§ 2701.22. — 2701.22. (Added by Stats. 1989, Ch. 108, Sec. 2.)

California § 2701.22.

• Jurisdiction: California
• Code SHC: Streets and Highways Code - SHC
• Div. 3.: DIVISION 3. APPORTIONMENT AND EXPENDITURE OF HIGHWAY FUNDS
• Ch. 17.: CHAPTER 17. Passenger Rail and Clean Air Bond Act of 1990
• Art. 3.: ARTICLE 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 chapter 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, 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 those bonds and to obtain any other advantage under federal law on behalf of the funds of this state.

Legislative History

Added by Stats. 1989, Ch. 108, Sec. 2. Approved in Proposition 108 at the June 5, 1990, election.