1105. The proceeds of bonds issued and sold pursuant to this
chapter shall be deposited in the State Treasury to the credit of the
Veterans' Home Fund, created by Section 1103.
1106. Bonds in the total amount of fifty million dollars
($50,000,000), not including the amount of any refunding bonds issued
in accordance with Section 1130, or as much thereof as is necessary,
may be issued and sold to provide a fund to be used for carrying out
the purposes expressed in this chapter and to be used and sold for
carrying out the purposes of Section 1104 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
shall 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 the principal of,
and interest on, the bonds as the principal and interest become due
and payable.
1107. The bonds authorized by this chapter shall be prepared,
executed, issued, sold, paid, and redeemed as provided in the State
General Obligation Bond Law (Chapter 4 (commencing with Section
16720) of Part 3 of Division 4 of Title 2 of the Government Code),
and all of the provisions of that law apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter.
1108. (a) Solely for the purpose of authorizing the issuance and
sale, pursuant to the State General Obligation Bond Law, of the bonds
authorized by this chapter, the Veterans' Home Finance Committee is
hereby created. For purposes of this chapter, the Veterans' Home
Finance Committee is "the committee" as that term is used in the
State General Obligation Bond Law. The committee consists of the
Treasurer, the Controller, the Director of Finance, and the Secretary
of Veterans Affairs, or their designated representatives. The
Treasurer shall serve as chairperson of the committee. A majority of
the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
Department of Veterans Affairs is designated the "board."
1109. The committee shall determine whether or not it is necessary
or desirable to issue bonds authorized pursuant to this chapter in
order to carry out the actions specified in this chapter and, if so,
the amount of bonds to be issued and sold. Successive issues of bonds
may be authorized and sold to carry out those actions progressively,
and it is not necessary that all of the bonds authorized to be
issued be sold at any one time.
1110. There shall be collected each year and in the same manner and
at the same time as other state revenue is collected, in addition to
the ordinary revenues of the state, a sum in an amount required to
pay the principal of, and interest on, the bonds maturing each year.
It is the duty of all officers charged by law with any duty in regard
to the collection of the revenue to do and perform each and every
act that is necessary to collect that additional sum.
1111. Notwithstanding Section 13340 of the Government Code, there
is hereby appropriated from the General Fund in the State Treasury,
for the purposes of this chapter, an amount that will equal the total
of the following:
(a) The sum annually necessary to pay the principal of, and
interest on, bonds issued and sold pursuant to this chapter, as the
principal and interest become due and payable.
(b) The sum necessary to carry out Section 1112 appropriated
without regard to fiscal years.
1112. The Director of Finance may authorize the withdrawal from the
General Fund of an amount or amounts not to exceed the amount of the
unsold bonds that have been authorized by the committee to be sold
for the purpose of carrying out this chapter. Any amount withdrawn
shall be deposited in the fund. Any money made available under this
section shall be returned to the General Fund, plus an amount equal
to the interest that the money would have earned in the Pooled Money
Investment Account, from money received from the sale of bonds for
the purpose of carrying out this chapter.
1113. The Department of Veterans Affairs may request the Pooled
Money Investment Board to make a loan from the Pooled Money
Investment Account in accordance with Section 16312 of the Government
Code for the purposes of carrying out this chapter. The amount of
the request shall not exceed the amount of the unsold bonds that the
committee, by resolution, has authorized to be sold for the purpose
of carrying out this chapter. The department shall execute any
documents required by the Pooled Money Investment Board to obtain and
repay the loan. Any amounts loaned shall be deposited in the fund to
be allocated by the department in accordance with this chapter.
1114. All money deposited in the fund that is derived from premium
and accrued interest on bonds sold shall be reserved in the fund and
shall be available for transfer to the General Fund as a credit to
expenditures for bond interest.
1115. The bonds may be refunded in accordance with Article 6
(commencing with Section 16780) of Chapter 4 of Part 3 of Division 4
of Title 2 of the Government Code, which is a part of the State
General Obligation Bond Law. Approval by the voters of the state for
the issuance of the bonds described in this chapter includes the
approval of the issuance of any bonds issued to refund any bonds
originally issued under this chapter or any previously issued
refunding bonds.
1116. Notwithstanding any provision of this chapter or the State
General Obligation Bond Law, if the Treasurer sells bonds pursuant to
this chapter that include a bond counsel opinion to the effect that
the interest on the bonds is excluded from gross income for federal
tax purposes, subject to designated conditions, the Treasurer may
maintain separate accounts for the investment of bond proceeds and
the investment earnings on those proceeds. The Treasurer may use or
direct the use of those proceeds or earnings to pay any rebate,
penalty, or other payment required under federal law or to take any
other action with respect to the investment and use of bond proceeds
required or desirable under federal law to maintain the tax-exempt
status of those bonds and to obtain any other advantage under federal
law on behalf of the funds of this state.
1117. The Legislature hereby finds and declares that, inasmuch as
the proceeds from the sale of bonds authorized by this chapter are
not "proceeds of taxes" as that term is used in Article XIII B of the
California Constitution, the disbursement of these proceeds is not
subject to the limitations imposed by that article.
