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California Law (Last Updated: March 4, 2014) |
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Public Resources Code - PRC |
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Division 15. ENERGY CONSERVATION AND DEVELOPMENT |
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Chapter 5.6. Federal Funding of Energy-Related Projects and State Energy Programs |
Section 25464.
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(a) For purposes of this section, the following definitions apply:
(1) "Fund" means the Clean and Renewable Energy Business Financing Revolving Loan Fund.
(2) "Program" means the Clean and Renewable Energy Business Financing Revolving Loan Program.
(b) (1) The commission may use federal funds available pursuant to this chapter to implement the Clean and Renewable Energy Business Financing Revolving Loan Program to provide low interest loans to California clean and renewable energy manufacturing businesses.
(2) The commission may use other funding sources to leverage loans awarded under the program.
(c) The commission may work directly with the Governor's Office of Business and Economic Development, the Treasurer, or any other state agency, board, commission, or authority to implement and administer the program, and may contract for private services as needed to implement the program.
(d) The commission may collect an application fee from applicants applying for funding under the program to help offset the costs of administering the program.
(e) (1) The Clean and Renewable Energy Business Financing Revolving Loan Fund is hereby established in the State Treasury to implement the program. The commission is authorized to administer the fund for this purpose. Notwithstanding Section 13340 of the Government Code, the money in the fund is continuously appropriated to the commission, without regard to fiscal years, to implement the program.
(2) Upon direction by the commission, the Controller shall create any accounts or subaccounts within the fund that the commission determines are necessary to facilitate management of the fund.
(3) The Controller shall disburse and receive moneys in the fund for purposes of the program and as authorized by the commission.
(4) All loans and repayments of loans made pursuant to this section, including interest payments, penalty payments, and all interest earning on or accruing to any moneys in the fund, shall be deposited in the fund and shall be available for the purposes of this section.
(5) The commission may expend up to 5 percent of moneys in the fund for its administrative costs to implement the program.
(f) Federal funds available to the commission pursuant to this chapter shall be transferred to the fund in the loan amounts when loans are awarded under the program by the commission.