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 accrued against the fund, without
regard to fiscal years, the sum of fifty million dollars
($50,000,000) or so much thereof as may be necessary to carry out the
provisions of this article, but in no event shall the sum be less
than 10 percent of the total amount of all debentures outstanding
hereunder. Such sum appropriated shall be held in investments which
are convertible into cash within the period of time required to
satisfy the current requirements of the Veterans' Debenture Revenue
Fund.
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 debentures. In addition there shall
be pledged to the payment of such principal and interest and all
other charges, including reserve fund, sinking fund and all other
payments required to be made in connection with the debentures, as
further security therefor, such portions of the funds appropriated in
Section 1003.1 as the Veterans' Debenture Finance Committee shall
deem necessary to adequately protect the rights of the debenture
holders.
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, enter into a new contract covering the
same or similar property and shall substitute the new contract in
lieu of the pledged contract so canceled or terminated. The income
and receipts of the substituted contract shall be pledged in their
entirety to the payment of the debentures.
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 fixed interest rates or variable
interest rates, on the unpaid balance on all pledged contracts to
produce an amount that, together with income derived from
investments, will yield revenues that will, in the aggregate, be
sufficient with respect to the then immediately ensuing fiscal year
to pay and provide for all of the following:
(a) Interest to become due and payable in that fiscal year on all
debentures.
(b) The principal amount of all serial debentures maturing by
their terms during that fiscal year.
(c) The aggregate minimum sinking fund payments, if any, required
to be made for that fiscal year on account of debentures then
outstanding.
(d) Those sums as may be required as reserve fund payments due in
that fiscal year.
(e) The estimated expenses of maintenance, operation, and
administration of the department as provided in the budget of the
department for that fiscal year.
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 United States of America as at the time
of payment is legal tender for the payment of public and private
debts.
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 all such revenues shall remain so
pledged until all of the debentures are fully paid or sufficient
funds have been accumulated and are legally available for the payment
thereof.
1003.8. All debenture redemption and interest payments and any
premium payable upon debentures called for redemption, and all
payments required for reserve funds, sinking funds and all other
funds created as further security for the debentures constitute a
first, direct, and exclusive charge and lien on all revenues of the
pledged contracts and the interest or other income derived therefrom.
Such revenues, together with any interest or other income earned
thereon, and such funds and the interest and income earned thereon,
constitute a trust fund for the security and payment of the
debentures and shall not be used or pledged for any other purpose or
transferred to any other fund as long as any such debentures are
outstanding and unpaid.
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 in this fund. Money may be withdrawn
from such fund in accordance with law upon requisition of the
department for the purpose of carrying out the Veterans' Farm and
Home Purchase Act of 1974.
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 Fund. All moneys deposited in the
Veterans' Debenture Revenue Fund shall be allocated and applied by
the State Treasurer only as provided in the appropriate resolution of
issuance of the department and separate and apart from all other
moneys in the State Treasury. The moneys deposited in the Veterans'
Debenture Revenue Fund shall be segregated and applied as provided in
the resolution of issuance. The resolution of issuance may provide
for the creation of the Veterans' Debenture Interest Fund Account,
Veterans' Debenture Principal Fund Account, Veterans' Debenture
Sinking Fund, Veterans' Debenture Reserve Fund Account and also any
other funds or accounts which will be deemed necessary or desirable
for the payment of or further security of debentures. The resolution
of issuance establishing such funds may provide for the manner and
method of disbursement of such funds, the amounts to be deposited
therewith and withdrawn therefrom, the application of any surplus
moneys in any such funds to the purchase or redemption of debentures
and for the investment of moneys in such funds in particular bonds or
obligations which are then made eligible for such investments by the
terms of such resolution.
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 resolution of issuance and for the
transfer of moneys from the Veterans' Debenture Revenue Fund into
such account. Such transfer shall be made by the State Treasurer
without further action on the part of the department. Neither the
department nor the State of California nor any officer thereof shall
have or exercise any rights with respect to the moneys in any of such
funds or accounts so established save only in trust for the direct
benefit of the holders of debentures.
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 initial deposit therein, cash or
securities equal to the minimum amounts required to be maintained
therein by any resolution of issuance. Excess money in the reserve
fund or account not required to be maintained therein by the
provisions of any resolution of issuance may be withdrawn at the
request of the department and transferred to the Veterans' Farm and
Home Building Fund of 1970 and used and applied for the purpose of
carrying out the Veterans' Farm and Home Purchase Act of 1974.
