California Revenue and Taxation Code

§ 4523

RTC § 4523 Effective Jan 1, 1997Div. 1 · Part 7.5 · Ch. 3

Statute text

The proceeds from the sale of a tax certificate shall be applied as follows:

(a)(1) To the Tax Certificate Redemption Fund, in an amount equal to a minimum of 3 percent of the proceeds from that sale. However, if the amount of the Tax Certificate Redemption Fund is equal to or greater than 3 percent of the then current amount of taxes and assessments assigned under all outstanding tax certificates, those proceeds shall be applied as provided in subdivision (b). The amount deposited under this paragraph shall be in lieu of any amount otherwise required pursuant to Chapter 3 (commencing with Section 4701) of Part 8.

(2)Any amount on deposit in the Tax Certificate Redemption Fund shall be invested at the direction of the county treasurer as required by law. All interest earned on the Tax Certificate Redemption Fund shall be paid to the county.

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Legislative history

Amended by Stats. 1996, Ch. 699, Sec. 5. Effective January 1, 1997.