Chapter 4California Consumer Power and Conservation Financing Authority Fund

Section § 3370

Explanation

This section establishes the California Consumer Power and Conservation Financing Authority Fund in the State Treasury. It's used to support the authority’s goals, like paying salaries and expenses. The money in this fund, except General Fund money, is available for the authority’s costs and can be invested or deposited. The fund can borrow or receive money from various sources and use it as security for bonds. Additionally, money not needed immediately can be invested or put into interest-bearing accounts, and income from these investments will go back into the fund.

The fund's assets cannot be transferred to other funds, except to the Surplus Money Investment Fund for investment purposes.

(a)CA Public Utilities Code § 3370(a) There is hereby created in the State Treasury the California Consumer Power and Conservation Financing Authority Fund for expenditure by the authority for the purpose of implementing the objectives and provisions of this division. For the purposes of subdivision (e), or as necessary or convenient to the accomplishment of any other purpose of the authority, the authority may establish within the fund additional and separate accounts and subaccounts.
(b)CA Public Utilities Code § 3370(b) The assets of the fund shall be available for the payment of the salaries and other expenses charged against it in accordance with this division.
(c)CA Public Utilities Code § 3370(c) Except as provided under Section 3345, all moneys in the fund that are not General Fund moneys are continuously appropriated to the authority and may be used for any reasonable costs which may be incurred by the authority in the exercise of its powers under this division.
(d)CA Public Utilities Code § 3370(d) The fund, on behalf of the authority, may borrow or receive moneys from the authority, or from any federal, state, or local agency or private entity, to create reserves in the fund as provided in this division and as authorized by the board.
(e)CA Public Utilities Code § 3370(e) The authority may pledge any or all of the moneys in the fund (including in any account or subaccount) as security for payment of the principal of, and interest on, any particular issuance of bonds issued pursuant to this division.
(f)CA Public Utilities Code § 3370(f) The authority, may, from time to time, direct the Treasurer to invest moneys in the fund that are not required for the authority’s current needs, including proceeds from the sale of any bonds, in any securities permitted by law as the authority shall designate. The authority also may direct the Treasurer to deposit moneys in interest-bearing accounts in state or national banks or other financial institutions having principal offices in this state. The authority may alternatively require the transfer of moneys in the fund to the Surplus Money Investment Fund for investment pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of the Government Code. All interest or other increment resulting from an investment or deposit shall be deposited in the fund, notwithstanding Section 16305.7 of the Government Code. Moneys in the fund shall not be subject to transfer to any other fund pursuant to any provision of Part 2 (commencing with Section 16300) of Division 4 of the Government Code, excepting the Surplus Money Investment Fund.
Consumer Power Financing Conservation Financing California authority fund salaries and expenses bond security investment of funds interest-bearing accounts fund reserves investment returns Surplus Money Investment state treasury federal or state agency funding power and conservation objectives private entity contributions government code restrictions
(Added by Stats. 2001, 1st Ex. Sess., Ch. 10, Sec. 1. Effective August 13, 2001.)