§ 53529. — 53529. (Added by Stats. 2002, Ch. 26, Sec. 8.)

California § 53529.

• Jurisdiction: California
• Code HSC: Health and Safety Code - HSC
• Div. 31.: DIVISION 31. HOUSING AND HOME FINANCE
• Part 11.: PART 11. HOUSING AND EMERGENCY SHELTER TRUST FUND ACT OF 2002
• Ch. 3.: CHAPTER 3. Fiscal Provisions

Text

Notwithstanding any other provision of this part, or of the State General Obligation Bond Law, if the Treasurer sells bonds pursuant to this part 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.

Legislative History

Added by Stats. 2002, Ch. 26, Sec. 8. Approved in Proposition 46 at the November 5, 2002, election.