Notwithstanding any other provision of this bond act, 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 bond act that include a bond counsel
opinion to the effect that the interest on the bonds is excluded from gross income
for federal tax purposes under designated conditions, the Treasurer may maintain separate
accounts for the bond proceeds invested and the investment earnings on those proceeds,
and 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, as may be required or desirable
under federal law in order 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.
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