CHAPTER 7. Veterans’ Revenue Debenture Act of 1970 [1000.1. - 1006.16.]
Chapter 7 added by Stats. 1970, Ch. 1488.
§§ 1000.1–1006.16 · 79 sections
ARTICLE 1. General Provisions §§ 1000.1–1000.3 · 3 sections
- § 1000.1 This chapter may be cited as the Veterans’ Revenue Debenture Act of 1970.
- § 1000.2 The following terms, wherever used or referred to in this chapter, shall have the following meanings, respectively, unless a different meaning appears from the…
- § 1000.3 There is hereby created a Veterans’ Debenture Finance Committee composed of the Governor, the State Controller, the State Treasurer, the Director of Finance,…
ARTICLE 2. Authorization and Issuance of Debentures §§ 1001.1–1001.9 · 9 sections
- § 1001.1 Debentures may be issued by the department at such times and in such amounts not to exceed five hundred million dollars ($500,000,000) in the aggregate as the…
- § 1001.2 Whenever the department determines that debentures should be issued, it shall adopt a resolution of issuance, which shall be executed for the department by the…
- § 1001.3 Debentures shall be issued in the name of the Department of Veterans Affairs of the State of California and as the obligation of the department, but neither…
- § 1001.4 All debentures shall bear the facsimile signature of the Director of Veterans Affairs and the Deputy Director of Veterans Affairs and shall be authenticated by…
- § 1001.5 The validity of the authorization and issuance of any debentures shall not be dependent on or affected by the validity or regularity of any proceedings…
- § 1001.6 Reference on the face of any debentures to a resolution of issuance by its date of adoption, or the apparent date on the face thereof, shall be sufficient to…
- § 1001.7 In addition to the debentures authorized by Section 1001.1, the department may issue additional debentures not to exceed five hundred million dollars…
- § 1001.8 In addition to the debentures authorized by Sections 1001.1 and 1001.7, the department may issue additional debentures, not to exceed five hundred million…
- § 1001.9 In addition to the debentures authorized by Sections 1001.1, 1001.7, and 1001.8, the department may issue additional debentures at any time pursuant to this…
ARTICLE 3. Provisions of Resolutions of Issuance and Supplemental Resolutions §§ 1002.1–1002.28 · 28 sections
- § 1002.1 A resolution of issuance may provide for the issuance of debentures in one or more series and for the aggregate principal amount of any series thereof. Any…
- § 1002.2 A resolution of issuance may provide for the dates to be borne by debentures, and by each series, issued thereunder and for the dates of maturity thereof. For…
- § 1002.3 A resolution of issuance may provide for date or dates for the payment of interest on debentures and the interest rate or rates, fixed or variable, or the…
- § 1002.4 A resolution of issuance may provide for the call and redemption of debentures issued thereunder, upon such terms, conditions and notice, and upon the payment…
- § 1002.5 A resolution of issuance may provide for the forms, denominations, registration, transfer and interchange of debentures issued thereunder. Debentures may be…
- § 1002.6 A resolution of issuance may provide for the replacement of lost, destroyed or mutilated debentures or coupons.
- § 1002.7 A resolution of issuance may provide for the issuance of temporary or interim debentures, certificates or receipts pending the preparation and delivery of…
- § 1002.8 A resolution of issuance may provide for the payment of the principal and interest of debentures at any place within or without the State of California and in…
- § 1002.9 A resolution of issuance shall provide the means by which payments of principal and interest of debentures shall be secured.
- § 1002.10 A resolution of issuance may include a provision requiring the department to pay or cause to be paid punctually the principal of all debentures issued…
- § 1002.11 A resolution of issuance may include a provision requiring the department to preserve and protect the security of the debentures and the rights of the holders…
- § 1002.12 A resolution of issuance may include provisions which limit, restrict or prohibit any right, power or privilege of the department to create or give any…
- § 1002.13 A resolution of issuance may include provisions requiring, specifying or limiting the kind, amount and character of insurance to be maintained by the…
- § 1002.14 A resolution of issuance may include a provision requiring the department to charge a uniform rate of interest on the unpaid balance of the purchase price of…
- § 1002.15 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,…
- § 1002.16 A resolution of issuance may include provisions defining the power of the department in applying the proceeds of the sale of any debentures.
