Section 485.4 - Duty to establish, fix, and collect payments sufficient to provide for certain obligationsThe department shall at all times so long as any of the revenue bonds are outstanding establish, fix, and collect payments on all purchase contracts to produce an amount which, together with income derived from investments, will yield revenues which 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 such fiscal year on all revenue bonds.(b) The principal amount of all serial revenue bonds maturing by their terms during such fiscal year.(c) The aggregate minimum sinking fund payments, if any, required to be made for such fiscal year on account of revenue bonds then outstanding.(d) Such sums as may be required as reserve fund or funds payments due in such fiscal year.(e) The estimated expenses of maintenance, operation and administration of the farm and home purchase division within the department as provided in the budget of the department for such fiscal year.(f) Such additional aggregate sum as may be provided in any resolution of issuance, but not in excess of 1 1/2 times the interest payments for such fiscal year on all the revenue bonds then outstanding, but, subject to any applicable federal tax regulations, not less than 10 percent of the sum represented by the total of amounts designated by subdivisions (a), (b), and (c) of this section.Ca. Mil. and Vet. Code § 485.4
Amended by Stats. 1981, Ch. 920, Sec. 13.