Gov. Code, § 63049.55 · Article 7. Tobacco Settlement State Securitization
Gov. Code, § 63049.55
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(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.
(d) Pursuant to Section 16310, moneys in the fund may be borrowed for daily cashflow use by the General Fund.
Notes and commentary — not statutory text
History
Added by Stats. 2006, Ch. 641, Sec. 2. Effective January 1, 2007.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=63049.55.
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- sha256 95f1bb625009b6ccaa091d5440be256c4becb76c01cec5198867408d80ceb610
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- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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