Section 8899.24.

Latest version.

(a) The Controller shall transfer an amount not to exceed seven hundred fifty thousand dollars ($750,000) from the Pooled Money Investment Account as a loan to the fund for the purpose of implementing this chapter.

(b) (1) The money lent pursuant to subdivision (a) shall be repaid from the California Residential Earthquake Recovery Fund, with interest calculated at the rate earned by the Pooled Money Investment Fund.

(2) The amount of the loan made pursuant to subdivision (a) shall be repaid in full with interest on or before the earlier of either of the following:

(A) January 1, 1997.

(B) When the balance of the California Residential Earthquake Recovery Fund reaches one billion five hundred million dollars ($1,500,000,000).

(Added by Stats. 1991, Ch. 901, Sec. 1. Effective October 14, 1991.)

                    
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