Art. XIX C, § 3
Interest and timing of restored funds
Duty
Taxes, Money & Commerce
Art. XIX C · Enforcement of Certain Provisions
Official text rightpowerlimitif conditionlegal term
Interest calculated at the Pooled Money Investment Fund rate from the date or dates the revenues were unlawfully taken or diverted shall accrue to the amounts required to be restored pursuant to this section. Within 30 days from the date a challenge is successful, the Controller shall make the transfer required by the continuous appropriation and issue a notice to the parties that the transfer has been completed.
History: Sec. 3 added Nov. 2, 2010, by Prop. 22. Initiative measure.
Simplified explanation
Interest at the Pooled Money Investment Fund rate accrues on amounts to be restored. Within 30 days after a challenge succeeds, the Controller must make the transfer and notify the parties it is complete.