Mil. & Vet. Code, § 1003.4 · Article 4. Appropriation, Security, Sale, and Funds
Mil. & Vet. Code, § 1003.4
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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.
Notes and commentary — not statutory text
History
Amended by Stats. 1998, Ch. 530, Sec. 6. Effective September 17, 1998.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=MVC§ionNum=1003.4.
- Text hash
- sha256 0754432ae75a74a7541004826dbeb421605f1eabf4e6164ae3ab3b4381265994
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.