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California Law (Last Updated: March 4, 2014) |
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Government Code - GOV |
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Title 2. GOVERNMENT OF THE STATE OF CALIFORNIA |
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Division 3. EXECUTIVE DEPARTMENT |
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Part 4.7. BUSINESS AND TOURISM |
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Chapter 3. Economic Development |
Section 13997.7.
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(a) Notwithstanding any other provision of law, effective January 1, 2008, the Economic Adjustment Assistance Grant funded through the United States Economic Development Administration under Title IX of the Public Works and Economic Development Act of 1965 (Grant No. 07–19–02709 and 07–19–2709.1) shall be administered by the Director of the Governor's Office of Business and Economic Development, and, for the purpose of state administration of this grant, the Director of the Governor's Office of Business and Economic Development shall be deemed to be the successor to the former Secretary of Technology, Trade and Commerce. The Director of the Governor's Office of Business and Economic Development may assign and contract administration of the grant to a public agency created pursuant to Chapter 5 (commencing with Section 6500) of Division 7 of Title 1.
(b) On January 1, 2008, all federal moneys held in the Sudden and Severe Economic Dislocation Grant Account within the Special Deposit Fund are hereby transferred to the Small Business Expansion Fund created pursuant to Section 14030 of the Corporations Code for expenditure by the Governor's Office of Business and Economic Development pursuant to Article 9 (commencing with Section 14070) of the Corporations Code for purposes of the Sudden and Severe Economic Dislocation Grant program, or other purposes permitted by the cognizant federal agency.
(c) All loan repayments received on or after January 1, 2008, for the Sudden and Severe Economic Dislocation Grant program loans issued pursuant to former Section 15327 (repealed by Section 1.8 of Chapter 229 of the Statutes of 2003 (AB 1757)) and this section, shall be deposited into the Small Business Expansion Fund and shall be available to the Governor's Office of Business and Economic Development for expenditure pursuant to the provisions of Article 9 (commencing with Section 14070) of the Corporations Code for the Sudden and Severe Economic Dislocation Grant program, or other purposes permitted by the cognizant federal agency.