| 1 | 1 | | CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Senate Bill No. 1258Introduced by Senator SternFebruary 21, 2020An act to add Chapter 7 (commencing with Section 63100) to Division 1 of Title 6.7 of the Government Code, relating to greenhouse gases, and making an appropriation therefor.LEGISLATIVE COUNSEL'S DIGESTSB 1258, as introduced, Stern. California Climate Technology and Infrastructure Financing Act.Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to make loans, issue bonds, and provide other assistance for various types of economic development projects, among other things. The activities of the bank under these provisions are funded from the California Infrastructure and Economic Development Bank Fund, which is continuously appropriated for these purposes. This bill would enact the California Climate Technology and Infrastructure Financing Act to require the bank, in consultation with specified agencies to administer the Climate Catalyst Revolving Fund, which the bill would establish to provide financial assistance to eligible climate catalyst projects, as defined.The bill would require the bank to administer the climate catalyst loan program, would establish the Climate Catalyst Revolving Fund for these purposes, and would continuously appropriate the fund for these purposes, with specified restriction.Digest Key Vote: 2/3 Appropriation: YES Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Chapter 7 (commencing with Section 63100) is added to Division 1 of Title 6.7 of the Government Code, to read: CHAPTER 7. California Climate Technology and Infrastructure Financing Act Article 1. General Provisions and Definitions63100. For the purposes of this chapter, the following terms mean the following:(a) Catalyst fund means the Climate Catalyst Revolving Fund established pursuant to Section 63130.(b) Climate catalyst project means any improvement, technology, service or measure or combination of improvements, technologies, services, or measures, that avoid or reduce emissions of greenhouse gases, including, but not limited to, any of the following categories:(1) Energy efficiency.(2) Clean energy infrastructure.(3) Innovation energy technology.(4) Renewable and small scale distributed energy.(5) System efficiency.(6) Clean agriculture.(7) Low-carbon transportation.(8) Demand response.(9) Land-based greenhouse gas sequestration.(10) Microgrid energy resiliency.(c) Climate catalyst loan program, catalyst program, or program mean the program to administer the catalyst fund to provide financial assistance for climate catalyst projects, to be administered by the bank pursuant to this chapter and criteria, priority, and guidelines to be adopted by the bank board for these purposes.(d) Sponsor and participating party have the same meaning as set forth in Section 63010 shall be supplemented to include federally recognized Native American tribes and tribal business enterprises located in California. Article 2. Climate Catalyst Financial Assistance 63110. (a) The bank, in consultation with the state board, shall administer the catalyst fund to provide financial assistance for climate catalyst projects consistent with this chapter, and the guiding document developed pursuant to Section 63120.(b) Climate catalyst projects eligible for financial assistance pursuant to this chapter shall demonstrate the potential for all of the following:(1) Reduction in net emissions of greenhouse gases.(2) Partnership with a private financial institution or lender.(3) Ability for the project to meet applicable permitting requirements.(4) Ability to create jobs in the state.(5) Technological viability.(6) Ability to, over time, pay back the financial assistance provided pursuant to this chapter.(7) The existence of a financing gap that is a barrier to project implementation or market growth.(8) Other requirements deemed necessary by the bank.(c) The bank shall establish a portfolio approach to the provision of financial assistance to address different industry needs and different development and commercialization stages of technology.(d) The bank may accept applications for financial assistance pursuant to the program on an ongoing and open solicitation basis.(e) The bank may provide financial assistance to any eligible sponsor or participating party either directly or to a lending or financial institution, in connection with the financing or refinancing of a climate catalyst project in accordance with an agreement, or agreements, between the bank and the sponsor or participating party, including, but not limited to, tribes and local governments, either as a sole lender or in participation or syndication with other lenders.(f) No financing shall exceed the total cost of the climate catalyst project being financed.(g) Financial assistance for climate catalyst projects through the catalyst loan program shall be provided at low interest rates and at low cost, as determined by the bank, to support the projects directly and also to attract additional third-party capital.(h) Chapter 3.5 of Part 1 of Division 3 of Title 2 shall not apply to any criteria, priorities, and guidelines adopted by the bank in connection with the catalyst loan program.(i) Repayments of financing made under the catalyst program shall be deposited into the climate catalyst revolving account.(j) The bank may use moneys in the climate catalyst revolving account for administrative costs incurred in implementing the catalyst loan program in an amount determined by the bank and approved by the Department of Finance. (k) (1) Sections 10295 of, and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of, the Public Contract Code shall not apply to agreements entered into by the bank in connection with financial assistance provided pursuant to this chapter.(2) To the extent that this chapter is inconsistent with other state laws, this chapter shall prevail over those laws.63111. (a) The bank, in consultation with the State Air Resources Board, shall establish guidelines for the program and project eligibility that are consistent with the requirements of the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500) of the Health and Safety Code) and the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act (Chapter 4.1 (commencing with Section 39710) of the Health and Safety Code). The guidelines shall include consideration of whether providing financial assistance for a climate catalyst project will do the following:(1) Increase private investment in climate catalyst projects that are not currently able to obtain financing at attractive terms or through an existing state program.(2) Enable the implementation and scaling of climate catalyst projects to increase deployment of innovative financing by leveraging limited public dollars to attract private capital.(3) Facilitate the deployment of climate catalyst projects at an accelerated rate.(4) Enhance the competitiveness of California-based companies and reduce leakage of greenhouse gas emissions to other jurisdictions.(5) Achieve cobenefits, including, but not limited to, enhanced water supply, improved water quality, improved air quality, enhanced urban environments, local reliability and resiliency, and improved public health and wildlife habitat.(6) Address barriers that have prevented adequate commercial financing of climate catalyst projects.(b) Priority shall be given to projects that demonstrate the ability to meet the multiple criteria in subdivision (a).63112. (a) The bank board shall appoint an executive officer to oversee and implement this chapter who meets both of the following requirements:(1) Demonstrates significant experience and knowledge of private sector financing of low-carbon technologies and projects.(2) Does not have any financial interest in any climate catalyst project under consideration or any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any climate catalyst project pursuant to this chapter.