Health and Safety Code - HSC
DIVISION 31. HOUSING AND HOME FINANCE [50000 - 54913]
( Division 31 repealed and added by Stats. 1977, Ch. 610. ) PART 12. HOUSING AND EMERGENCY SHELTER TRUST FUND ACT OF 2006 [53540 - 53558]
( Part 12 added by Stats. 2006, Ch. 27, Sec. 2. ) CHAPTER 3. Fiscal Provisions [53546 - 53558]
( Chapter 3 added by Stats. 2006, Ch. 27, Sec. 2. ) 53557.
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, 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.
(Added by Stats. 2006, Ch. 27, Sec. 2. Approved in Proposition 1C at the November 7, 2006, election.)