§ 54032. — 54032. (Added by Stats. 2017, Ch. 365, Sec. 3.)

California § 54032.

• Jurisdiction: California
• Code HSC: Health and Safety Code - HSC
• Div. 31.: DIVISION 31. HOUSING AND HOME FINANCE
• Part 16.: PART 16. Veterans and Affordable Housing Bond Act of 2018
• Ch. 3.: CHAPTER 3. Fiscal Provisions

Text

Notwithstanding any provision of the State General Obligation Bond Law with regard to the proceeds from the sale of bonds authorized by this part that are subject to investment under Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of Title 2 of the Government Code, the Treasurer may maintain a separate account for investment earnings, may order the payment of those earnings to comply with any rebate requirement applicable under federal law, and may otherwise direct the use and investment of those proceeds so as to maintain the tax-exempt status of tax-exempt bonds and to obtain any other advantage under federal law on behalf of the funds of this state.

Legislative History

Added by Stats. 2017, Ch. 365, Sec. 3. Approved in Proposition 1 at the November 6, 2018, election; effective November 7, 2018.