Sec. O-1. Transfer of funds. Notwithstanding any other provision of law, the State Controller shall transfer up to $10,000,000 in fiscal year 2003-04 from the Retiree Health Insurance Fund to the unappropriated surplus of the General Fund no later than June 30, 2004. On or after July 1, 2005, the State Controller shall transfer $10,000,000 along with interest from the General Fund to the Retiree Health Insurance Fund as repayment. The transfer is considered an interfund loan to be repaid with interest of 8% compounded annually on the unpaid balance.
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