Added by Stats. 1995, Ch. 305, Sec. 1. Effective August 3, 1995.
Chapter 1 - General Provisions
California Health and Safety Code — §§ 1179.10-1179.11
Sections (6)
This part shall be known and may be cited as the Children’s Hospital Bond Act of 2004.
As used in this part, the following terms have the following meanings:
Notwithstanding any other provision of this part, or of the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), if the Treasurer sells bonds pursuant to this part 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 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 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.
The people hereby find and declare that, inasmuch as the proceeds from the sale of bonds authorized by this part are not “proceeds of taxes” as that term is used in Article XIII B of the California Constitution, the disbursement of these proceeds is not subject to the limitations imposed by that article.
Notwithstanding any other provision of this part, the provisions of this part are severable. If any provision of this part or its application is held invalid, that invalidity shall not affect other provisions or applications that can be given effect without the invalid provision or application.