1105. The proceeds of bonds issued and sold pursuant to this
chapter shall be deposited in the State Treasury to the credit of the
Veterans' Home Fund, created by Section 1103.
1106. Bonds in the total amount of fifty million dollars
($50,000,000), not including the amount of any refunding bonds issued
in accordance with Section 1130, or as much thereof as is necessary,
may be issued and sold to provide a fund to be used for carrying out
the purposes expressed in this chapter and to be used and sold for
carrying out the purposes of Section 1104 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
shall 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 the principal of,
and interest on, the bonds as the principal and interest become due
and payable.
1107. The bonds authorized by this chapter shall be prepared,
executed, issued, sold, paid, and redeemed as provided in the State
General Obligation Bond Law (Chapter 4 (commencing with Section
16720) of Part 3 of Division 4 of Title 2 of the Government Code),
and all of the provisions of that law apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter.
1108. (a) Solely for the purpose of authorizing the issuance and
sale, pursuant to the State General Obligation Bond Law, of the bonds
authorized by this chapter, the Veterans' Home Finance Committee is
hereby created. For purposes of this chapter, the Veterans' Home
Finance Committee is "the committee" as that term is used in the
State General Obligation Bond Law. The committee consists of the
Treasurer, the Controller, the Director of Finance, and the Secretary
of Veterans Affairs, or their designated representatives. The
Treasurer shall serve as chairperson of the committee. A majority of
the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
Department of Veterans Affairs is designated the "board."
1109. The committee shall determine whether or not it is necessary
or desirable to issue bonds authorized pursuant to this chapter in
order to carry out the actions specified in this chapter and, if so,
the amount of bonds to be issued and sold. Successive issues of bonds
may be authorized and sold to carry out those actions progressively,
and it is not necessary that all of the bonds authorized to be
issued be sold at any one time.
1110. There shall be collected each year and in the same manner and
at the same time as other state revenue is collected, in addition to
the ordinary revenues of the state, a sum in an amount required to
pay the principal of, and interest on, the bonds maturing each year.
It is the duty of all officers charged by law with any duty in regard
to the collection of the revenue to do and perform each and every
act that is necessary to collect that additional sum.
1111. Notwithstanding Section 13340 of the Government Code, there
is hereby appropriated from the General Fund in the State Treasury,
for the purposes of this chapter, an amount that will equal the total
of the following:
(a) The sum annually necessary to pay the principal of, and
interest on, bonds issued and sold pursuant to this chapter, as the
principal and interest become due and payable.
(b) The sum necessary to carry out Section 1112 appropriated
without regard to fiscal years.
1112. The Director of Finance may authorize the withdrawal from the
General Fund of an amount or amounts not to exceed the amount of the
unsold bonds that have been authorized by the committee to be sold
for the purpose of carrying out this chapter. Any amount withdrawn
shall be deposited in the fund. Any money made available under this
section shall be returned to the General Fund, plus an amount equal
to the interest that the money would have earned in the Pooled Money
Investment Account, from money received from the sale of bonds for
the purpose of carrying out this chapter.
1113. The Department of Veterans Affairs may request the Pooled
Money Investment Board to make a loan from the Pooled Money
Investment Account in accordance with Section 16312 of the Government
Code for the purposes of carrying out this chapter. The amount of
the request shall not exceed the amount of the unsold bonds that the
committee, by resolution, has authorized to be sold for the purpose
of carrying out this chapter. The department shall execute any
documents required by the Pooled Money Investment Board to obtain and
repay the loan. Any amounts loaned shall be deposited in the fund to
be allocated by the department in accordance with this chapter.
1114. All money deposited in the fund that is derived from premium
and accrued interest on bonds sold shall be reserved in the fund and
shall be available for transfer to the General Fund as a credit to
expenditures for bond interest.
1115. The bonds may be refunded in accordance with Article 6
(commencing with Section 16780) of Chapter 4 of Part 3 of Division 4
of Title 2 of the Government Code, which is a part of the State
General Obligation Bond Law. Approval by the voters of the state for
the issuance of the bonds described in this chapter includes the
approval of the issuance of any bonds issued to refund any bonds
originally issued under this chapter or any previously issued
refunding bonds.
1116. Notwithstanding any provision of this chapter or the State
General Obligation Bond Law, if the Treasurer sells bonds pursuant to
this chapter that include a bond counsel opinion to the effect that
the interest on the bonds is excluded from gross income for federal
tax purposes, subject to designated conditions, the Treasurer may
maintain separate accounts for the investment of bond proceeds and
the investment earnings on those proceeds. The Treasurer may use or
direct the use of those proceeds or earnings to pay any rebate,
penalty, or other payment required under federal law or to take any
other action with respect to the investment and use of bond proceeds
required or desirable under federal law to maintain the tax-exempt
status of those bonds and to obtain any other advantage under federal
law on behalf of the funds of this state.
1117. The Legislature hereby finds and declares that, inasmuch as
the proceeds from the sale of bonds authorized by this chapter are
not "proceeds of taxes" as that term is used in Article XIII B of the
California Constitution, the disbursement of these proceeds is not
subject to the limitations imposed by that article.
