California § 8878.315. 8878.315. (Added by Stats. 1991, Ch. 652, Sec. 10.)

California Statutes

§ 8878.315. — 8878.315. (Added by Stats. 1991, Ch. 652, Sec. 10.)

California·Code GOV Government Code - GOV·Div. 1.·Title 2. DIVISION 1. GENERAL·Ch. 12.45. CHAPTER 12.45. California Earthquake Safety and Housing Rehabilitation Bond Act of 1988·Art. 3. ARTICLE 3. Fiscal Provisions

Notwithstanding any other provision of this bond act, or of the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2), if the Treasurer sells bonds pursuant to this bond act that include a bond counsel opinion to the effect that the interest on the bonds is excluded from gross income for federal tax purposes under designated conditions, the Treasurer may maintain separate accounts for the bond proceeds invested and the investment earnings on those proceeds, and may use or direct the use of those proceeds or earnings to pay any rebate, penalty, or other payment required under federal law, or take any other action with respect to the investment and use of those bond proceeds, as may be required or desirable under federal law in order

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Notwithstanding any other provision of this bond act, or of the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2), if the Treasurer sells bonds pursuant to this bond act that include a bond counsel opinion to the effect that the interest on the bonds is excluded from gross income for federal tax purposes under designated conditions, the Treasurer may maintain separate accounts for the bond proceeds invested and the investment earnings on those proceeds, and may use or direct the use of those proceeds or earnings to pay any rebate, penalty, or other payment required under federal law, or take any other action with respect to the investment and use of those bond proceeds, as may be required or desirable under federal law in order to maintain the tax-exempt status of those bonds and to obtain any other advantage under federal law on behalf of the funds of this state.

California § 8878.315. (8878.315. (Added by Stats. 1991, Ch. 652, Sec. 10.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.