2017 California Code
Streets and Highways Code - SHC
DIVISION 3 - APPORTIONMENT AND EXPENDITURE OF HIGHWAY FUNDS
CHAPTER 17 - Passenger Rail and Clean Air Bond Act of 1990
ARTICLE 3 - Fiscal Provisions
Section 2701.22.
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.
(Added by Stats. 1989, Ch. 108, Sec. 2. Approved in Proposition 108 at the June 5, 1990, election.)
