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line 1 in that section. In addition, the county shall pay to the Department <br /> line 2 of Housing and Community Development interest, at the legal <br /> line 3 rate, on any funds not paid to the Controller within 30 days of the <br /> line 4 end of a quarter. <br /> line 5 SEC. 4. Chapter 2.5 (commencing with Section 50470) is added <br /> line 6 to Part 2 of Division 31 of the Health and Safety Code, to read: <br /> line 7 <br /> line 8 Chapter 2.5. California Homes and Jobs Trust Fund <br /> line 9 <br /> line 10 Article 1. General Provisions <br /> line 11 <br /> line 12 50470. This chapter shall be known, and may be cited, as the <br /> line 13 California Homes and Jobs Act of 2013. <br /> line 14 50471. (a)  There is hereby created in the State Treasury the <br /> line 15 California Homes and Jobs Trust Fund. All interest or other <br /> line 16 increments resulting from the investment of moneys in the fund <br /> line 17 shall be deposited in the fund, notwithstanding Section 16305.7 <br /> line 18 of the Government Code. Moneys in the California Homes and <br /> line 19 Jobs Trust Fund shall not be subject to transfer to any other fund <br /> line 20 pursuant to any provision of Part 2 (commencing with Section <br /> line 21 16300) of Division 4 of Title 2 of the Government Code, except <br /> line 22 to the Surplus Money Investment Fund. Upon appropriation by <br /> line 23 the Legislature, moneys in the fund may be expended for the <br /> line 24 following purposes: <br /> line 25 (1)  Supporting the development, acquisition, rehabilitation, and <br /> line 26 preservation of housing affordable to low- and moderate-income <br /> line 27 households, including, but not limited to, emergency shelters; <br /> line 28 transitional and permanent rental housing, including necessary <br /> line 29 service and operating subsidies; foreclosure mitigation; and <br /> line 30 homeownership opportunities. <br /> line 31 (2)  Administering housing programs that receive an <br /> line 32 appropriation from the fund. Moneys expended for this purpose <br /> line 33 shall not exceed 5 percent of the moneys in the fund. <br /> line 34 (3)  The cost of periodic audits required by Section 50475. <br /> line 35 (b)  Both of the following shall be paid and deposited in the <br /> line 36 fund: <br /> line 37 (1)  Any moneys appropriated and made available by the <br /> line 38 Legislature for purposes of the fund. <br />96 <br />— 6 —SB 391 <br />