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 written request of the department at
public or private sale, as determined by the department with the
approval of the Veterans' Debenture Finance Committee, and at those
times and in those amounts that the department deems necessary to
provide sufficient funds for the purposes for which the debentures
are then authorized. Successive issues of debentures within the
limits of the authorization for the issuance of debentures, if any of
those limitations are included in the proceedings for the issuance
of the debentures, shall be equally and regularly secured without
preference, priority or distinction as to security or otherwise by
reason of time of issue, or sale, except as debentures of various
series may differ with respect to dates, numbers, interest rates,
maturity, redemption provisions, sinking fund provisions, or
otherwise as authorized in any resolution of issuance.
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 department and shall be paid by
the department. The department shall likewise pay the cost of
printing, lithographing or otherwise preparing the debentures, the
charges of any duly authorized agent of the State Treasurer appointed
for the payment of principal and interest of the debentures in any
place other than the office of the State Treasurer, any expenses
incurred in connection with delivery of the debentures, including the
fees and expenses of municipal bond attorneys whose opinion on the
validity of the debentures is to be provided by the department
without charge to the successful purchaser of the debentures. The
department is authorized to employ any nationally known municipal
bond attorney or attorneys and the Attorney General for the purpose
of rendering legal opinions as to the validity of the debentures to
be furnished to the purchaser of the debentures without cost. The
department is also authorized to employ or appoint such independent
financial consultants, attorneys, certified public accountants,
public accountants, engineers or other independent consultants whose
services or opinions are necessary or advisable in connection with
the issuance and sale of revenue debentures. Payment for such
services shall be made from the proceeds of the sale of the
debentures or from any other funds available to the department on
Controller's warrant duly drawn for that purpose. Such expenses may
also include the cost of delivering debentures at any place other
than the office of the State Treasurer, including transportation and
insurance costs.
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, the department may assign or pledge
an undivided interest in the assets of the Veterans' Farm and Home
Building Fund of 1943 as security for the debentures. Undivided
interest so assigned or pledged shall not exceed the amount of
principal and interest of the debentures secured thereby, and shall
be secondary and subordinate to any interest or right of the people
and the holders of general obligation bonds in the fund under any
general obligation veterans bond act.
(b) In that event, the department shall deposit the proceeds of
the sale of the debentures and the revenues therefrom in the Veterans'
Farm and Home Building Fund of 1943, and money may be withdrawn
therefrom in accordance with law upon requisition of the department
for the purpose of carrying out the provisions of this chapter and of
the Veterans' Farm and Home Purchase Act of 1943 and the Veterans'
Farm and Home Purchase Act of 1974. The department may create any
accounts or funds within the Veterans' Farm and Home Building Fund of
1943 and the Veterans' Debenture Revenue Fund that may be
appropriate or desirable for carrying out the provisions of this
section.
(c) Further, in that event, and notwithstanding Section 1006.15,
the interest rates on veterans' purchase contracts shall be
established as provided in Section 987.87.
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 accrued against the fund, without
regard to fiscal years, the sum of fifty million dollars
($50,000,000) or so much thereof as may be necessary to carry out the
provisions of this article, but in no event shall the sum be less
than 10 percent of the total amount of all debentures outstanding
hereunder. Such sum appropriated shall be held in investments which
are convertible into cash within the period of time required to
satisfy the current requirements of the Veterans' Debenture Revenue
Fund.
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 debentures. In addition there shall
be pledged to the payment of such principal and interest and all
other charges, including reserve fund, sinking fund and all other
payments required to be made in connection with the debentures, as
further security therefor, such portions of the funds appropriated in
Section 1003.1 as the Veterans' Debenture Finance Committee shall
deem necessary to adequately protect the rights of the debenture
holders.
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, enter into a new contract covering the
same or similar property and shall substitute the new contract in
lieu of the pledged contract so canceled or terminated. The income
and receipts of the substituted contract shall be pledged in their
entirety to the payment of the debentures.
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 fixed interest rates or variable
interest rates, on the unpaid balance on all pledged contracts to
produce an amount that, together with income derived from
investments, will yield revenues that will, in the aggregate, be
sufficient with respect to the then immediately ensuing fiscal year
to pay and provide for all of the following:
(a) Interest to become due and payable in that fiscal year on all
debentures.
(b) The principal amount of all serial debentures maturing by
their terms during that fiscal year.
(c) The aggregate minimum sinking fund payments, if any, required
to be made for that fiscal year on account of debentures then
outstanding.
