Current as of January 01, 2019 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
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.
Cite this article: FindLaw.com - California Code, Military and Veterans Code - MVC § 1003.4 - last updated January 01, 2019 | https://codes.findlaw.com/ca/military-and-veterans-code/mvc-sect-1003-4/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?