Section 53844 Of Article 7.5. Alternate Procedure For Temporary Borrowing From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 7.5.
53844
. In any county which qualifies as set forth in Section 53840
to use the foregoing procedure for short-term financing, all interest
payments on the loans may, in the discretion of the board of
supervisors, be charged to the general fund of any district or fund
for which loans have been made. All interest earned on funds in the
county treasury shall be credited to said general fund of the county,
excepting therefrom the interest on deposits of school districts
which shall accrue to the general funds of the respective school
districts, the interest earned on specific investments of a local
agency as authorized by Section 53601 of this code or by Section 5007
of the Education Code, and moneys on deposit in court in eminent
domain actions pursuant to Article 1 (commencing with Section
1255.010) of Chapter 6 of, or Article 2 (commencing with Section
1268.110) of Chapter 11 of, Title 7 of Part 3 of the Code of Civil
Procedure.