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