Notwithstanding any provision of the State General Obligation Bond Law with regard
to the proceeds from the sale of bonds authorized by this chapter that are subject
to investment under Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of
Title 2 of the Government Code, the Treasurer may maintain a separate account for investment earnings, order the
payment of those earnings to comply with any rebate requirement applicable under federal
law, and may otherwise direct the use and investment of those proceeds so as 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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