Cal. Mil. & Vet. Code § 998.556

Current through the 2023 Legislative Session.

Section 998.556 - Separate accounts for investment of proceeds

Notwithstanding any other provision of this article, or of the State General Obligation Bond Law, the Treasurer may maintain separate accounts for the investment of bond proceeds and for the investment of 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 tax law or to obtain any other advantage under federal law on behalf of the funds of this state.

Ca. Mil. and Vet. Code § 998.556

Added by Stats 2013 ch 727 (AB 639),s 1, eff. upon the approval by the voters of the Veterans Housing and Homeless Prevention Bond Act of 2014 The voters approved this measure on 6/3/2014.