Cal. Fin. Code § 32423

Government Guaranteed Securities Trust Fund

Known as the State Assistance Fund for Enterprise Act

The act spans §§ 32000 to 32823 (65 sections).

Amended by Stats. 2004, Ch. 25, Sec. 9

The proceeds of the sale of government guaranteed securities shall be allocated to the accounts of the corporation in the following manner:

(a) That portion of the proceeds of the sale of government guaranteed securities which represents the purchase of the principal amount of the securities shall be credited to the enterprise loan fund of the corporation; and

(b) That portion of the proceeds of the sale of government guaranteed securities which represents the purchase of the future interest earnings of the securities shall be credited to the general operating account of the corporation.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.