(d) Those sums as may be required as reserve fund payments due in
that fiscal year.
(e) The estimated expenses of maintenance, operation, and
administration of the department as provided in the budget of the
department for that fiscal year.
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 United States of America as at the time
of payment is legal tender for the payment of public and private
debts.
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 all such revenues shall remain so
pledged until all of the debentures are fully paid or sufficient
funds have been accumulated and are legally available for the payment
thereof.
1003.8. All debenture redemption and interest payments and any
premium payable upon debentures called for redemption, and all
payments required for reserve funds, sinking funds and all other
funds created as further security for the debentures constitute a
first, direct, and exclusive charge and lien on all revenues of the
pledged contracts and the interest or other income derived therefrom.
Such revenues, together with any interest or other income earned
thereon, and such funds and the interest and income earned thereon,
constitute a trust fund for the security and payment of the
debentures and shall not be used or pledged for any other purpose or
transferred to any other fund as long as any such debentures are
outstanding and unpaid.
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 in this fund. Money may be withdrawn
from such fund in accordance with law upon requisition of the
department for the purpose of carrying out the Veterans' Farm and
Home Purchase Act of 1974.
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 Fund. All moneys deposited in the
Veterans' Debenture Revenue Fund shall be allocated and applied by
the State Treasurer only as provided in the appropriate resolution of
issuance of the department and separate and apart from all other
moneys in the State Treasury. The moneys deposited in the Veterans'
Debenture Revenue Fund shall be segregated and applied as provided in
the resolution of issuance. The resolution of issuance may provide
for the creation of the Veterans' Debenture Interest Fund Account,
Veterans' Debenture Principal Fund Account, Veterans' Debenture
Sinking Fund, Veterans' Debenture Reserve Fund Account and also any
other funds or accounts which will be deemed necessary or desirable
for the payment of or further security of debentures. The resolution
of issuance establishing such funds may provide for the manner and
method of disbursement of such funds, the amounts to be deposited
therewith and withdrawn therefrom, the application of any surplus
moneys in any such funds to the purchase or redemption of debentures
and for the investment of moneys in such funds in particular bonds or
obligations which are then made eligible for such investments by the
terms of such resolution.
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 resolution of issuance and for the
transfer of moneys from the Veterans' Debenture Revenue Fund into
such account. Such transfer shall be made by the State Treasurer
without further action on the part of the department. Neither the
department nor the State of California nor any officer thereof shall
have or exercise any rights with respect to the moneys in any of such
funds or accounts so established save only in trust for the direct
benefit of the holders of debentures.
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 initial deposit therein, cash or
securities equal to the minimum amounts required to be maintained
therein by any resolution of issuance. Excess money in the reserve
fund or account not required to be maintained therein by the
provisions of any resolution of issuance may be withdrawn at the
request of the department and transferred to the Veterans' Farm and
Home Building Fund of 1970 and used and applied for the purpose of
carrying out the Veterans' Farm and Home Purchase Act of 1974.
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 written request of the department at
public or private sale, as determined by the department with the
approval of the Veterans' Debenture Finance Committee, and at those
times and in those amounts that the department deems necessary to
provide sufficient funds for the purposes for which the debentures
are then authorized. Successive issues of debentures within the
limits of the authorization for the issuance of debentures, if any of
those limitations are included in the proceedings for the issuance
of the debentures, shall be equally and regularly secured without
preference, priority or distinction as to security or otherwise by
reason of time of issue, or sale, except as debentures of various
series may differ with respect to dates, numbers, interest rates,
maturity, redemption provisions, sinking fund provisions, or
otherwise as authorized in any resolution of issuance.
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 department and shall be paid by
the department. The department shall likewise pay the cost of
printing, lithographing or otherwise preparing the debentures, the
charges of any duly authorized agent of the State Treasurer appointed
for the payment of principal and interest of the debentures in any
place other than the office of the State Treasurer, any expenses
incurred in connection with delivery of the debentures, including the
fees and expenses of municipal bond attorneys whose opinion on the
validity of the debentures is to be provided by the department
without charge to the successful purchaser of the debentures. The
department is authorized to employ any nationally known municipal
bond attorney or attorneys and the Attorney General for the purpose
of rendering legal opinions as to the validity of the debentures to
be furnished to the purchaser of the debentures without cost. The
department is also authorized to employ or appoint such independent
financial consultants, attorneys, certified public accountants,
public accountants, engineers or other independent consultants whose
services or opinions are necessary or advisable in connection with
the issuance and sale of revenue debentures. Payment for such
services shall be made from the proceeds of the sale of the
debentures or from any other funds available to the department on
Controller's warrant duly drawn for that purpose. Such expenses may
also include the cost of delivering debentures at any place other
than the office of the State Treasurer, including transportation and
insurance costs.
