California · Military and Veterans Code - MVC

MVC §998.011: Whenever bonds are sold, out of the first money realized from their sale, there shall be redeposited in the General Obligation Bond Expense Revolving Fund established by Section 16724.

What this law says, in plain English

When bonds are sold, a portion of the initial proceeds must be placed back into the General Obligation Bond Expense Revolving Fund as established by statute.

Read the full statutory text

Whenever bonds are sold, out of the first money realized from their sale, there shall be redeposited in the General Obligation Bond Expense Revolving Fund established by Section 16724.5 of the Government Code such sums as have been expended for the purposes specified in Section 16724.5 of the Government Code, which may be used for the same purpose and repaid in the same manner whenever additional sales are made.

Verify at the official source: California legislative text

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