(b) The executive officer shall have the ability to hire staff with experience and knowledge of private sector financing structures and tools.63113. The bank shall convene, at least twice each year, in a public process, an advisory stakeholder group consisting of clean energy stakeholders with experience in clean energy financing, financing assistance for low-income communities, or technological expertise. The advisory group shall provide to the bank information on topics, including, but not limited to, current market needs, financial feasibility of financial tools, commercial feasibility of climate catalyst technologies and projects, and relevant studies. Article 3. Oversight and Coordination63120. (a) By January 1, 2022, the bank shall prepare a three-year guiding document, consistent with the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code, outlining planned financial assistance categories and how financial assistance furthers the reductions of greenhouse gas emissions. The guiding document shall establish priorities for investment of funds to achieve the goals of this chapter and describe how funding will complement existing public and private investments, including, but not limited to, existing state programs that further the goals of this chapter. The guiding document shall identify gaps in existing programs or private financing markets that can be filled by financial assistance made pursuant to this chapter to achieve the goals of this chapter. The bank may use the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code to guide investments made prior to the completion of the guiding document.(b) In developing the guiding document, the bank shall convene and consult with a climate and energy incentive coordination advisory body consisting of the following:(1) The chair of the State Air Resources Board or their designee.(2) The chair of the State Energy Resources Conservation and Development Commission or their designee.(3) The President of the Public Utilities Commission or their designee.(4) The Treasurer or their designee.(5) The Director of the Governors Office of Business and Economic Development or their designee.(6) The Director of Water Resources or their designee.(7) Two members appointed by the Speaker of the Assembly.(8) Two members appointed by the Senate Committee on Rules.(9) At least one member appointed pursuant to paragraph (7) or (8) shall represent the interest of disadvantaged communities, as identified pursuant to Section 39711 of the Health and Safety Code, and shall have appropriate expertise.(c) The advisory body is subject to the requirements of the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2).63121. (a) By July 30, 2023, and annually thereafter, the bank shall report to the Legislature on the progress of the financial assistance provided pursuant to this chapter, the performance of the investments made pursuant to this chapter, how the financial assistance provided has supported the goals of this chapter, and how the financial assistance has been coordinated with other state incentive programs.(b) The report shall be submitted in accordance with Section 9795. Article 4. Financial Provisions63130. (a) The Climate Catalyst Revolving Fund is hereby established within the state treasury to be administered by the California Infrastructure and Economic Development Bank. The purpose of the fund is to provide financial assistance for climate catalyst projects. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, a Climate Catalyst Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time. (b) Notwithstanding Section 13340 and except as provided in subdivision (c), all moneys in the infrastructure bank fund are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this chapter.(c) Moneys in the infrastructure bank fund shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code.(d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities.(e) Subdivisions (c) and (d) of this section do not apply to the Climate Catalyst Revolving Account. |
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| 3 | 3 | | CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Senate Bill No. 1258Introduced by Senator SternFebruary 21, 2020An act to add Chapter 7 (commencing with Section 63100) to Division 1 of Title 6.7 of the Government Code, relating to greenhouse gases, and making an appropriation therefor.LEGISLATIVE COUNSEL'S DIGESTSB 1258, as introduced, Stern. California Climate Technology and Infrastructure Financing Act.Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to make loans, issue bonds, and provide other assistance for various types of economic development projects, among other things. The activities of the bank under these provisions are funded from the California Infrastructure and Economic Development Bank Fund, which is continuously appropriated for these purposes. This bill would enact the California Climate Technology and Infrastructure Financing Act to require the bank, in consultation with specified agencies to administer the Climate Catalyst Revolving Fund, which the bill would establish to provide financial assistance to eligible climate catalyst projects, as defined.The bill would require the bank to administer the climate catalyst loan program, would establish the Climate Catalyst Revolving Fund for these purposes, and would continuously appropriate the fund for these purposes, with specified restriction.Digest Key Vote: 2/3 Appropriation: YES Fiscal Committee: YES Local Program: NO |
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| 9 | 9 | | CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION |
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| 11 | 11 | | Senate Bill |
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| 13 | 13 | | No. 1258 |
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| 15 | 15 | | Introduced by Senator SternFebruary 21, 2020 |
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| 17 | 17 | | Introduced by Senator Stern |
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| 18 | 18 | | February 21, 2020 |
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| 20 | 20 | | An act to add Chapter 7 (commencing with Section 63100) to Division 1 of Title 6.7 of the Government Code, relating to greenhouse gases, and making an appropriation therefor. |
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| 22 | 22 | | LEGISLATIVE COUNSEL'S DIGEST |
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| 24 | 24 | | ## LEGISLATIVE COUNSEL'S DIGEST |
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| 26 | 26 | | SB 1258, as introduced, Stern. California Climate Technology and Infrastructure Financing Act. |
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| 28 | 28 | | Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to make loans, issue bonds, and provide other assistance for various types of economic development projects, among other things. The activities of the bank under these provisions are funded from the California Infrastructure and Economic Development Bank Fund, which is continuously appropriated for these purposes. This bill would enact the California Climate Technology and Infrastructure Financing Act to require the bank, in consultation with specified agencies to administer the Climate Catalyst Revolving Fund, which the bill would establish to provide financial assistance to eligible climate catalyst projects, as defined.The bill would require the bank to administer the climate catalyst loan program, would establish the Climate Catalyst Revolving Fund for these purposes, and would continuously appropriate the fund for these purposes, with specified restriction. |
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| 30 | 30 | | Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to make loans, issue bonds, and provide other assistance for various types of economic development projects, among other things. The activities of the bank under these provisions are funded from the California Infrastructure and Economic Development Bank Fund, which is continuously appropriated for these purposes. |
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| 32 | 32 | | This bill would enact the California Climate Technology and Infrastructure Financing Act to require the bank, in consultation with specified agencies to administer the Climate Catalyst Revolving Fund, which the bill would establish to provide financial assistance to eligible climate catalyst projects, as defined. |
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| 33 | 33 | | |
