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Section 42023.5 Of Chapter 3. Administration From California Revenue And Taxation Code >> Division 2. >> Part 21. >> Chapter 3.
42023.5
. (a) To provide adequate cashflow for expenses incurred by
the board in the administration and collection of the prepaid MTS
surcharge, the Director of Finance may approve a short-term loan in
the 2015-16 fiscal year from the General Fund to the Prepaid Mobile
Telephony Services Surcharge Fund.
(b) For the purposes of this section, a short-term loan is a transfer that is made subject to the following conditions:
(1) Any amount loaned is to be repaid in full during the same fiscal year in which the loan was made, except that the repayment may be delayed until a date not more than six months after the date of enactment of the annual Budget Act for the subsequent fiscal year.
(2) Loans shall be repaid whenever the funds are needed to meet cash expenditure needs in the loaning fund or account.
(b) For the purposes of this section, a short-term loan is a transfer that is made subject to the following conditions:
(1) Any amount loaned is to be repaid in full during the same fiscal year in which the loan was made, except that the repayment may be delayed until a date not more than six months after the date of enactment of the annual Budget Act for the subsequent fiscal year.
(2) Loans shall be repaid whenever the funds are needed to meet cash expenditure needs in the loaning fund or account.
