§ 63048.95. — 63048.95. (Amended by Stats. 2025, Ch. 20, Sec. 33.)

California § 63048.95.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 1.
• Title 6.7.: DIVISION 1. THE BERGESON-PEACE INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK ACT
• Ch. 2.: CHAPTER 2. California Infrastructure and Economic Development Bank
• Art. 6.7.: ARTICLE 6.7. Climate Catalyst Revolving Fund Act of 2020

Text

(a)
(1)
There is hereby created in the State Treasury the Climate Catalyst Revolving Fund for the purpose of implementing the objectives and provisions of this article. The Climate Catalyst Revolving Fund shall be separate from any other fund or account created under this division.
(2)
Obligations of the bank incurred in connection with the activities authorized under this article shall be payable solely from moneys within the Climate Catalyst Revolving Fund. No other fund or account of the bank shall be available or shall be used for the payment of obligations incurred in connection with this article.
(3)
Within the Climate Catalyst Revolving Fund, the bank may establish any additional accounts and subaccounts to properly organize moneys within the fund.
(b)
(1)
(A)
Notwithstanding Section 13340, moneys, except as provided in subparagraphs (B) and (C), in the Climate Catalyst Revolving Fund are continuously appropriated, without regard to fiscal year, for the support of the bank and shall be available for expenditure for the purposes as stated in this article.
(B)
Moneys in the Climate Catalyst Revolving Fund received pursuant to a federal appropriation are available for expenditure only upon appropriation by the Legislature.
(C)
Moneys in the Climate Catalyst Revolving Fund shall be available for expenditure to support administrative costs only upon appropriation by the Legislature.
(2)
This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt, payments on credit enhancements or guarantees, acquisition of securities of any sponsor or participating party in connection with a climate catalyst project, or any other purpose in connection with providing financial assistance to a sponsor or participating party in connection with a climate catalyst project as set forth in this article.
(c)
Not more than 5 percent of any bond proceeds administered by the bank in connection with the activities of the bank authorized under this article may be expended to cover the costs of issuance, as that terminology is defined under Section
147(g) of the Internal Revenue Code (26 U.S.C. Sec. 147(g)).
(d)
(1)
(A)
Notwithstanding any other provision of this division, the Climate Catalyst Revolving Fund may receive moneys from the federal government and funds sourced from federal appropriations.
(B)
Use of the moneys and funds described in subparagraph (A) shall be consistent with all of the following:
(i)
The money and funds shall be expended for a purpose that is consistent with state law.
(ii)
Acceptance of the moneys and funds does not impose on the state any requirement to commit or expend new state funds for any program or purpose.
(iii)
The use of the moneys and funds shall be consistent with the priorities described in subdivision (a) of Section 38590.1 of the Health and Safety Code.
(2)
Within 10 days of any
nonstate moneys and funds being deposited into the Climate Catalyst Revolving Fund, the bank shall provide written notice to the Joint Legislative Budget Committee, who shall provide a copy of the notice to the relevant policy committees. The notice shall include the source, purpose, timeliness, and other relevant information as determined by the bank.

Legislative History

Amended by Stats. 2025, Ch. 20, Sec. 33. (AB 137) Effective June 30, 2025.