Sec. 3-24e. Investment of Tax-Exempt Proceeds Fund by the Treasurer.
Sec. 3-24e. Investment of Tax-Exempt Proceeds Fund by the Treasurer. The
Treasurer is authorized in his discretion to invest and reinvest such funds of the Tax-Exempt Proceeds Fund in any investment which qualifies investments in the Tax-Exempt Proceeds Fund, under the Internal Revenue Code of 1986, as amended, as not an
investment in investment property for purposes of the arbitrage restrictions and rebate
requirements of the Internal Revenue Code of 1986, as amended. The Treasurer may
sell such investments from time to time as he shall determine to be in the best interest
of the fund.
(P.A. 88-258, S. 5, 9; P.A. 94-8, S. 5.)
History: P.A. 94-8 changed fund name to Tax-Exempt Proceeds Fund from Tax-Exempt Fund.