CHAPTER 10. California National Guard Members’ Revenue Bond Act of 1978 [481. - 491.3.]

Chapter 10 added by Stats. 1978, Ch. 1274.

§§ 481–491.3 · 69 sections

1. ARTICLE 2. Authorization and Issuance of Bonds §§ 481–481.5 · 6 sections

   • § 481 Revenue bonds may be issued by the department at such times and in such amounts as do not exceed seventy-five million dollars ($75,000,000) for home loans,…
   • § 481.1 Whenever the department determines that revenue bonds should be issued, it shall adopt a resolution of issuance, which shall be executed for the department by…
   • § 481.2 Revenue bonds shall be issued in the name of the department and as the obligation of the department, but neither the principal of, nor the interest on, any…
   • § 481.3 All revenue bonds shall bear the facsimile signature of the Adjutant General and the Deputy Adjutant General and shall be authenticated by the trustee. The…
   • § 481.4 The validity of the authorization and issuance of any revenue bonds shall not be dependent on or affected by the validity or regularity of any proceedings…
   • § 481.5 Reference on the face of any revenue bonds to a resolution of issuance by its date of adoption, or the apparent date on the face thereof, shall be sufficient…
2. ARTICLE 3. Provisions of Resolution of Issuance and Supplemental Resolutions §§ 482–484.6 · 26 sections

   • § 482 A resolution of issuance may provide for the issuance of revenue bonds in one or more series and for the aggregate principal amount of any series thereof. Any…
   • § 482.1 A resolution of issuance may provide for the dates to be borne by revenue bonds and by each series issued thereunder and for the dates of maturity thereof.
   • § 482.2 A resolution of issuance may provide for the payment of interest on revenue bonds annually or semiannually or in part annually and in part semiannually, upon…
   • § 482.3 A resolution of issuance may provide for the call and redemption of revenue bonds issued thereunder, upon such terms, conditions and notice, and upon the…
   • § 482.4 A resolution of issuance may provide for the forms, denominations, registration, transfer, and interchange of revenue bonds issued thereunder. Revenue bonds…
   • § 482.5 A resolution of issuance may provide for the replacement of lost, destroyed, or mutilated revenue bonds or coupons.
   • § 482.6 A resolution of issuance may provide for the issuance of temporary or interim revenue bonds, certificates, or receipts pending the preparation and delivery of…
   • § 482.7 A resolution of issuance may provide for the payment of the principal and interest of revenue bonds at any place within or without the State of California and…
   • § 482.8 A resolution of issuance shall provide the means by which payments of principal and interest of revenue bonds shall be secured.
   • § 482.9 A resolution of issuance may include a provision requiring the department to pay or cause to be paid punctually the principal of all revenue bonds issued…
   • § 483 A resolution of issuance may include a provision requiring the department to preserve and protect the security of the revenue bonds and the rights of the…
   • § 483.1 A resolution of issuance may include provisions requiring, specifying, or limiting the kind, amount, and character of insurance to be maintained by the…
   • § 483.3 A resolution of issuance may include provisions requiring the department to hold or cause to be held in trust the revenues, or any part of the revenues,…
   • § 483.4 A resolution of issuance may include provisions establishing the amount and terms of purchase contracts to be held in trust in relation to the revenue bonds…
   • § 483.5 A resolution of issuance may include a provision authorizing, or limiting the power of, the department to issue additional revenue bonds and establishing the…
   • § 483.6 A resolution of issuance may include a clause providing the events of default and the terms and conditions upon which any or all of the revenue bonds then or…
   • § 483.7 A resolution of issuance may include provisions establishing the rights, powers and duties arising upon breach by the department of any of the covenants,…
   • § 483.8 A resolution of issuance may include provisions prescribing a procedure by which the terms and conditions of the resolution may be subsequently amended or…
   • § 483.9 A resolution of issuance may provide that the revenue bonds issued thereunder and the interest thereon shall be secured by all or part of the revenues or the…
   • § 484 A resolution of issuance may include a covenant that the department will duly pay and discharge, or cause to be paid and discharged, any taxes, assessments, or…
   • § 484.1 A resolution of issuance may include provisions requiring the preparation, filing, and publication of financial statements with respect to the revenues, the…
   • § 484.2 A resolution of issuance may include a convenant that the department will at all times use its best efforts to maintain the powers, functions, duties, and…
   • § 484.3 A resolution of issuance may include provisions requiring, permitting, restricting, or governing the deposit and investment of funds established for the…
   • § 484.4 A resolution of issuance may include a covenant that the department will make or adopt and execute, or cause to be made, adopted, and executed, any and all…
   • § 484.5 A resolution of issuance may include any and all covenants and agreements on the part of the department, and for such other acts or matters which the…
   • § 484.6 The State Treasurer shall act as trustee for the department and the holders of the revenue bonds, to receive and disburse all the revenues applicable to the…
3. ARTICLE 4. Appropriation, Security, Sale and Funds §§ 485–486.2 · 12 sections

