Education Code - EDC
TITLE 3. POSTSECONDARY EDUCATION [66000 - 101149.5]
( Title 3 enacted by Stats. 1976, Ch. 1010. ) DIVISION 14. MISCELLANEOUS [99000 - 101149.5]
( Division 14 enacted by Stats. 1976, Ch. 1010. ) PART 68.2. KINDERGARTEN–UNIVERSITY PUBLIC EDUCATION FACILITIES BOND ACT OF 2004 [100800 - 100960]
( Part 68.2 added by Stats. 2002, Ch. 33, Sec. 31. ) CHAPTER 3. Higher Education Facilities [100850 - 100960]
( Chapter 3 added by Stats. 2002, Ch. 33, Sec. 31. ) ARTICLE 5. Higher Education Fiscal Provisions [100900 - 100960]
( Article 5 added by Stats. 2002, Ch. 33, Sec. 31. ) 100940.
Notwithstanding any other provision of this chapter, or of the State General Obligation Bond Law, if the Treasurer sells bonds pursuant to this chapter that include a bond counsel opinion to the effect that the interest on the bonds is excluded from gross income for federal tax purposes, subject to designated conditions, the Treasurer may maintain separate accounts for the investment of bond proceeds and for the investment earnings on those proceeds. The Treasurer 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 required or desirable under federal law 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.
(Added by Stats. 2002, Ch. 33, Sec. 31. Approved in Proposition 55 at the March 2, 2004, election.)