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| 34 | 34 | | The bill would require the bank to administer the climate catalyst loan program, would establish the Climate Catalyst Revolving Fund for these purposes, and would continuously appropriate the fund for these purposes, with specified restriction. |
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| 36 | 36 | | ## Digest Key |
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| 38 | 38 | | ## Bill Text |
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| 40 | 40 | | The people of the State of California do enact as follows:SECTION 1. Chapter 7 (commencing with Section 63100) is added to Division 1 of Title 6.7 of the Government Code, to read: CHAPTER 7. California Climate Technology and Infrastructure Financing Act Article 1. General Provisions and Definitions63100. For the purposes of this chapter, the following terms mean the following:(a) Catalyst fund means the Climate Catalyst Revolving Fund established pursuant to Section 63130.(b) Climate catalyst project means any improvement, technology, service or measure or combination of improvements, technologies, services, or measures, that avoid or reduce emissions of greenhouse gases, including, but not limited to, any of the following categories:(1) Energy efficiency.(2) Clean energy infrastructure.(3) Innovation energy technology.(4) Renewable and small scale distributed energy.(5) System efficiency.(6) Clean agriculture.(7) Low-carbon transportation.(8) Demand response.(9) Land-based greenhouse gas sequestration.(10) Microgrid energy resiliency.(c) Climate catalyst loan program, catalyst program, or program mean the program to administer the catalyst fund to provide financial assistance for climate catalyst projects, to be administered by the bank pursuant to this chapter and criteria, priority, and guidelines to be adopted by the bank board for these purposes.(d) Sponsor and participating party have the same meaning as set forth in Section 63010 shall be supplemented to include federally recognized Native American tribes and tribal business enterprises located in California. Article 2. Climate Catalyst Financial Assistance 63110. (a) The bank, in consultation with the state board, shall administer the catalyst fund to provide financial assistance for climate catalyst projects consistent with this chapter, and the guiding document developed pursuant to Section 63120.(b) Climate catalyst projects eligible for financial assistance pursuant to this chapter shall demonstrate the potential for all of the following:(1) Reduction in net emissions of greenhouse gases.(2) Partnership with a private financial institution or lender.(3) Ability for the project to meet applicable permitting requirements.(4) Ability to create jobs in the state.(5) Technological viability.(6) Ability to, over time, pay back the financial assistance provided pursuant to this chapter.(7) The existence of a financing gap that is a barrier to project implementation or market growth.(8) Other requirements deemed necessary by the bank.(c) The bank shall establish a portfolio approach to the provision of financial assistance to address different industry needs and different development and commercialization stages of technology.(d) The bank may accept applications for financial assistance pursuant to the program on an ongoing and open solicitation basis.(e) The bank may provide financial assistance to any eligible sponsor or participating party either directly or to a lending or financial institution, in connection with the financing or refinancing of a climate catalyst project in accordance with an agreement, or agreements, between the bank and the sponsor or participating party, including, but not limited to, tribes and local governments, either as a sole lender or in participation or syndication with other lenders.(f) No financing shall exceed the total cost of the climate catalyst project being financed.(g) Financial assistance for climate catalyst projects through the catalyst loan program shall be provided at low interest rates and at low cost, as determined by the bank, to support the projects directly and also to attract additional third-party capital.(h) Chapter 3.5 of Part 1 of Division 3 of Title 2 shall not apply to any criteria, priorities, and guidelines adopted by the bank in connection with the catalyst loan program.(i) Repayments of financing made under the catalyst program shall be deposited into the climate catalyst revolving account.(j) The bank may use moneys in the climate catalyst revolving account for administrative costs incurred in implementing the catalyst loan program in an amount determined by the bank and approved by the Department of Finance. (k) (1) Sections 10295 of, and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of, the Public Contract Code shall not apply to agreements entered into by the bank in connection with financial assistance provided pursuant to this chapter.(2) To the extent that this chapter is inconsistent with other state laws, this chapter shall prevail over those laws.63111. (a) The bank, in consultation with the State Air Resources Board, shall establish guidelines for the program and project eligibility that are consistent with the requirements of the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500) of the Health and Safety Code) and the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act (Chapter 4.1 (commencing with Section 39710) of the Health and Safety Code). The guidelines shall include consideration of whether providing financial assistance for a climate catalyst project will do the following:(1) Increase private investment in climate catalyst projects that are not currently able to obtain financing at attractive terms or through an existing state program.(2) Enable the implementation and scaling of climate catalyst projects to increase deployment of innovative financing by leveraging limited public dollars to attract private capital.(3) Facilitate the deployment of climate catalyst projects at an accelerated rate.(4) Enhance the competitiveness of California-based companies and reduce leakage of greenhouse gas emissions to other jurisdictions.(5) Achieve cobenefits, including, but not limited to, enhanced water supply, improved water quality, improved air quality, enhanced urban environments, local reliability and resiliency, and improved public health and wildlife habitat.(6) Address barriers that have prevented adequate commercial financing of climate catalyst projects.(b) Priority shall be given to projects that demonstrate the ability to meet the multiple criteria in subdivision (a).63112. (a) The bank board shall appoint an executive officer to oversee and implement this chapter who meets both of the following requirements:(1) Demonstrates significant experience and knowledge of private sector financing of low-carbon technologies and projects.(2) Does not have any financial interest in any climate catalyst project under consideration or any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any climate catalyst project pursuant to this chapter.(b) The executive officer shall have the ability to hire staff with experience and knowledge of private sector financing structures and tools.63113. The bank shall convene, at least twice each year, in a public process, an advisory stakeholder group consisting of clean energy stakeholders with experience in clean energy financing, financing assistance for low-income communities, or technological expertise. The advisory group shall provide to the bank information on topics, including, but not limited to, current market needs, financial feasibility of financial tools, commercial feasibility of climate catalyst technologies and projects, and relevant studies. Article 3. Oversight and Coordination63120. (a) By January 1, 2022, the bank shall prepare a three-year guiding document, consistent with the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code, outlining planned financial assistance categories and how financial assistance furthers the reductions of greenhouse gas emissions. The guiding document shall establish priorities for investment of funds to achieve the goals of this chapter and describe how funding will complement existing public and private investments, including, but not limited to, existing state programs that further the goals of this chapter. The guiding document shall identify gaps in existing programs or private financing markets that can be filled by financial assistance made pursuant to this chapter to achieve the goals of this chapter. The bank may use the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code to guide investments made prior to the completion of the guiding document.