(a) Notwithstanding any other law, moneys transferred from the State Project Infrastructure Fund to the Operating Funds of the Assembly and Senate for purposes of the projects authorized by Section 9112 may be invested in eligible securities, in accordance with Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4, or deposited in eligible banks, in accordance with Chapter 4 (commencing with 16500) of Part 2 of Division 4. Upon request of the Joint Rules Committee regarding any portion of these funds, the Pooled Money Investment Board shall designate that portion of those funds as “surplus money” pursuant to Section 16470.
(b) Notwithstanding Sections 16305.7 and 16475, any interest earned on, or other increment derived from, the moneys invested or deposited pursuant to this section shall be credited to the Operating Funds of the Assembly and Senate.
(c) (1) Notwithstanding Section 13340, moneys derived from the interest earned on, or other increment derived from, investments or deposits pursuant to this section are continuously appropriated to the Joint Rules Committee. Subject to paragraph (2), the Joint Rules Committee shall use those moneys solely for purposes of the projects authorized by Section 9112.
(2) Expenditures of the proceeds from investment or deposit of the funds described in subdivision (a) for the design and construction of the projects authorized by Section 9112 shall not result in project costs exceeding the amount recognized by the State Public Works Board or approved pursuant to the agreement required by subdivision (b) of Section 9112.
(Added by Stats. 2019, Ch. 29, Sec. 87. (SB 82) Effective June 27, 2019.)