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2016 California Code
Streets and Highways Code - SHC
DIVISION 3 - APPORTIONMENT AND EXPENDITURE OF HIGHWAY FUNDS
CHAPTER 20 - Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century
ARTICLE 3 - Fiscal Provisions
Section 2704.21.

Universal Citation:
CA St & Hwy Code ยง 2704.21 (2016)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

2704.21. Notwithstanding any provision of this chapter or 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 under designated conditions, the Treasurer may maintain separate accounts for the bond proceeds invested and the investment earnings on those proceeds, and 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, as may be required or desirable under federal law in order 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. 2008, Ch. 267, Sec. 9. Approved November 4, 2008, by adoption of Proposition 1A.)

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