(b) In developing the guiding document, the bank shall convene and consult with a climate and energy incentive coordination advisory body consisting of the following:(1) The chair of the State Air Resources Board or their designee.(2) The chair of the State Energy Resources Conservation and Development Commission or their designee.(3) The President of the Public Utilities Commission or their designee.(4) The Treasurer or their designee.(5) The Director of the Governors Office of Business and Economic Development or their designee.(6) The Director of Water Resources or their designee.(7) Two members appointed by the Speaker of the Assembly.(8) Two members appointed by the Senate Committee on Rules.(9) At least one member appointed pursuant to paragraph (7) or (8) shall represent the interest of disadvantaged communities, as identified pursuant to Section 39711 of the Health and Safety Code, and shall have appropriate expertise.(c) The advisory body is subject to the requirements of the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2).63121. (a) By July 30, 2023, and annually thereafter, the bank shall report to the Legislature on the progress of the financial assistance provided pursuant to this chapter, the performance of the investments made pursuant to this chapter, how the financial assistance provided has supported the goals of this chapter, and how the financial assistance has been coordinated with other state incentive programs.(b) The report shall be submitted in accordance with Section 9795. Article 4. Financial Provisions63130. (a) The Climate Catalyst Revolving Fund is hereby established within the state treasury to be administered by the California Infrastructure and Economic Development Bank. The purpose of the fund is to provide financial assistance for climate catalyst projects. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, a Climate Catalyst Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time. (b) Notwithstanding Section 13340 and except as provided in subdivision (c), all moneys in the infrastructure bank fund are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this chapter.(c) Moneys in the infrastructure bank fund shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code.(d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities.(e) Subdivisions (c) and (d) of this section do not apply to the Climate Catalyst Revolving Account. |
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| 42 | 42 | | The people of the State of California do enact as follows: |
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| 44 | 44 | | ## The people of the State of California do enact as follows: |
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| 46 | 46 | | SECTION 1. Chapter 7 (commencing with Section 63100) is added to Division 1 of Title 6.7 of the Government Code, to read: CHAPTER 7. California Climate Technology and Infrastructure Financing Act Article 1. General Provisions and Definitions63100. For the purposes of this chapter, the following terms mean the following:(a) Catalyst fund means the Climate Catalyst Revolving Fund established pursuant to Section 63130.(b) Climate catalyst project means any improvement, technology, service or measure or combination of improvements, technologies, services, or measures, that avoid or reduce emissions of greenhouse gases, including, but not limited to, any of the following categories:(1) Energy efficiency.(2) Clean energy infrastructure.(3) Innovation energy technology.(4) Renewable and small scale distributed energy.(5) System efficiency.(6) Clean agriculture.(7) Low-carbon transportation.(8) Demand response.(9) Land-based greenhouse gas sequestration.(10) Microgrid energy resiliency.(c) Climate catalyst loan program, catalyst program, or program mean the program to administer the catalyst fund to provide financial assistance for climate catalyst projects, to be administered by the bank pursuant to this chapter and criteria, priority, and guidelines to be adopted by the bank board for these purposes.(d) Sponsor and participating party have the same meaning as set forth in Section 63010 shall be supplemented to include federally recognized Native American tribes and tribal business enterprises located in California. Article 2. Climate Catalyst Financial Assistance 63110. (a) The bank, in consultation with the state board, shall administer the catalyst fund to provide financial assistance for climate catalyst projects consistent with this chapter, and the guiding document developed pursuant to Section 63120.(b) Climate catalyst projects eligible for financial assistance pursuant to this chapter shall demonstrate the potential for all of the following:(1) Reduction in net emissions of greenhouse gases.(2) Partnership with a private financial institution or lender.(3) Ability for the project to meet applicable permitting requirements.(4) Ability to create jobs in the state.(5) Technological viability.(6) Ability to, over time, pay back the financial assistance provided pursuant to this chapter.(7) The existence of a financing gap that is a barrier to project implementation or market growth.(8) Other requirements deemed necessary by the bank.(c) The bank shall establish a portfolio approach to the provision of financial assistance to address different industry needs and different development and commercialization stages of technology.(d) The bank may accept applications for financial assistance pursuant to the program on an ongoing and open solicitation basis.(e) The bank may provide financial assistance to any eligible sponsor or participating party either directly or to a lending or financial institution, in connection with the financing or refinancing of a climate catalyst project in accordance with an agreement, or agreements, between the bank and the sponsor or participating party, including, but not limited to, tribes and local governments, either as a sole lender or in participation or syndication with other lenders.(f) No financing shall exceed the total cost of the climate catalyst project being financed.(g) Financial assistance for climate catalyst projects through the catalyst loan program shall be provided at low interest rates and at low cost, as determined by the bank, to support the projects directly and also to attract additional third-party capital.(h) Chapter 3.5 of Part 1 of Division 3 of Title 2 shall not apply to any criteria, priorities, and guidelines adopted by the bank in connection with the catalyst loan program.(i) Repayments of financing made under the catalyst program shall be deposited into the climate catalyst revolving account.(j) The bank may use moneys in the climate catalyst revolving account for administrative costs incurred in implementing the catalyst loan program in an amount determined by the bank and approved by the Department of Finance. (k) (1) Sections 10295 of, and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of, the Public Contract Code shall not apply to agreements entered into by the bank in connection with financial assistance provided pursuant to this chapter.(2) To the extent that this chapter is inconsistent with other state laws, this chapter shall prevail over those laws.63111. (a) The bank, in consultation with the State Air Resources Board, shall establish guidelines for the program and project eligibility that are consistent with the requirements of the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500) of the Health and Safety Code) and the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act (Chapter 4.1 (commencing with Section 39710) of the Health and Safety Code). The guidelines shall include consideration of whether providing financial assistance for a climate catalyst project will do the following:(1) Increase private investment in climate catalyst projects that are not currently able to obtain financing at attractive terms or through an existing state program.