Section 998.102 Of Article 5u. Veterans’ Bond Act Of 1990 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 5u.
998.102
. (a) All bonds authorized by this article, when duly sold
and delivered as provided herein, 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.
(b) There shall be collected annually in the same manner and at
the same time as other state revenue is collected a sum of money, in
addition to the ordinary revenues of the state, sufficient to pay the
principal of, and interest on, these bonds as provided herein, and
all officers required by law to perform any duty in regard to the
collection of state revenues shall collect this additional sum.
(c) On the dates on which funds are remitted pursuant to Section
16676 of the Government Code for the payment of the then maturing
principal of, and interest on, the bonds in each fiscal year, there
shall be returned to the General Fund all of the money in the fund,
not in excess of the principal of, and interest on, any bonds then
due and payable, except as herein provided for the prior redemption
of the bonds. If the money so returned on the remittance dates is
less than the principal and interest then due and payable, the
balance remaining unpaid shall be returned to the General Fund out of
the fund as soon as it shall become available, together with
interest thereon from the dates of maturity until so returned, at the
same rate of interest as borne by the bonds, compounded
semiannually.