Section 8514 Of Part 1. General Provisions From California Streets And Highways Code >> Division 10. >> Part 1.
8514
. Notwithstanding any other provision of this division, income
realized from the investment of money on deposit in a fund or account
established pursuant to this division may be used, at the option of
the legislative body, to pay all or any portion of any amount
required to be rebated to the United States in order that interest on
obligations issued pursuant to this division be excluded from gross
income for purposes of federal income taxation.