Code Section Group

Military and Veterans Code - MVC

DIVISION 4. VETERANS' AID AND WELFARE [690 - 1008.5]

  ( Division 4 enacted by Stats. 1935, Ch. 389. )

CHAPTER 7. Veterans’ Revenue Debenture Act of 1970 [1000.1 - 1006.16]

  ( Chapter 7 added by Stats. 1970, Ch. 1488. )

ARTICLE 1. General Provisions [1000.1 - 1000.3]
  ( Article 1 added by Stats. 1970, Ch. 1488. )

1000.1.
  

This chapter may be cited as the Veterans’ Revenue Debenture Act of 1970.

(Added by Stats. 1970, Ch. 1488.)

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 context:

(a) “Department” means the Department of Veterans Affairs of the State of California, as the same is constituted by the provisions of Section 63 of this code, and any successor to that office.

(b) “Veterans’ Debenture Finance Committee” means the committee constituted pursuant to the provisions of Section 1000.3 of this code.

(c) “Debenture” means any written evidence of any obligation issued by the department pursuant to this chapter for the financing of programs of the department, or for the refinancing of obligations issued by the department or by the state for those programs, payment of which is secured by a pledge of revenues, as provided in this chapter, irrespective of the form of the obligation.

(d) “Debenture holder” means any person who shall be the bearer of any outstanding debenture registered to bearer not registered, or the registered owner of any outstanding debenture which shall at the time be registered other than to bearer.

(e) “Veteran” shall have the meaning set forth in Section 980 of this code.

(f) “Pledged contracts” means contracts of sale entered into by the department and veterans covering any property purchased or acquired by the department from the proceeds of debentures as may be provided in any resolution of issuance and to the extent therein provided.

(g) “Surplus money” means funds not required to meet any immediate demand which has accrued against the Veterans’ Farm and Home Building Fund of 1943 without regard to fiscal years.

(h) “Revenues” means all income and receipts of the department from the pledged contracts, including, without limiting the generality of the foregoing, all payments received in account of the selling price, interest thereon, expenses and all other charges added to the selling price, insurance proceeds collected on account of loss, damage or injury to the property, life insurance or disability insurance proceeds received by the department, and all other receipts of whatsoever kind or nature arising out of or incident to the pledged contracts.

The term “revenues” also includes all interest or other income from any investment of any moneys in any fund established under a resolution of issuance for the payment of the principal of, or interest or premium on, debentures.

(i) “Resolution of issuance” means a resolution of the department, approved by the Veterans’ Debenture Finance Committee, pursuant to which debentures are issued, and any amendatory or supplemental resolutions.

(j) “Person” means any individual, firm, corporation, association, partnership, limited liability company, trust, business trust, or receiver or trustee or conservator for any thereof, but does not include this state or any public corporation, political subdivision, city, county, district or agency of this state.

(Amended by Stats. 1998, Ch. 530, Sec. 5. Effective September 17, 1998.)

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, and the Director of Veterans Affairs, each of whom shall serve thereon without compensation and a majority of whom shall be empowered to act for such committee.

(Added by Stats. 1970, Ch. 1488.)

MVCMilitary and Veterans Code - MVC1