Section 14074 Of Article 3. Fiscal Provisions From California Water Code >> Division 7. >> Chapter 17. >> Article 3.
14074
. (a) Notwithstanding any other provision of this chapter and
to the extent permitted by federal and state law, the money in the
fund may be used to rebate to the federal government all arbitrage
profits required by the Federal Tax Reform Act of 1986 or any
amendment thereof or supplement thereto. To the extent that the money
in the fund may not be used for that purpose due to restraints of
federal or state law, any rebates required shall be paid from the
General Fund or other sources as the Legislature may require.
(b) Notwithstanding any other provision of law, or rule or
regulation, the board may enter into contracts, or procure those
services and equipment, which may be necessary to ensure prompt and
complete compliance with any provisions relating to the fund imposed
by either the Federal Tax Reform Act of 1986 or the federal act.