(2) Enable the implementation and scaling of climate catalyst projects to increase deployment of innovative financing by leveraging limited public dollars to attract private capital.(3) Facilitate the deployment of climate catalyst projects at an accelerated rate.(4) Enhance the competitiveness of California-based companies and reduce leakage of greenhouse gas emissions to other jurisdictions.(5) Achieve cobenefits, including, but not limited to, enhanced water supply, improved water quality, improved air quality, enhanced urban environments, local reliability and resiliency, and improved public health and wildlife habitat.(6) Address barriers that have prevented adequate commercial financing of climate catalyst projects.(b) Priority shall be given to projects that demonstrate the ability to meet the multiple criteria in subdivision (a).63112. (a) The bank board shall appoint an executive officer to oversee and implement this chapter who meets both of the following requirements:(1) Demonstrates significant experience and knowledge of private sector financing of low-carbon technologies and projects.(2) Does not have any financial interest in any climate catalyst project under consideration or any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any climate catalyst project pursuant to this chapter.(b) The executive officer shall have the ability to hire staff with experience and knowledge of private sector financing structures and tools.63113. The bank shall convene, at least twice each year, in a public process, an advisory stakeholder group consisting of clean energy stakeholders with experience in clean energy financing, financing assistance for low-income communities, or technological expertise. The advisory group shall provide to the bank information on topics, including, but not limited to, current market needs, financial feasibility of financial tools, commercial feasibility of climate catalyst technologies and projects, and relevant studies. Article 3. Oversight and Coordination63120. (a) By January 1, 2022, the bank shall prepare a three-year guiding document, consistent with the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code, outlining planned financial assistance categories and how financial assistance furthers the reductions of greenhouse gas emissions. The guiding document shall establish priorities for investment of funds to achieve the goals of this chapter and describe how funding will complement existing public and private investments, including, but not limited to, existing state programs that further the goals of this chapter. The guiding document shall identify gaps in existing programs or private financing markets that can be filled by financial assistance made pursuant to this chapter to achieve the goals of this chapter. The bank may use the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code to guide investments made prior to the completion of the guiding document.(b) In developing the guiding document, the bank shall convene and consult with a climate and energy incentive coordination advisory body consisting of the following:(1) The chair of the State Air Resources Board or their designee.(2) The chair of the State Energy Resources Conservation and Development Commission or their designee.(3) The President of the Public Utilities Commission or their designee.(4) The Treasurer or their designee.(5) The Director of the Governors Office of Business and Economic Development or their designee.(6) The Director of Water Resources or their designee.(7) Two members appointed by the Speaker of the Assembly.(8) Two members appointed by the Senate Committee on Rules.(9) At least one member appointed pursuant to paragraph (7) or (8) shall represent the interest of disadvantaged communities, as identified pursuant to Section 39711 of the Health and Safety Code, and shall have appropriate expertise.(c) The advisory body is subject to the requirements of the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2).63121. (a) By July 30, 2023, and annually thereafter, the bank shall report to the Legislature on the progress of the financial assistance provided pursuant to this chapter, the performance of the investments made pursuant to this chapter, how the financial assistance provided has supported the goals of this chapter, and how the financial assistance has been coordinated with other state incentive programs.(b) The report shall be submitted in accordance with Section 9795. Article 4. Financial Provisions63130. (a) The Climate Catalyst Revolving Fund is hereby established within the state treasury to be administered by the California Infrastructure and Economic Development Bank. The purpose of the fund is to provide financial assistance for climate catalyst projects. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, a Climate Catalyst Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time. (b) Notwithstanding Section 13340 and except as provided in subdivision (c), all moneys in the infrastructure bank fund are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this chapter.(c) Moneys in the infrastructure bank fund shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code.(d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities.(e) Subdivisions (c) and (d) of this section do not apply to the Climate Catalyst Revolving Account. |
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| 47 | 47 | | |
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| 48 | 48 | | SECTION 1. Chapter 7 (commencing with Section 63100) is added to Division 1 of Title 6.7 of the Government Code, to read: |
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| 49 | 49 | | |
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| 50 | 50 | | ### SECTION 1. |
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| 51 | 51 | | |
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| 52 | 52 | | CHAPTER 7. California Climate Technology and Infrastructure Financing Act Article 1. General Provisions and Definitions63100. For the purposes of this chapter, the following terms mean the following:(a) Catalyst fund means the Climate Catalyst Revolving Fund established pursuant to Section 63130.(b) Climate catalyst project means any improvement, technology, service or measure or combination of improvements, technologies, services, or measures, that avoid or reduce emissions of greenhouse gases, including, but not limited to, any of the following categories:(1) Energy efficiency.(2) Clean energy infrastructure.(3) Innovation energy technology.(4) Renewable and small scale distributed energy.(5) System efficiency.(6) Clean agriculture.(7) Low-carbon transportation.(8) Demand response.(9) Land-based greenhouse gas sequestration.(10) Microgrid energy resiliency.(c) Climate catalyst loan program, catalyst program, or program mean the program to administer the catalyst fund to provide financial assistance for climate catalyst projects, to be administered by the bank pursuant to this chapter and criteria, priority, and guidelines to be adopted by the bank board for these purposes.(d) Sponsor and participating party have the same meaning as set forth in Section 63010 shall be supplemented to include federally recognized Native American tribes and tribal business enterprises located in California. Article 2. Climate Catalyst Financial Assistance 63110. (a) The bank, in consultation with the state board, shall administer the catalyst fund to provide financial assistance for climate catalyst projects consistent with this chapter, and the guiding document developed pursuant to Section 63120.(b) Climate catalyst projects eligible for financial assistance pursuant to this chapter shall demonstrate the potential for all of the following:(1) Reduction in net emissions of greenhouse gases.(2) Partnership with a private financial institution or lender.(3) Ability for the project to meet applicable permitting requirements.(4) Ability to create jobs in the state.(5) Technological viability.(6) Ability to, over time, pay back the financial assistance provided pursuant to this chapter.(7) The existence of a financing gap that is a barrier to project implementation or market growth.(8) Other requirements deemed necessary by the bank.