California Government Code

§ 63049.55

GOV § 63049.55 Effective Jan 1, 2007Div. 1 · Title 6.7 · Ch. 2 · Art. 7

Statute text

(a)The Tobacco Asset Sales Revenue Fund is hereby established in the State Treasury for the purpose of maintaining a separate account for the investment of proceeds received from the sale of any residual interests in tobacco assets and for the investment earnings on those proceeds.

(b)Pursuant to Article 4 (commencing with Section 16740) of Chapter 3 of Part 2 of Division 4 of Title 2, moneys in the fund may be transferred to the Surplus Money Investment Fund for investment, as long as that transfer does not jeopardize the tax-exempt status of the bonds.

(c)Upon direction by the Director of Finance, moneys in the fund shall be transferred to the General Fund.

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Legislative history

Added by Stats. 2006, Ch. 641, Sec. 2. Effective January 1, 2007.