Any federal funds received by the state as a result of federally administered timber harvesting pursuant to Section 500 of Title 16 of the United States Code, Section 60 of Title 30 of the United States Code, Section 1181f of Title 43 of the United States Code, or any other federal revenue sharing program that relates to timber harvesting shall be deposited in the Federal Trust Fund and allocated by the Controller as follows:
(a) Payments that are due to counties shall be made within 30 working days after the date on which they were received from the federal government.
(b) A county that has informed the Controller that it prefers to receive its funds by electronic transfer shall have funds transmitted in that manner.
(c) The state shall pay interest to eligible counties on these federal funds at a rate equal to the interest accrued in the Pooled Money Investment Account over the term that the funds were held by the state before being paid to eligible counties.
(d) The Controller shall notify counties regarding anticipated payments under this section as soon as possible after the state receives the information from the federal government.
(Added by Stats. 1999, Ch. 466, Sec. 1. Effective January 1, 2000.)
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