Cal. Health & Saf. Code § 54032

Current through the 2024 Legislative Session.
Section 54032 - Powers of treasurer

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.

Ca. Health and Saf. Code § 54032

Added by Stats 2017 ch 365 (SB 3),s 3, eff. 11/7/2018 (approved by the voters at the 11/6/2018 election).