- § 1002.17 A resolution of issuance may include a provision authorizing, or limiting the power of, the department to issue additional debentures and establishing the…
- § 1002.18 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 debentures then or…
- § 1002.19 A resolution of issuance may include provisions establishing the rights, powers and duties arising upon breach by the department of any of the covenants,…
- § 1002.20 A resolution of issuance may include provisions prescribing a procedure by which the terms and conditions of the resolution may be subsequently amended or…
- § 1002.21 A resolution of issuance may provide that the debentures issued thereunder and the interest thereon shall be secured by all or part of the revenues, and may…
- § 1002.22 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…
- § 1002.23 A resolution of issuance may include provisions requiring the preparation, filing and publication of financial statements with respect to the revenues, the…
- § 1002.24 A resolution of issuance may include a covenant that the department will at all times use its best efforts to maintain the powers, functions, duties and…
- § 1002.25 A resolution of issuance may include provisions requiring, permitting, restricting or governing the deposit and investment of funds established for the…
- § 1002.26 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 such…
- § 1002.27 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…
- § 1002.28 The State Treasurer shall act as trustee for the department and the holders of its bonds, to receive and disburse all the revenues applicable to the payment of…
ARTICLE 4. Appropriation, Security, Sale, and Funds §§ 1003.1–1003.16 · 14 sections
- § 1003.1 There is hereby appropriated, from any surplus money in the Veterans’ Farm and Home Building Fund of 1943, not required to meet any immediate demand which has…
- § 1003.2 The revenues shall be pledged first to the payment of the principal of and interest on the debentures and to all funds created for the further security of such…
- § 1003.3 In the event of cancellation of any pledged contract or forfeiture or other termination thereof for any cause the department shall, as soon as practicable,…
- § 1003.4 The department shall at all times, so long as any of the debentures are outstanding, establish, fix, and collect interest at the rate or rates, which may be…
- § 1003.6 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…
- § 1003.7 All revenues to be received by the department from pledged contracts shall be directly, concurrently and exclusively pledged to the payment of debentures, and…
- § 1003.8 All debenture redemption and interest payments and any premium payable upon debentures called for redemption, and all payments required for reserve funds,…
- § 1003.10 There is in the State Treasury a revolving fund known as the Veterans’ Farm and Home Building Fund of 1970. Proceeds of sale of debentures shall be deposited…
- § 1003.11 There is in the State Treasury a special fund known as the Veterans’ Debenture Revenue Fund. All revenues shall be deposited in the Veterans’ Debenture Revenue…
- § 1003.12 The State Controller is hereby authorized to make all necessary orders to provide for the establishment of special funds and accounts authorized by any…
- § 1003.13 Prior to the issuance of any debentures the department is authorized to deposit in any reserve fund created for the further security of the debentures, as the…
- § 1003.14 Debentures authorized under any resolution of issuance approved by the Veterans’ Debenture Finance Committee shall be sold by the State Treasurer upon the…
- § 1003.15 In the event the State Treasurer shall determine to sell the debentures, all costs and expenses of publication of notice of sale shall be a charge against the…
- § 1003.16 (a) Notwithstanding any other provision of this chapter, and in lieu of a pledge of revenues as security for any debentures issued pursuant to this chapter,…
ARTICLE 5. Issuance of Refunding Debentures §§ 1004.1–1004.4 · 4 sections
- § 1004.1 The department, subject to the approval of the Veterans’ Debenture Finance Committee, may provide for the issuance, sale, or exchange of refunding debentures…
- § 1004.2 Refunding debentures may be issued in a principal amount sufficient to provide funds for the payment of all debentures or obligations to be refunded thereby…
- § 1004.3 Refunding debentures shall not constitute a debt or obligation of the State of California but shall be debentures of the department of the same character and…
- § 1004.4 The department may from time to time or at any time sell or exchange refunding debentures for the purpose of retiring, paying or refunding either all or part…
ARTICLE 6. Remedies of Debenture Holders §§ 1005.1–1005.6 · 5 sections
- § 1005.1 The holder of any debenture may by mandamus or other appropriate proceedings compel the performance of any of the duties imposed upon any state official or…
- § 1005.2 The department may in any resolution of issuance define the events of default including among others default in the payment of the principal or interest upon…
- § 1005.4 Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the debenture holders, the bank or…
- § 1005.5 No remedy conferred upon or reserved to the holders of debentures is intended to be exclusive of any other remedy or remedies now or hereafter provided by law…
- § 1005.6 While any of the debentures remain outstanding the powers, duties or existence of the department and of every other official or agency of the State of…
ARTICLE 7. Miscellaneous §§ 1006.1–1006.16 · 16 sections
- § 1006.1 All debentures and the income therefrom are at all times exempt from taxation in the State of California, except for transfer, inheritance, and gift taxes.
- § 1006.2 All debentures shall be legal investments for all trust funds, for the funds of all insurance companies, banks (both commercial and savings), trust companies,…
- § 1006.3 Any money or funds which may by law be invested in bonds of the State of California may be invested in debentures.
- § 1006.4 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, debentures may…
- § 1006.5 All debentures, subject to the provisions for registration contained therein, are negotiable instruments under the law merchant.
- § 1006.6 The department may include in the proceedings authorizing the issuance of debentures any provisions not inconsistent with this chapter which limit, restrict or…
- § 1006.7 The department may provide in the proceedings authorizing issuance of debentures for the establishment of one or more reserve funds out of the proceeds of the…
- § 1006.8 The State Treasurer may sell any of the debentures authorized under this chapter to the United States of America or to any of its departments, agencies or…
- § 1006.9 Warrants for the payments to be made on account of the debentures either as to principal, interest, premium, or otherwise, shall be duly drawn by the State…
- § 1006.10 Notwithstanding anything contained in this chapter, the proceeds received from the sale of debentures and any revenues received by the department from pledged…
- § 1006.11 This chapter shall be liberally construed to carry out the objects and purposes and the declared public policy of the State of California as in this chapter…
- § 1006.12 If any section, subdivision, sentence, clause or phrase of this chapter is for any reason held to be unconstitutional or invalid or unenforceable, such…
- § 1006.13 This chapter shall not operate to rescind or repeal any act of the State of California now or hereafter enacted providing for the issuance of general…
- § 1006.14 All money in any of the funds created or authorized to be created in any resolution of issuance under the provisions of this chapter is hereby appropriated for…
- § 1006.15 The purchaser shall make an initial payment of at least 10 percent of the selling price of the property, in case of a farm, and 5 percent in the case of a…
- § 1006.16 The department shall require that all applicants under this article qualify under the applicable federal laws and regulations governing the permitted uses of…