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, the department may assign or pledge
an undivided interest in the assets of the Veterans' Farm and Home
Building Fund of 1943 as security for the debentures. Undivided
interest so assigned or pledged shall not exceed the amount of
principal and interest of the debentures secured thereby, and shall
be secondary and subordinate to any interest or right of the people
and the holders of general obligation bonds in the fund under any
general obligation veterans bond act.
(b) In that event, the department shall deposit the proceeds of
the sale of the debentures and the revenues therefrom in the Veterans'
Farm and Home Building Fund of 1943, and money may be withdrawn
therefrom in accordance with law upon requisition of the department
for the purpose of carrying out the provisions of this chapter and of
the Veterans' Farm and Home Purchase Act of 1943 and the Veterans'
Farm and Home Purchase Act of 1974. The department may create any
accounts or funds within the Veterans' Farm and Home Building Fund of
1943 and the Veterans' Debenture Revenue Fund that may be
appropriate or desirable for carrying out the provisions of this
section.
(c) Further, in that event, and notwithstanding Section 1006.15,
the interest rates on veterans' purchase contracts shall be
established as provided in Section 987.87.
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 accrued against the fund, without
regard to fiscal years, the sum of fifty million dollars
($50,000,000) or so much thereof as may be necessary to carry out the
provisions of this article, but in no event shall the sum be less
than 10 percent of the total amount of all debentures outstanding
hereunder. Such sum appropriated shall be held in investments which
are convertible into cash within the period of time required to
satisfy the current requirements of the Veterans' Debenture Revenue
Fund.
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 debentures. In addition there shall
be pledged to the payment of such principal and interest and all
other charges, including reserve fund, sinking fund and all other
payments required to be made in connection with the debentures, as
further security therefor, such portions of the funds appropriated in
Section 1003.1 as the Veterans' Debenture Finance Committee shall
deem necessary to adequately protect the rights of the debenture
holders.
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, enter into a new contract covering the
same or similar property and shall substitute the new contract in
lieu of the pledged contract so canceled or terminated. The income
and receipts of the substituted contract shall be pledged in their
entirety to the payment of the debentures.
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 fixed interest rates or variable
interest rates, on the unpaid balance on all pledged contracts to
produce an amount that, together with income derived from
investments, will yield revenues that will, in the aggregate, be
sufficient with respect to the then immediately ensuing fiscal year
to pay and provide for all of the following:
(a) Interest to become due and payable in that fiscal year on all
debentures.
(b) The principal amount of all serial debentures maturing by
their terms during that fiscal year.
(c) The aggregate minimum sinking fund payments, if any, required
to be made for that fiscal year on account of debentures then
outstanding.
(d) Those sums as may be required as reserve fund payments due in
that fiscal year.
(e) The estimated expenses of maintenance, operation, and
administration of the department as provided in the budget of the
department for that fiscal year.
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 United States of America as at the time
of payment is legal tender for the payment of public and private
debts.
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 all such revenues shall remain so
pledged until all of the debentures are fully paid or sufficient
funds have been accumulated and are legally available for the payment
thereof.
1003.8. All debenture redemption and interest payments and any
premium payable upon debentures called for redemption, and all
payments required for reserve funds, sinking funds and all other
funds created as further security for the debentures constitute a
first, direct, and exclusive charge and lien on all revenues of the
pledged contracts and the interest or other income derived therefrom.
Such revenues, together with any interest or other income earned
thereon, and such funds and the interest and income earned thereon,
constitute a trust fund for the security and payment of the
debentures and shall not be used or pledged for any other purpose or
transferred to any other fund as long as any such debentures are
outstanding and unpaid.
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 in this fund. Money may be withdrawn
from such fund in accordance with law upon requisition of the
department for the purpose of carrying out the Veterans' Farm and
Home Purchase Act of 1974.
