SECTIONS 480-480.2 - California Statutes

MILITARY AND VETERANS CODE

SECTION 480-480.2

480. This chapter may be cited as the California National Guard
Members' Revenue Bond Act of 1978.

480.1. This chapter shall be liberally construed to carry out the
objects and purposes and the declared public policy of the State of
California as set forth in the California National Guard Members'
Farm and Home Purchase Act of 1978, Article 4 (commencing with
Section 270) of Chapter 3 of this part.

480.2. The following terms, wherever used or referred to in this
chapter, shall have the following meanings, respectively, unless a
different meaning appears from the context:
(a) "Department" means the Military Department of the State of
California, as the same is constituted by the provisions of Section
50, and any successor to such office, or the Department of Veterans
Affairs or the California Housing Finance Agency as to any function
assigned pursuant to the provisions of Section 270.04.
(b) "Person" means any individual, firm, corporation, association,
partnership, limited liability company, trust, business trust, or
receiver or trustee or conservator for any thereof, but does not
include this state or any public corporation, political subdivision,
city, county, district, or agency of this state.
(c) "Purchase contract" means a contract of sale entered into
after the effective date of this chapter by the department and a
National Guard member covering any property purchased or acquired by
the department as may be provided in any resolution of issuance.
(d) "Resolution of issuance" means a resolution of the department,
approved by the National Guard Members' Finance Committee, pursuant
to which revenue bonds are issued, and any amendatory or supplemental
resolution.
(e) "Revenue bond" means any written evidence of any obligation
issued by the department pursuant to this chapter, payment of which
is secured by a pledge of revenues, as provided in this chapter,
irrespective of the form of such obligation.
(f) "Revenue bondholder" means any person who shall be the bearer
or registered owner of any outstanding revenue bond.
(g) "Revenues" means all income and receipts of the department
from the purchase contracts, including, without limiting the
generality of the foregoing, all payments received on account of the
selling price and interest thereon; expenses and all other charges
added to the selling price; insurance proceeds collected on account
of loss, damage, or injury to the property; life insurance or
disability insurance proceeds received by the department; and all
other receipts of whatsoever kind or nature arising out of or
incident to the purchase contracts. The term "revenues" also includes
all interest or other income from any investment of any moneys in
any fund or account established under a resolution of issuance for
the payment of the principal of, or interest or premium on, revenue
bonds.
(h) "California National Guard member" shall have the meaning set
forth in Section 210.
(i) "California National Guard Finance Committee" means the
committee created pursuant to Section 270.365.