California § 69521.8. 69521.8. (Added by Stats. 2007, Ch. 182, Sec. 1.)

California Statutes

§ 69521.8. — 69521.8. (Added by Stats. 2007, Ch. 182, Sec. 1.)

California·Code EDC Education Code - EDC·Div. 5.·Title 3. DIVISION 5. GENERAL PROVISIONS·Part 42. PART 42. STUDENT FINANCIAL AID PROGRAM·Ch. 2. CHAPTER 2. Student Financial Aid Programs·Art. 2.4. ARTICLE 2.4. Maximizing the Value of the State Student Loan Guarantee Program Assets and Liabilities

(a)The Director of Finance shall deposit all proceeds of any sale of, or any funds achieved through any other arrangement to maximize the value of, the state student loan guarantee program assets and liabilities under this article, net of any costs related to that transaction, into the General Fund.

(b)The proceeds of any sale of, or any funds achieved through any other arrangement to maximize the value of, the state student loan guarantee program assets and liabilities are not “proceeds of taxes” as that term is used in subdivision (c) of Section 8 of Article XIII B of the California Constitution. The disbursement of these proceeds is not subject to the limitations imposed by that article.

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(a)
The Director of Finance shall deposit all proceeds of any sale of, or any funds achieved through any other arrangement to maximize the value of, the state student loan guarantee program assets and liabilities under this article, net of any costs related to that transaction, into the General Fund.
(b)
The proceeds of any sale of, or any funds achieved through any other arrangement to maximize the value of, the state student loan guarantee program assets and liabilities are not “proceeds of taxes” as that term is used in subdivision (c) of Section 8 of Article XIII
B of the California Constitution. The disbursement of these proceeds is not subject to the limitations imposed by that article.

California § 69521.8. (69521.8. (Added by Stats. 2007, Ch. 182, Sec. 1.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.