Section 998.544 Of Article 5y. The Veterans Housing And Homeless Prevention Bond Act Of 2014 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 5y.
998.544
. (a) Bonds in the total amount of six hundred million
dollars ($600,000,000), or so much thereof as is necessary, not
including the amount of any refunding bonds, or so much thereof as is
necessary, may be issued and sold to provide a fund to be used for
carrying out the purposes expressed in subdivision (b) and to
reimburse the General Obligation Bond Expense Revolving Fund pursuant
to Section 16724.5 of the Government Code. The bonds, when sold,
shall be and constitute a valid and binding obligation 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 of, and interest on, the bonds as the principal and
interest become due and payable.
(b) The proceeds of bonds issued and sold pursuant to this section
shall be made available to the board for the purposes of creating a
fund to provide multifamily housing to veterans and their families
pursuant to the Veterans Housing and Homeless Prevention Act of 2014
(Article 3.2 (commencing with Section 987.001)), and any subsequent
statutory enactment that amends that act or enacts or amends any
successor act for the purpose of providing housing to veterans and
their families.
(c) The Legislature may, from time to time, by majority vote,
amend the provisions of this act for the purpose of improving program
efficiency, effectiveness, and accountability, or for the purpose of
furthering overall program goals.
(d) The proceeds of bonds issued and sold pursuant to this article
shall be deposited in the Housing for Veterans Fund, which is hereby
created.