CA AB2651

Creates the Veterans' Bonds Payment Fund in the State Treasury as a special revolving fund to pay debt service on bonds issued under veterans' farm and home purchase bond acts.

Redirects payments from the General Fund to the Veterans' Bonds Payment Fund, with any insufficient funds then drawn from the General Fund as backup.

Prohibits borrowing or transferring money from the Veterans' Bonds Payment Fund to the General Fund or General Cash Revolving Fund.

Allows transfers from the Veterans' Bonds Payment Fund to the Refunding Escrow Fund for debt service payments related to bond refundings.

Takes effect immediately as an urgency statute to save the state $500,000 in debt interest payment costs.