Statute · California Military and Veterans Code
Cal. Mil. & Vet. Code § 1003.8 — Appropriation, Security, Sale, and Funds
Cal. Mil. & Vet. Code § 1003.8
- Type
- Statute
- Source
- California Military and Veterans Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
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…
Citator
Cal. Mil. & Vet. Code § 1003.8 — Appropriation, Security, Sale, and Funds is in force in the current edition of the Code, and nothing recorded condemns it.
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.