(a)There is hereby established in the State Treasury the Department of Water Resources Electricity Supply Reliability Reserve Fund.
(b)Notwithstanding Section 13340 of the Government Code, all moneys in the fund are continuously appropriated to the department, without regard to fiscal years, and shall be available for the purposes of Chapter 2 (commencing with Section 80710).
(c)Obligations authorized and expenses incurred by the department in administering this division shall be payable solely from the fund.
(d)Except as specified in subdivisions (h) and (i), all revenues payable to the department for activities undertaken by the
department under Chapter 2 (commencing with Section 80710) shall be deposited into the fund.
(e)The fund shall be separate and distinct from any other
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(a)
There is hereby established in the State Treasury the Department of Water Resources Electricity Supply Reliability Reserve Fund.
(b)
Notwithstanding Section 13340 of the Government Code, all moneys in the fund are continuously appropriated to the department, without regard to fiscal years, and shall be available for the purposes of Chapter 2 (commencing with Section 80710).
(c)
Obligations authorized and expenses incurred by the department in administering this division shall be payable solely from the fund.
(d)
Except as specified in subdivisions (h) and (i), all revenues payable to the department for activities undertaken by the
department under Chapter 2 (commencing with Section 80710) shall be deposited into the fund.
(e)
The fund shall be separate and distinct from any other fund and moneys administered by the department and any interest earned on the moneys in the fund shall be used solely for purposes of this division.
(f)
When fixed assets procured under the authority of this division are sold or otherwise disposed of, the revenue from the sale or disposition, including any gain or loss, measured by the difference between book value and selling price, shall be deposited into the fund and available to the department for purposes of Chapter 2 (commencing with Section 80710). Any remaining revenue from the sale or other disposition of fixed assets procured under the authority of this division shall be returned to the General Fund once all obligations of the department are satisfied after the wind down
of this division and the closure of the fund. While any obligation of the department incurred under this division remains outstanding and not fully performed or discharged, the rights, powers, duties, and existence of the department shall not be diminished or impaired in any manner that will adversely affect the interests and rights of the holders of or parties to those obligations.
(g)
(1)
For activities undertaken by the department pursuant to Chapter 2 (commencing with Section 80710), the department may obtain applicable credits pursuant to the federal Inflation Reduction Act of 2022 (Public Law 117-169). If the department elects for direct payment of those applicable credits, those payments shall be deposited directly into the fund.
(2)
Within 10 days of any payments being deposited into the fund, described in paragraph (1), the department 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 department.
(3)
Use of the payments shall be consistent with all of the following:
(A)
The payments shall be expended for a purpose that is consistent with state law.
(B)
Acceptance of the payments does not impose on the state any requirement to commit or expend new state funds for any program or purpose.
(C)
The need exists to expend the payments during the 2023–24 fiscal year.
(D)
The use of the payments shall be consistent with the priorities
described in subdivision (a) of Section 38590.1 of the Health and Safety Code.
(h)
(1)
The Load-Serving Entity Capacity Payment Account is hereby established in the Department of Water Resources Electricity Supply Reliability Reserve Fund.
(2)
Upon appropriation by the Legislature, moneys in the Load-Serving Entity Capacity Payment Account shall be available for purposes of Chapter 2 (commencing with Section 80710).
(3)
All revenues payable to the department pursuant to Section 80713 shall be deposited into the Load-Serving Entity Capacity Payment Account.
(i)
(1)
The Local Publicly Owned Electric Utility Capacity Payment Account is hereby established in the Department of Water Resources Electricity Supply
Reliability Reserve Fund.
(2)
Upon appropriation by the Legislature, moneys in the Local Publicly Owned Electric Utility Capacity Payment Account shall be available for purposes of Chapter 2 (commencing with Section 80710).
(3)
All revenues payable to the department pursuant to Section 80714 shall be deposited into the Local Publicly Owned Electric Utility Capacity Payment Account.