486.1 Of Article 4. Appropriation, Security, Sale And Funds From California Military And Veterans Code >> Division 2. >> Part 1. >> Chapter 10. >> Article 4.
486.1
. Revenue bonds authorized under any resolution of issuance
approved by the National Guard Members' Finance Committee shall be
sold by the State Treasurer upon the request of the department at
public or private sale and at such times and in such amounts as the
department deems necessary to provide sufficient funds for the
purposes for which the revenue bonds are then authorized, provided
that the revenue bonds shall not be sold at less than 95 percent of
their par value and accrued interest thereon to date of delivery. No
revenue bonds authorized under any resolution of issuance may be sold
at private sale unless such sale and the terms thereof have been
approved in writing by the National Guard Members' Finance Committee.
Successive issues of the revenue bonds within the limits of the
authorization for the issuance of revenue bonds, in the event any
such limitations are included in the proceedings for the issuance of
such revenue bonds, shall be equally and regularly secured without
preference, priority, or distinction as to security or otherwise by
reason of time of issue, or sale, and all purchase contracts shall be
deemed to constitute a pool for all bonds of any issue or series,
except as revenue bonds of various series may differ with respect to
dates, numbers, interest rates, maturity, redemption provisions,
sinking fund provisions, or otherwise as expressly authorized or
provided in any resolution of issuance.