BILL NUMBER: AB 2651	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Knight

                        FEBRUARY 19, 2010

   An act to add Section 998.4055 to the Military and Veterans Code,
relating to veterans.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2651, as introduced, Knight. Veterans farm and home purchases.
   Existing law authorizes the Department of Veterans Affairs to
provide home and farm purchase loans to veterans and to utilize the
proceeds from state general obligation bonds issued and sold for
these purposes.
   The acts authorizing the various bonds issues for these purposes
require the Controller to pay, from the General Fund, the principal
and interest on the bonds when due, and to be reimbursed for those
costs from the Veterans' Farm and Home Building Fund of 1943.
   This bill would authorize the Controller to establish a
zero-balance account within the General Fund and to transfer to that
account, from the Veterans' Home Building Fund of 1943, those amounts
necessary to pay from the General Fund the principal and interest on
the bonds as it comes due.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 998.4055 is added to the Military and Veterans
Code, immediately following Section 998.405, to read:
   998.4055.  Notwithstanding any other law, the Controller may
establish a zero-balance account in the General Fund and transfer to
that account, from the Veterans Home Building Fund of 1943, those
amounts that are necessary to pay from the General Fund the principal
and interest that is due and payable on bonds issued pursuant to
this article.