   • § 485 There is in the State Treasury, a revolving fund known as the California National Guard Members’ Farm and Home Building Fund of 1978. Proceeds of the sale of…
   • § 485.1 There is hereby created in the California National Guard Members’ Farm and Home Building Fund of 1978, a special account known as the National Guard Members’…
   • § 485.3 The revenues shall be pledged first to the payment of the principal of and interest on the revenue bonds and to all funds created for the further security of…
   • § 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…
   • § 485.4 The department shall at all times so long as any of the revenue bonds are outstanding establish, fix, and collect payments on all purchase contracts to produce…
   • § 485.6 All interest and other payments or charges of any kind or character due under any and all such contracts shall be payable in such coin or currency of the…
   • § 485.7 All revenues to be received by the department from purchase contracts shall be directly, concurrently, and exclusively pledged to the payment of revenue bonds.
   • § 485.8 The revenue bond principal and interest payments and any premium payable upon revenue bonds called for redemption, and all payments required for reserve funds,…
   • § 485.9 Whenever the National Guard Members’ Finance Committee finds that the interest rate then fixed and charged by the department on any purchase contract is not…
   • § 486 The State Controller is hereby authorized to make all necessary orders to provide for the establishment of special funds or accounts authorized by any…
   • § 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…
   • § 486.2 In the event the State Treasurer shall proceed with the sale of revenue bonds, all costs and expenses of publication of notice of sale shall be a charge…
4. ARTICLE 5. Refunding Bonds §§ 487–487.3 · 4 sections

   • § 487 The department, subject to the approval of the National Guard Members’ Finance Committee, may provide for the issuance, sale, or exchange of refunding bonds…
   • § 487.1 Refunding bonds may be issued in a principal amount sufficient to provide funds for the payment of all revenue bonds to be refunded thereby and in addition to…
   • § 487.2 Refunding revenue bonds shall not constitute a debt or obligation of the State of California but shall be revenue bonds of the department of the same character…
   • § 487.3 The department may from time to time or at any time sell or exchange refunding bonds for the purpose of retiring, paying, or refunding either all or part of…
5. ARTICLE 6. Bond Anticipation Notes §§ 488–488.1 · 2 sections

   • § 488 The department, subject to the approval of the National Guard Members’ Finance Committee, may borrow money in anticipation of the sale of revenue bonds, and…
   • § 488.1 The interest on bond anticipation notes shall be payable from the same funds from which the interest on revenue bonds is payable. The principal of such notes…
6. ARTICLE 7. Remedies of Revenue Bondholders §§ 489–489.5 · 5 sections

   • § 489 Any revenue bondholder may by mandamus or other appropriate proceedings compel the performance of any of the duties imposed upon any state official or employee…
   • § 489.1 The department may, in any resolution of issuance, define the events of default, including among other things, default in the payment of the principal or…
   • § 489.3 Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the revenue bondholders, the bank or…
   • § 489.4 No remedy conferred upon or reserved to the holders of revenue bonds is intended to be exclusive of any other remedy or remedies now or hereafter provided by…
   • § 489.5 While any of the revenue bonds remain outstanding the powers, duties, or existence of the department and of every other official or agency of the State of…
7. ARTICLE 8. Miscellaneous §§ 490–491.3 · 14 sections

   • § 490 All revenue bonds and the income therefrom are at all times exempt from taxation in the State of California, except for transfer, inheritance, and gift taxes.
   • § 490.1 All revenue bonds shall be legal investments for all trust funds, for the funds of all insurance companies, banks (both commercial and savings), trust…
   • § 490.2 Any money or funds which may by law be invested in bonds of the State of California may be invested in revenue bonds authorized under Section 481.
   • § 490.3 Whenever any bonds of the State of California may by law be used as security for the performance of any act or the deposit of any public money, revenue bonds…
   • § 490.4 All revenue bonds, subject to the provisions for registration contained therein, are negotiable instruments.
   • § 490.5 The department may include in the proceedings authorizing the issuance of revenue bonds any provisions not inconsistent with this chapter which limit,…
   • § 490.6 The department may provide in the proceedings authorizing issuance of revenue bonds for the establishment of one or more reserve funds or accounts out of the…
   • § 490.7 The National Guard Members’ Finance Committee may authorize the sale by the State Treasurer of any of the revenue bonds authorized under this chapter to the…
   • § 490.8 Warrants for the payments to be made on account of the revenue bonds either as to principal, interest, premium, or otherwise shall be duly drawn by the State…
   • § 490.9 Notwithstanding anything contained in this chapter, the proceeds received from the sale of revenue bonds and any revenues received by the department from…
   • § 491 If any article, section, subdivision, sentence, clause, or phrase of this chapter is for any reason held to be unconstitutional or invalid or unenforceable,…
   • § 491.1 All money in any of the funds or accounts created or authorized to be created in any resolution of issuance under the provisions of this chapter is hereby…
   • § 491.2 For the purposes of meeting the necessary expenses of initial organization and operation until such date as the department derives revenues or proceeds from…
   • § 491.3 The department may impose such limitations, restrictions, and conditions upon or in connection with the benefits conferred pursuant to the California National…