(c) The bank shall establish a portfolio approach to the provision of financial assistance to address different industry needs and different development and commercialization stages of technology.(d) The bank may accept applications for financial assistance pursuant to the program on an ongoing and open solicitation basis.(e) The bank may provide financial assistance to any eligible sponsor or participating party either directly or to a lending or financial institution, in connection with the financing or refinancing of a climate catalyst project in accordance with an agreement, or agreements, between the bank and the sponsor or participating party, including, but not limited to, tribes and local governments, either as a sole lender or in participation or syndication with other lenders.(f) No financing shall exceed the total cost of the climate catalyst project being financed.(g) Financial assistance for climate catalyst projects through the catalyst loan program shall be provided at low interest rates and at low cost, as determined by the bank, to support the projects directly and also to attract additional third-party capital.(h) Chapter 3.5 of Part 1 of Division 3 of Title 2 shall not apply to any criteria, priorities, and guidelines adopted by the bank in connection with the catalyst loan program.(i) Repayments of financing made under the catalyst program shall be deposited into the climate catalyst revolving account.(j) The bank may use moneys in the climate catalyst revolving account for administrative costs incurred in implementing the catalyst loan program in an amount determined by the bank and approved by the Department of Finance. (k) (1) Sections 10295 of, and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of, the Public Contract Code shall not apply to agreements entered into by the bank in connection with financial assistance provided pursuant to this chapter.(2) To the extent that this chapter is inconsistent with other state laws, this chapter shall prevail over those laws.63111. (a) The bank, in consultation with the State Air Resources Board, shall establish guidelines for the program and project eligibility that are consistent with the requirements of the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500) of the Health and Safety Code) and the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act (Chapter 4.1 (commencing with Section 39710) of the Health and Safety Code). The guidelines shall include consideration of whether providing financial assistance for a climate catalyst project will do the following:(1) Increase private investment in climate catalyst projects that are not currently able to obtain financing at attractive terms or through an existing state program.(2) Enable the implementation and scaling of climate catalyst projects to increase deployment of innovative financing by leveraging limited public dollars to attract private capital.(3) Facilitate the deployment of climate catalyst projects at an accelerated rate.(4) Enhance the competitiveness of California-based companies and reduce leakage of greenhouse gas emissions to other jurisdictions.(5) Achieve cobenefits, including, but not limited to, enhanced water supply, improved water quality, improved air quality, enhanced urban environments, local reliability and resiliency, and improved public health and wildlife habitat.(6) Address barriers that have prevented adequate commercial financing of climate catalyst projects.(b) Priority shall be given to projects that demonstrate the ability to meet the multiple criteria in subdivision (a).63112. (a) The bank board shall appoint an executive officer to oversee and implement this chapter who meets both of the following requirements:(1) Demonstrates significant experience and knowledge of private sector financing of low-carbon technologies and projects.(2) Does not have any financial interest in any climate catalyst project under consideration or any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any climate catalyst project pursuant to this chapter.(b) The executive officer shall have the ability to hire staff with experience and knowledge of private sector financing structures and tools.63113. The bank shall convene, at least twice each year, in a public process, an advisory stakeholder group consisting of clean energy stakeholders with experience in clean energy financing, financing assistance for low-income communities, or technological expertise. The advisory group shall provide to the bank information on topics, including, but not limited to, current market needs, financial feasibility of financial tools, commercial feasibility of climate catalyst technologies and projects, and relevant studies. Article 3. Oversight and Coordination63120. (a) By January 1, 2022, the bank shall prepare a three-year guiding document, consistent with the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code, outlining planned financial assistance categories and how financial assistance furthers the reductions of greenhouse gas emissions. The guiding document shall establish priorities for investment of funds to achieve the goals of this chapter and describe how funding will complement existing public and private investments, including, but not limited to, existing state programs that further the goals of this chapter. The guiding document shall identify gaps in existing programs or private financing markets that can be filled by financial assistance made pursuant to this chapter to achieve the goals of this chapter. The bank may use the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code to guide investments made prior to the completion of the guiding document.(b) In developing the guiding document, the bank shall convene and consult with a climate and energy incentive coordination advisory body consisting of the following:(1) The chair of the State Air Resources Board or their designee.(2) The chair of the State Energy Resources Conservation and Development Commission or their designee.(3) The President of the Public Utilities Commission or their designee.(4) The Treasurer or their designee.(5) The Director of the Governors Office of Business and Economic Development or their designee.(6) The Director of Water Resources or their designee.(7) Two members appointed by the Speaker of the Assembly.(8) Two members appointed by the Senate Committee on Rules.(9) At least one member appointed pursuant to paragraph (7) or (8) shall represent the interest of disadvantaged communities, as identified pursuant to Section 39711 of the Health and Safety Code, and shall have appropriate expertise.(c) The advisory body is subject to the requirements of the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2).63121. (a) By July 30, 2023, and annually thereafter, the bank shall report to the Legislature on the progress of the financial assistance provided pursuant to this chapter, the performance of the investments made pursuant to this chapter, how the financial assistance provided has supported the goals of this chapter, and how the financial assistance has been coordinated with other state incentive programs.(b) The report shall be submitted in accordance with Section 9795. Article 4. Financial Provisions63130. (a) The Climate Catalyst Revolving Fund is hereby established within the state treasury to be administered by the California Infrastructure and Economic Development Bank. The purpose of the fund is to provide financial assistance for climate catalyst projects. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, a Climate Catalyst Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time. (b) Notwithstanding Section 13340 and except as provided in subdivision (c), all moneys in the infrastructure bank fund are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this chapter.(c) Moneys in the infrastructure bank fund shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code.(d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities.(e) Subdivisions (c) and (d) of this section do not apply to the Climate Catalyst Revolving Account. |
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| 53 | 53 | | |
