Section 996.989 Of Article 5k. Veterans Bond Act Of 1971 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 5k.
996.989
. All bonds herein authorized, which shall have been duly
sold and delivered as herein provided, shall constitute valid and
legally binding general obligations of the State of California, and
the full faith and credit of the State of California is hereby
pledged for the punctual payment of both principal and interest
thereof.
There shall be collected annually in the same manner and at the
same time as other state revenue is collected such a sum, in addition
to the ordinary revenues of the state, as shall be required to pay
the principal and interest on said bonds as herein provided, and it
is hereby made the duty of all officers charged by law with any duty
in regard to the collections of said revenue, to do and perform each
and every act which shall be necessary to collect such additional
sum.
On the several dates on which funds are remitted pursuant to
Section 16676 of the Government Code for the payment of the then
maturing principal and interest on the bonds in each fiscal year,
there shall be returned into the General Fund in the State Treasury,
all of the money in the Veterans' Farm and Home Building Fund of
1943, not in excess of the principal of and interest on the said
bonds then due and payable, except as hereinafter provided for the
prior redemption of said bonds, and, in the event such money so
returned on said remittance dates is less than said principal and
interest then due and payable, then the balance remaining unpaid
shall be returned into the General Fund in the State Treasury out of
said Veterans' Farm and Home Building Fund of 1943 as soon thereafter
as it shall become available, together with interest thereon from
such dates of maturity until so returned at the same rate as borne by
said bonds, compounded semiannually.