§ 63049.74
276 words·~1 min read·
/ca/government-code/63049-74A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)There is hereby created the California Transmission Accelerator Revolving Fund in the State Treasury for the purpose of providing financial assistance under the Accelerator Revolving Fund Program in accordance with this article.
(b)The Accelerator Revolving Fund shall be eligible to receive funding from other sources determined by the Legislature.
(c)Revenues of, and all other income collected by, participating entities to support the Accelerator Revolving Fund Program shall be deposited into the Accelerator Revolving Fund.
(d)Proceeds of revenue bonds issued pursuant to this division article shall be deposited into the Accelerator Revolving Fund.
(1)Eligible entities may pledge any or all of the moneys in the Accelerator Revolving Fund as security for payment of the principal of, and interest on, any particular issuance of bonds issued for the purposes of this article.
(2)The bank may use any or all of the moneys in the Accelerator Revolving Fund to retain or purchase for retention or sale, subordinated bonds issued by the bank, by a special purpose trust, or by a sponsor, all in connection with the purposes of this article.
(1)Notwithstanding Section 13340, moneys, except as provided in paragraphs
(2)and (3), in the Accelerator Revolving Fund are continuously appropriated, without regard to fiscal year, for the support of eligible entities and shall be available for expenditure for the purposes as stated in this article.
(2)Moneys in the Accelerator Revolving Fund received pursuant to a federal appropriation are available for expenditure only upon appropriation by the Legislature.
(3)Moneys in the Accelerator Revolving Fund shall be available for expenditure to support administrative costs only upon appropriation by the Legislature.