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(a) Federal funds available to the commission pursuant to Chapter 5.6 (commencing with Section 25460) may be used by the commission to augment funding for grants and loans pursuant to this chapter. Any federal funds used for loans shall, when repaid, be deposited into the State Energy Conservation Assistance Account and used to make additional loans pursuant to this chapter.
(b) A separate subaccount shall be established within the State Energy Conservation Assistance Account to track the award and repayment of loans from federal funds, including any interest earnings, in accordance with the federal American Recovery and Reinvestment Act of 2009 (Public Law 111-5). 1
(c) Notwithstanding subdivision (a), the commission may use loan repayments and all interest earnings on or accruing in the subaccount established pursuant to subdivision (b) for energy efficiency, energy conservation, renewable energy, and other energy-related projects and activities authorized by the federal American Recovery and Reinvestment Act of 2009 or subsequent federal acts related to the federal American Recovery and Reinvestment Act of 2009. Unless prohibited by the federal American Recovery and Reinvestment Act of 2009, the commission may augment funding for any programs and measures authorized by this division.
(d) The commission shall transfer to the Energy Efficient State Property Revolving Fund, established pursuant to Section 25471, the moneys remaining in the subaccount established pursuant to subdivision (b), including loan repayments and interest earnings that are deposited in the subaccount. The commission shall transfer the moneys not more frequently than annually and in an amount based on the balance in the subaccount at the time of transfer.
Cite this article: FindLaw.com - California Code, Public Resources Code - PRC § 25422 - last updated January 01, 2019 | https://codes.findlaw.com/ca/public-resources-code/prc-sect-25422.html
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