(a)The California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Fund is hereby established in the State Treasury. Notwithstanding Section 13340 of the Government Code, except for moneys derived from the federal American Rescue Plan Act of 2021 (Public Law 117-2), moneys in the fund shall be continuously appropriated, without regard to fiscal years, to the HOPE Trust Account Program Board and the Treasurer for implementation of the program.
(b)
(1)The Treasurer may do both of the following:
(A)Invest moneys in the fund that are not required for its current needs
in the eligible securities specified in Section 16430 of the Government Code.
(B)Deposit moneys in the fund for investment in the Surplus Money Investment Fund pursuant to Article 4 (co
Free access — add to your briefcase to read the full text and ask questions with AI
(a)
The California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Fund is hereby established in the State Treasury. Notwithstanding Section 13340 of the Government Code, except for moneys derived from the federal American Rescue Plan Act of 2021 (Public Law 117-2), moneys in the fund shall be continuously appropriated, without regard to fiscal years, to the HOPE Trust Account Program Board and the Treasurer for implementation of the program.
(b)
(1)
The Treasurer may do both of the following:
(A)
Invest moneys in the fund that are not required for its current needs
in the eligible securities specified in Section 16430 of the Government Code.
(B)
Deposit moneys in the fund for investment in the Surplus Money Investment Fund pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of Title 2 of the Government Code.
(2)
Notwithstanding Section 16305.7 of the Government Code, all interest or other increment resulting from the investment or deposit of moneys from the fund shall be deposited in the fund. Moneys in the fund shall not be subject to transfer to any other funds pursuant to any provision of Part 2 (commencing with Section 16300) of Division 4 of Title 2 of the Government Code, except to the Surplus Money Investment Fund.
(c)
(1)
Moneys in the fund shall be used to establish HOPE trust accounts for an eligible child and to provide initial deposits and any future deposits into the accounts. The amount of these deposits shall be determined by the HOPE Trust Account Program Board and may increase over time to address increased costs of living or research that suggests that the goals of the program are better met with larger deposits.
(2)
With the approval of the HOPE Trust Account Program Board, the Treasurer may accept contributions of funds to existing trust accounts and the creation of new trust accounts from any federal, state, local, or philanthropic source to increase the amount of individual trust accounts for youth eligible pursuant to this chapter or to expand youth eligible for the program. These funds may target a subpopulation of youth or
youth within a specific geographic region.
(d)
Of the total moneys continuously appropriated for purposes of the program, up to 5 percent shall be available to administer the HOPE Trust Account Program, including the costs associated with convening the advisory committee and reporting to the Legislature. The board shall submit a written annual expenditure plan detailing proposed uses of funding to the Department of Finance and the Joint Legislative Budget Committee by October 1 of every year. To the extent the board’s administrative costs will or are projected to exceed 5 percent, the board shall submit a written request, in addition to the annual expenditure plan, for the release of additional funding for administrative costs and the necessity to exceed 5 percent to the Department of Finance and the Joint Legislative Budget
Committee. The Department of Finance may provide funds for administration of the program that exceed 5 percent, not sooner than 30 days after notifying, in writing, the Joint Legislative Budget Committee, or any lesser time determined by the chairperson of the joint committee, or the chairperson’s designee.
(e)
All assets of the fund and moneys allocated to individual HOPE trust accounts shall be considered to be owned by the state until an eligible youth withdraws or transfers money from their HOPE trust account.
(f)
To the extent allowed under federal law, because it shall be considered an asset of the state until withdrawn or transferred by an eligible youth, all of the following apply to funds deposited and investment returns accrued in a HOPE trust account established pursuant
to this chapter:
(1)
It is nontransferable to any person other than the eligible youth, and only as permitted pursuant to this chapter.
(2)
It shall not be pledged as collateral for any loan.
(3)
It may be subject to a lien or levy.