Chapter 4

Section § 80830

Explanation

This part of the law creates a special money account in California, named the Eligible Energy Resource Central Procurement Fund. The money in this account can be used by the department whenever needed, without waiting for yearly permission. It's only for the specific goals explained in this section.

All the money earned through this section, including funds from bonds, goes into this account. Any interest earned on the money in the account also stays there, to help with its main goals, such as paying back bonds or covering costs for energy and its delivery.

This account is kept separate from all other money accounts the department manages, making sure it's used only for these specific purposes. Any debts or commitments made under this section are paid only from this special account, not from the state's general tax money or its credit.

To keep safe the interests of people or groups involved with the department's money commitments, the law says that as long as these debts exist, the department's duties and powers cannot be reduced or harmed.

(a)CA Tubig Code § 80830(a) There is hereby established in the State Treasury the Eligible Energy Resource Central Procurement Fund. Notwithstanding Section 13340 of the Government Code, all moneys in the fund are continuously appropriated, without regard to fiscal year, to the department for purposes of this division.
(b)CA Tubig Code § 80830(b) All revenues payable to the department pursuant to this division, including proceeds of bonds issued pursuant to Chapter 5 (commencing with Section 80840), shall be deposited into the fund. Notwithstanding any other law, interest accruing on the moneys in the fund shall be deposited into the fund and shall be used for purposes of this division.
(c)CA Tubig Code § 80830(c) The fund, and the moneys in the fund, are separate and distinct from any other fund and moneys administered by the department.
(d)CA Tubig Code § 80830(d) Payments from the fund may be made only for the following purposes:
(1)CA Tubig Code § 80830(d)(1) Payment of any bonds or other contractual obligations authorized by this division.
(2)CA Tubig Code § 80830(d)(2) The cost of energy and transmission, scheduling, and other related expenses incurred by the department.
(3)CA Tubig Code § 80830(d)(3) The expenses incurred by the department in administering this division, including costs of personnel, contracts, or arrangements to carry out the department’s duties and responsibilities pursuant to this division.
(e)CA Tubig Code § 80830(e) Obligations authorized pursuant to this division shall be payable solely from the fund. Neither the full faith and credit nor the taxing power of the state are, or may be, pledged for any payment under any obligation authorized by this division.
(f)CA Tubig Code § 80830(f) While any obligations of the department incurred pursuant to this division remain 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. The department may include this pledge and undertaking of the state in the department’s obligations.
Eligible Energy Resource Central Procurement Fund continuous appropriation fiscal year revenue bonds interest accrual energy costs transmission expenses department responsibilities contractual obligations state credit state taxing power financial obligations bond holders fund separation
(Added by Stats. 2023, Ch. 367, Sec. 15. (AB 1373) Effective October 7, 2023.)