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HomeMilitary and Veterans CodeDiv. 5Ch. 2Art. 3§ 1110 Bond Principal And Interest Collection

§ 1110 Bond Principal And Interest Collection

Military and Veterans Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 1110 Bond Principal And Interest Collection

This law says the state must collect an extra amount of money each year, just like other taxes, to pay back the bonds that are due that year, and the officials in charge must do everything needed to get that money.

Key Takeaways

  • •Each year the state must collect an additional sum beyond normal taxes.
  • •The extra money is used to pay the principal and interest on bonds that mature that year.
  • •All officials who handle tax collection must take any steps needed to get this extra money.

Example

The state issued bonds that will be paid back next year. To have enough cash for the bond principal and interest, the state adds a special extra charge to the regular tax bill that every homeowner receives.

When the homeowner gets their yearly tax bill, the extra amount is included, and the tax office must make sure it is collected so the state can pay the bond holders on time.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 1110 Bond Principal And Interest Collection

There shall be collected each year and in the same manner and at the same time as other state revenue is collected, in addition to the ordinary revenues of the state, a sum in an amount required to pay the principal of, and interest on, the bonds maturing each year. It is the duty of all officers charged by law with any duty in regard to the collection of the revenue to do and perform each and every act that is necessary to collect that additional sum. (Added by Stats. 1999, Ch. 728, Sec. 2. Approved in Proposition 16 at the March 7, 2000, election.)

Last verified: January 11, 2026

Key Terms

principalinterestbonds maturingadditional sumordinary revenues

Related Statutes

  • § 1111 Bond Payment Appropriation
  • § 1002.10 Debenture Payment Requirements
  • § 482.9 Bond Payment Requirements
  • § 998.549 Bond Principal And Interest Collection
  • § 1105 Veterans’ Home Bond Proceeds

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Military and Veterans Code. Section 1110.
View Official Source