§ 1006.11. — 1006.11. (Amended by Stats. 1976, Ch. 663.)

California § 1006.11.

• Jurisdiction: California
• Code MVC: Military and Veterans Code - MVC
• Div. 4.: DIVISION 4. VETERANS' AID AND WELFARE
• Ch. 7.: CHAPTER 7. Veterans’ Revenue Debenture Act of 1970
• Art. 7.: ARTICLE 7. Miscellaneous

Text

This chapter shall be liberally construed to carry out the objects and purposes and the declared public policy of the State of California as in this chapter set forth. The facts with which the Legislature is fully cognizant are:
The State of California is committed to aid and assist veterans under the Veterans’ Farm and Home Purchase Act of 1974. Increasing numbers of servicemen who served in Vietnam are being discharged and need home loans. The Cal-Vet loan program must be updated to provide comparable benefits to those provided veterans of World War II and the Korean Conflict. Conditions in the money market render it impracticable for the State of California in conformity with its other commitments to continue to raise funds for veterans’ aid through the issuance and sale of general obligation bonds of the state. There is now in the Department of Veterans Affairs a backlog of applications which cannot be processed because funds are inadequate to meet the demand for loans. This act provides another method whereby the State of California will be able to raise the necessary funds for the aid and assistance of veterans through the issuance of revenue debentures payable exclusively from the proceeds of contracts of sale of properties acquired by the department from veterans’ revenue debenture proceeds and resold to veterans without imposing any liability upon the State of California and without creating any debt or liability of the State of California. The urgent requirements of veterans and the necessity of raising funds immediately for their aid and assistance render it essential that this law be adopted.

Legislative History

Amended by Stats. 1976, Ch. 663.