Cal. MVC § 1003.4
This is the official text of Cal. MVC § 1003.4, part of California’s Military and Veterans Code — covers the California National Guard and benefits for military veterans.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
Need a lawyer in California?
Find a California lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.