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 Fund. All moneys deposited in the
Veterans' Debenture Revenue Fund shall be allocated and applied by
the State Treasurer only as provided in the appropriate resolution of
issuance of the department and separate and apart from all other
moneys in the State Treasury. The moneys deposited in the Veterans'
Debenture Revenue Fund shall be segregated and applied as provided in
the resolution of issuance. The resolution of issuance may provide
for the creation of the Veterans' Debenture Interest Fund Account,
Veterans' Debenture Principal Fund Account, Veterans' Debenture
Sinking Fund, Veterans' Debenture Reserve Fund Account and also any
other funds or accounts which will be deemed necessary or desirable
for the payment of or further security of debentures. The resolution
of issuance establishing such funds may provide for the manner and
method of disbursement of such funds, the amounts to be deposited
therewith and withdrawn therefrom, the application of any surplus
moneys in any such funds to the purchase or redemption of debentures
and for the investment of moneys in such funds in particular bonds or
obligations which are then made eligible for such investments by the
terms of such resolution.
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 resolution of issuance and for the
transfer of moneys from the Veterans' Debenture Revenue Fund into
such account. Such transfer shall be made by the State Treasurer
without further action on the part of the department. Neither the
department nor the State of California nor any officer thereof shall
have or exercise any rights with respect to the moneys in any of such
funds or accounts so established save only in trust for the direct
benefit of the holders of debentures.
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 initial deposit therein, cash or
securities equal to the minimum amounts required to be maintained
therein by any resolution of issuance. Excess money in the reserve
fund or account not required to be maintained therein by the
provisions of any resolution of issuance may be withdrawn at the
request of the department and transferred to the Veterans' Farm and
Home Building Fund of 1970 and used and applied for the purpose of
carrying out the Veterans' Farm and Home Purchase Act of 1974.
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 written request of the department at
public or private sale, as determined by the department with the
approval of the Veterans' Debenture Finance Committee, and at those
times and in those amounts that the department deems necessary to
provide sufficient funds for the purposes for which the debentures
are then authorized. Successive issues of debentures within the
limits of the authorization for the issuance of debentures, if any of
those limitations are included in the proceedings for the issuance
of the debentures, shall be equally and regularly secured without
preference, priority or distinction as to security or otherwise by
reason of time of issue, or sale, except as debentures of various
series may differ with respect to dates, numbers, interest rates,
maturity, redemption provisions, sinking fund provisions, or
otherwise as authorized in any resolution of issuance.
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 department and shall be paid by
the department. The department shall likewise pay the cost of
printing, lithographing or otherwise preparing the debentures, the
charges of any duly authorized agent of the State Treasurer appointed
for the payment of principal and interest of the debentures in any
place other than the office of the State Treasurer, any expenses
incurred in connection with delivery of the debentures, including the
fees and expenses of municipal bond attorneys whose opinion on the
validity of the debentures is to be provided by the department
without charge to the successful purchaser of the debentures. The
department is authorized to employ any nationally known municipal
bond attorney or attorneys and the Attorney General for the purpose
of rendering legal opinions as to the validity of the debentures to
be furnished to the purchaser of the debentures without cost. The
department is also authorized to employ or appoint such independent
financial consultants, attorneys, certified public accountants,
public accountants, engineers or other independent consultants whose
services or opinions are necessary or advisable in connection with
the issuance and sale of revenue debentures. Payment for such
services shall be made from the proceeds of the sale of the
debentures or from any other funds available to the department on
Controller's warrant duly drawn for that purpose. Such expenses may
also include the cost of delivering debentures at any place other
than the office of the State Treasurer, including transportation and
insurance costs.
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, the department may assign or pledge
an undivided interest in the assets of the Veterans' Farm and Home
Building Fund of 1943 as security for the debentures. Undivided
interest so assigned or pledged shall not exceed the amount of
principal and interest of the debentures secured thereby, and shall
be secondary and subordinate to any interest or right of the people
and the holders of general obligation bonds in the fund under any
general obligation veterans bond act.
(b) In that event, the department shall deposit the proceeds of
the sale of the debentures and the revenues therefrom in the Veterans'
Farm and Home Building Fund of 1943, and money may be withdrawn
therefrom in accordance with law upon requisition of the department
for the purpose of carrying out the provisions of this chapter and of
the Veterans' Farm and Home Purchase Act of 1943 and the Veterans'
Farm and Home Purchase Act of 1974. The department may create any
accounts or funds within the Veterans' Farm and Home Building Fund of
1943 and the Veterans' Debenture Revenue Fund that may be
appropriate or desirable for carrying out the provisions of this
section.
(c) Further, in that event, and notwithstanding Section 1006.15,
the interest rates on veterans' purchase contracts shall be
established as provided in Section 987.87.