1105. The proceeds of bonds issued and sold pursuant to this
chapter shall be deposited in the State Treasury to the credit of the
Veterans' Home Fund, created by Section 1103.
1106. Bonds in the total amount of fifty million dollars
($50,000,000), not including the amount of any refunding bonds issued
in accordance with Section 1130, or as much thereof as is necessary,
may be issued and sold to provide a fund to be used for carrying out
the purposes expressed in this chapter and to be used and sold for
carrying out the purposes of Section 1104 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
shall 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 the principal of,
and interest on, the bonds as the principal and interest become due
and payable.
1107. The bonds authorized by this chapter shall be prepared,
executed, issued, sold, paid, and redeemed as provided in the State
General Obligation Bond Law (Chapter 4 (commencing with Section
16720) of Part 3 of Division 4 of Title 2 of the Government Code),
and all of the provisions of that law apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter.
1108. (a) Solely for the purpose of authorizing the issuance and
sale, pursuant to the State General Obligation Bond Law, of the bonds
authorized by this chapter, the Veterans' Home Finance Committee is
hereby created. For purposes of this chapter, the Veterans' Home
Finance Committee is "the committee" as that term is used in the
State General Obligation Bond Law. The committee consists of the
Treasurer, the Controller, the Director of Finance, and the Secretary
of Veterans Affairs, or their designated representatives. The
Treasurer shall serve as chairperson of the committee. A majority of
the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
Department of Veterans Affairs is designated the "board."
1109. The committee shall determine whether or not it is necessary
or desirable to issue bonds authorized pursuant to this chapter in
order to carry out the actions specified in this chapter and, if so,
the amount of bonds to be issued and sold. Successive issues of bonds
may be authorized and sold to carry out those actions progressively,
and it is not necessary that all of the bonds authorized to be
issued be sold at any one time.
1110. There shall be collected each year and in the same manner and
at the same time as other state revenue is collected, in addition to
the ordinary revenues of the state, a sum in an amount required to
pay the principal of, and interest on, the bonds maturing each year.
It is the duty of all officers charged by law with any duty in regard
to the collection of the revenue to do and perform each and every
act that is necessary to collect that additional sum.
1111. Notwithstanding Section 13340 of the Government Code, there
is hereby appropriated from the General Fund in the State Treasury,
for the purposes of this chapter, an amount that will equal the total
of the following:
(a) The sum annually necessary to pay the principal of, and
interest on, bonds issued and sold pursuant to this chapter, as the
principal and interest become due and payable.
(b) The sum necessary to carry out Section 1112 appropriated
without regard to fiscal years.
1112. The Director of Finance may authorize the withdrawal from the
General Fund of an amount or amounts not to exceed the amount of the
unsold bonds that have been authorized by the committee to be sold
for the purpose of carrying out this chapter. Any amount withdrawn
shall be deposited in the fund. Any money made available under this
section shall be returned to the General Fund, plus an amount equal
to the interest that the money would have earned in the Pooled Money
Investment Account, from money received from the sale of bonds for
the purpose of carrying out this chapter.
1113. The Department of Veterans Affairs may request the Pooled
Money Investment Board to make a loan from the Pooled Money
Investment Account in accordance with Section 16312 of the Government
Code for the purposes of carrying out this chapter. The amount of
the request shall not exceed the amount of the unsold bonds that the
committee, by resolution, has authorized to be sold for the purpose
of carrying out this chapter. The department shall execute any
documents required by the Pooled Money Investment Board to obtain and
repay the loan. Any amounts loaned shall be deposited in the fund to
be allocated by the department in accordance with this chapter.
1114. All money deposited in the fund that is derived from premium
and accrued interest on bonds sold shall be reserved in the fund and
shall be available for transfer to the General Fund as a credit to
expenditures for bond interest.
1115. The bonds may be refunded in accordance with Article 6
(commencing with Section 16780) of Chapter 4 of Part 3 of Division 4
of Title 2 of the Government Code, which is a part of the State
General Obligation Bond Law. Approval by the voters of the state for
the issuance of the bonds described in this chapter includes the
approval of the issuance of any bonds issued to refund any bonds
originally issued under this chapter or any previously issued
refunding bonds.
1116. Notwithstanding any provision of this chapter or the State
General Obligation Bond Law, if the Treasurer sells bonds pursuant to
this chapter that include a bond counsel opinion to the effect that
the interest on the bonds is excluded from gross income for federal
tax purposes, subject to designated conditions, the Treasurer may
maintain separate accounts for the investment of bond proceeds and
the investment earnings on those proceeds. The Treasurer may use or
direct the use of those proceeds or earnings to pay any rebate,
penalty, or other payment required under federal law or to take any
other action with respect to the investment and use of bond proceeds
required or desirable under federal law to maintain the tax-exempt
status of those bonds and to obtain any other advantage under federal
law on behalf of the funds of this state.
1117. The Legislature hereby finds and declares that, inasmuch as
the proceeds from the sale of bonds authorized by this chapter are
not "proceeds of taxes" as that term is used in Article XIII B of the
California Constitution, the disbursement of these proceeds is not
subject to the limitations imposed by that article.
