Military and Veterans Code section 485.9
(a)
The revenues in the preceding fiscal year produced by the interest rate or rates then in effect are in excess of all requirements of all resolutions of issuance under which revenue bonds are then outstanding, and(b)
The interest rate or rates so reduced will produce revenues for each subsequent fiscal year while any revenue bonds are outstanding in the aggregate amount required by all resolutions of issuance under which such revenue bonds are outstanding.
Source:
Section 485.9, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=MVC§ionNum=485.9.
(updated Jan. 1, 1981; accessed Jul. 7, 2025).