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| 54 | 54 | | CHAPTER 7. California Climate Technology and Infrastructure Financing Act Article 1. General Provisions and Definitions63100. For the purposes of this chapter, the following terms mean the following:(a) Catalyst fund means the Climate Catalyst Revolving Fund established pursuant to Section 63130.(b) Climate catalyst project means any improvement, technology, service or measure or combination of improvements, technologies, services, or measures, that avoid or reduce emissions of greenhouse gases, including, but not limited to, any of the following categories:(1) Energy efficiency.(2) Clean energy infrastructure.(3) Innovation energy technology.(4) Renewable and small scale distributed energy.(5) System efficiency.(6) Clean agriculture.(7) Low-carbon transportation.(8) Demand response.(9) Land-based greenhouse gas sequestration.(10) Microgrid energy resiliency.(c) Climate catalyst loan program, catalyst program, or program mean the program to administer the catalyst fund to provide financial assistance for climate catalyst projects, to be administered by the bank pursuant to this chapter and criteria, priority, and guidelines to be adopted by the bank board for these purposes.(d) Sponsor and participating party have the same meaning as set forth in Section 63010 shall be supplemented to include federally recognized Native American tribes and tribal business enterprises located in California. Article 2. Climate Catalyst Financial Assistance 63110. (a) The bank, in consultation with the state board, shall administer the catalyst fund to provide financial assistance for climate catalyst projects consistent with this chapter, and the guiding document developed pursuant to Section 63120.(b) Climate catalyst projects eligible for financial assistance pursuant to this chapter shall demonstrate the potential for all of the following:(1) Reduction in net emissions of greenhouse gases.(2) Partnership with a private financial institution or lender.(3) Ability for the project to meet applicable permitting requirements.(4) Ability to create jobs in the state.(5) Technological viability.(6) Ability to, over time, pay back the financial assistance provided pursuant to this chapter.(7) The existence of a financing gap that is a barrier to project implementation or market growth.(8) Other requirements deemed necessary by the bank.(c) The bank shall establish a portfolio approach to the provision of financial assistance to address different industry needs and different development and commercialization stages of technology.(d) The bank may accept applications for financial assistance pursuant to the program on an ongoing and open solicitation basis.(e) The bank may provide financial assistance to any eligible sponsor or participating party either directly or to a lending or financial institution, in connection with the financing or refinancing of a climate catalyst project in accordance with an agreement, or agreements, between the bank and the sponsor or participating party, including, but not limited to, tribes and local governments, either as a sole lender or in participation or syndication with other lenders.(f) No financing shall exceed the total cost of the climate catalyst project being financed.(g) Financial assistance for climate catalyst projects through the catalyst loan program shall be provided at low interest rates and at low cost, as determined by the bank, to support the projects directly and also to attract additional third-party capital.(h) Chapter 3.5 of Part 1 of Division 3 of Title 2 shall not apply to any criteria, priorities, and guidelines adopted by the bank in connection with the catalyst loan program.(i) Repayments of financing made under the catalyst program shall be deposited into the climate catalyst revolving account.(j) The bank may use moneys in the climate catalyst revolving account for administrative costs incurred in implementing the catalyst loan program in an amount determined by the bank and approved by the Department of Finance. (k) (1) Sections 10295 of, and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of, the Public Contract Code shall not apply to agreements entered into by the bank in connection with financial assistance provided pursuant to this chapter.(2) To the extent that this chapter is inconsistent with other state laws, this chapter shall prevail over those laws.63111. (a) The bank, in consultation with the State Air Resources Board, shall establish guidelines for the program and project eligibility that are consistent with the requirements of the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500) of the Health and Safety Code) and the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act (Chapter 4.1 (commencing with Section 39710) of the Health and Safety Code). The guidelines shall include consideration of whether providing financial assistance for a climate catalyst project will do the following:(1) Increase private investment in climate catalyst projects that are not currently able to obtain financing at attractive terms or through an existing state program.(2) Enable the implementation and scaling of climate catalyst projects to increase deployment of innovative financing by leveraging limited public dollars to attract private capital.(3) Facilitate the deployment of climate catalyst projects at an accelerated rate.(4) Enhance the competitiveness of California-based companies and reduce leakage of greenhouse gas emissions to other jurisdictions.(5) Achieve cobenefits, including, but not limited to, enhanced water supply, improved water quality, improved air quality, enhanced urban environments, local reliability and resiliency, and improved public health and wildlife habitat.(6) Address barriers that have prevented adequate commercial financing of climate catalyst projects.(b) Priority shall be given to projects that demonstrate the ability to meet the multiple criteria in subdivision (a).63112. (a) The bank board shall appoint an executive officer to oversee and implement this chapter who meets both of the following requirements:(1) Demonstrates significant experience and knowledge of private sector financing of low-carbon technologies and projects.(2) Does not have any financial interest in any climate catalyst project under consideration or any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any climate catalyst project pursuant to this chapter.(b) The executive officer shall have the ability to hire staff with experience and knowledge of private sector financing structures and tools.63113. The bank shall convene, at least twice each year, in a public process, an advisory stakeholder group consisting of clean energy stakeholders with experience in clean energy financing, financing assistance for low-income communities, or technological expertise. The advisory group shall provide to the bank information on topics, including, but not limited to, current market needs, financial feasibility of financial tools, commercial feasibility of climate catalyst technologies and projects, and relevant studies. Article 3. Oversight and Coordination63120. (a) By January 1, 2022, the bank shall prepare a three-year guiding document, consistent with the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code, outlining planned financial assistance categories and how financial assistance furthers the reductions of greenhouse gas emissions. The guiding document shall establish priorities for investment of funds to achieve the goals of this chapter and describe how funding will complement existing public and private investments, including, but not limited to, existing state programs that further the goals of this chapter. The guiding document shall identify gaps in existing programs or private financing markets that can be filled by financial assistance made pursuant to this chapter to achieve the goals of this chapter. The bank may use the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code to guide investments made prior to the completion of the guiding document.(b) In developing the guiding document, the bank shall convene and consult with a climate and energy incentive coordination advisory body consisting of the following:(1) The chair of the State Air Resources Board or their designee.(2) The chair of the State Energy Resources Conservation and Development Commission or their designee.