California · Military and Veterans Code - MVC

MVC §988.6: (a) There is hereby created in the State Treasury a revolving special fund known as the Veterans’ Bonds Payment Fund.

What this law says, in plain English

The state creates a special revolving fund in the Treasury called the Veterans' Bonds Payment Fund.

Read the full statutory text
(a) There is hereby created in the State Treasury a revolving special fund known as the Veterans’ Bonds Payment Fund. All moneys in this fund shall be used solely to pay debt service, as this term is defined in subdivision (c) of Section 998.404, when due on bonds issued pursuant to all veterans’ farm and home purchase bond acts pursuant to this chapter, and notwithstanding Section 13340 of the Government Code, all moneys in this fund are continuously appropriated for this purpose. (b) All moneys in the Veterans’ Bonds Payment Fund are necessary for immediate use and no amounts of this fund shall be considered “surplus money,” for the purposes of Section 16470 of the Government Code. (c) Moneys in the Veterans’ Bonds Payment Fund shall be used solely as described in subdivision (a), and therefore no moneys in that fund shall be borrowed by, or transferred to, the General Fund pursuant to subdivision (a) of Section 16310 of the Government Code or any other similar authority, or to the General Cash Revolving Fund pursuant to Section 16381 of the Government Code or any other similar authority. (d) Moneys in the Veterans’ Bonds Payment Fund may be transferred to an account within the Refunding Escrow Fund created by Section 16784 of the Government Code for the purposes of paying debt service, as defined in subdivision (c) of Section 998.404, in connection with the refunding of bonds issued pursuant to veterans’ farm and home purchase bond acts pursuant to this chapter.

Verify at the official source: California legislative text

Facing this? Know exactly what happens next.

MOFRD turns this code section into your situation: the deadlines that apply to you, the forms your county uses, and the resolution paths people in your position actually take. Free for 3 days — no card required.

This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.