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2025 California Code
Military and Veterans Code - MVC
DIVISION 5 - VETERANS' INSTITUTIONS
CHAPTER 2 - Veterans’ Homes Bond Act of 000
ARTICLE 3 - Fiscal Provisions
Section 1116.

Universal Citation:
CA Mil & Vet Code § 1116 (2025)
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.
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1116. 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, subject to designated conditions, the Treasurer may maintain separate accounts for the investment of bond proceeds and 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 to take any other action with respect to the investment and use of 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. 1999, Ch. 728, Sec. 2. Approved in Proposition 16 at the March 7, 2000, election.)

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