California Streets and Highways Code 183.3 – (a) Upon the order of the Director of Finance, the Controller …
Current as of: 2024 | Check for updates
|
Other versions
(a) Upon the order of the Director of Finance, the Controller shall transfer the sum of one hundred seventy-three million dollars ($173,000,000) from the State Highway Account in the State Transportation Fund to the General Fund. This transfer of money constitutes a loan under paragraph (2) of subdivision (b) of § 6 of Article XIX of the California Constitution.
(b) The General Fund shall pay interest to the State Highway Account on the loan authorized by subdivision (a) at the rate earned by the Surplus Money Investment Fund. The interest shall be calculated annually and the loan shall be repaid no later than June 30, 2005.
Terms Used In California Streets and Highways Code 183.3
- Director: means the director of the department. See California Streets and Highways Code 21
- highway: includes bridges, culverts, curbs, drains, and all works incidental to highway construction, improvement, and maintenance. See California Streets and Highways Code 23
- State highway: means any highway which is acquired, laid out, constructed, improved or maintained as a State highway pursuant to constitutional or legislative authorization. See California Streets and Highways Code 24
(Added by Stats. 2002, Ch. 445, Sec. 8. Effective September 9, 2002.)