(3) The President of the Public Utilities Commission or their designee.(4) The Treasurer or their designee.(5) The Director of the Governors Office of Business and Economic Development or their designee.(6) The Director of Water Resources or their designee.(7) Two members appointed by the Speaker of the Assembly.(8) Two members appointed by the Senate Committee on Rules.(9) At least one member appointed pursuant to paragraph (7) or (8) shall represent the interest of disadvantaged communities, as identified pursuant to Section 39711 of the Health and Safety Code, and shall have appropriate expertise.(c) The advisory body is subject to the requirements of the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2).63121. (a) By July 30, 2023, and annually thereafter, the bank shall report to the Legislature on the progress of the financial assistance provided pursuant to this chapter, the performance of the investments made pursuant to this chapter, how the financial assistance provided has supported the goals of this chapter, and how the financial assistance has been coordinated with other state incentive programs.(b) The report shall be submitted in accordance with Section 9795. Article 4. Financial Provisions63130. (a) The Climate Catalyst Revolving Fund is hereby established within the state treasury to be administered by the California Infrastructure and Economic Development Bank. The purpose of the fund is to provide financial assistance for climate catalyst projects. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, a Climate Catalyst Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time. (b) Notwithstanding Section 13340 and except as provided in subdivision (c), all moneys in the infrastructure bank fund are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this chapter.(c) Moneys in the infrastructure bank fund shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code.(d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities.(e) Subdivisions (c) and (d) of this section do not apply to the Climate Catalyst Revolving Account. |
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| 55 | 55 | | |
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| 56 | 56 | | CHAPTER 7. California Climate Technology and Infrastructure Financing Act |
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| 57 | 57 | | |
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| 58 | 58 | | CHAPTER 7. California Climate Technology and Infrastructure Financing Act |
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| 59 | 59 | | |
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| 60 | 60 | | Article 1. General Provisions and Definitions63100. For the purposes of this chapter, the following terms mean the following:(a) Catalyst fund means the Climate Catalyst Revolving Fund established pursuant to Section 63130.(b) Climate catalyst project means any improvement, technology, service or measure or combination of improvements, technologies, services, or measures, that avoid or reduce emissions of greenhouse gases, including, but not limited to, any of the following categories:(1) Energy efficiency.(2) Clean energy infrastructure.(3) Innovation energy technology.(4) Renewable and small scale distributed energy.(5) System efficiency.(6) Clean agriculture.(7) Low-carbon transportation.(8) Demand response.(9) Land-based greenhouse gas sequestration.(10) Microgrid energy resiliency.(c) Climate catalyst loan program, catalyst program, or program mean the program to administer the catalyst fund to provide financial assistance for climate catalyst projects, to be administered by the bank pursuant to this chapter and criteria, priority, and guidelines to be adopted by the bank board for these purposes.(d) Sponsor and participating party have the same meaning as set forth in Section 63010 shall be supplemented to include federally recognized Native American tribes and tribal business enterprises located in California. |
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| 61 | 61 | | |
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| 62 | 62 | | Article 1. General Provisions and Definitions |
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| 63 | 63 | | |
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| 64 | 64 | | Article 1. General Provisions and Definitions |
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| 65 | 65 | | |
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| 66 | 66 | | 63100. For the purposes of this chapter, the following terms mean the following:(a) Catalyst fund means the Climate Catalyst Revolving Fund established pursuant to Section 63130.(b) Climate catalyst project means any improvement, technology, service or measure or combination of improvements, technologies, services, or measures, that avoid or reduce emissions of greenhouse gases, including, but not limited to, any of the following categories:(1) Energy efficiency.(2) Clean energy infrastructure.(3) Innovation energy technology.(4) Renewable and small scale distributed energy.(5) System efficiency.(6) Clean agriculture.(7) Low-carbon transportation.(8) Demand response.(9) Land-based greenhouse gas sequestration.(10) Microgrid energy resiliency.(c) Climate catalyst loan program, catalyst program, or program mean the program to administer the catalyst fund to provide financial assistance for climate catalyst projects, to be administered by the bank pursuant to this chapter and criteria, priority, and guidelines to be adopted by the bank board for these purposes.(d) Sponsor and participating party have the same meaning as set forth in Section 63010 shall be supplemented to include federally recognized Native American tribes and tribal business enterprises located in California. |
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| 67 | 67 | | |
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| 68 | 68 | | |
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| 69 | 69 | | |
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| 70 | 70 | | 63100. For the purposes of this chapter, the following terms mean the following: |
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| 71 | 71 | | |
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| 72 | 72 | | (a) Catalyst fund means the Climate Catalyst Revolving Fund established pursuant to Section 63130. |
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| 73 | 73 | | |
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| 74 | 74 | | (b) Climate catalyst project means any improvement, technology, service or measure or combination of improvements, technologies, services, or measures, that avoid or reduce emissions of greenhouse gases, including, but not limited to, any of the following categories: |
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| 75 | 75 | | |
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| 76 | 76 | | (1) Energy efficiency. |
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| 77 | 77 | | |
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| 78 | 78 | | (2) Clean energy infrastructure. |
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| 79 | 79 | | |
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| 80 | 80 | | (3) Innovation energy technology. |
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| 81 | 81 | | |
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| 82 | 82 | | (4) Renewable and small scale distributed energy. |
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| 83 | 83 | | |
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| 84 | 84 | | (5) System efficiency. |
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| 85 | 85 | | |
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| 86 | 86 | | (6) Clean agriculture. |
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| 87 | 87 | | |
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| 88 | 88 | | (7) Low-carbon transportation. |
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| 89 | 89 | | |
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| 90 | 90 | | (8) Demand response. |
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| 91 | 91 | | |
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| 92 | 92 | | (9) Land-based greenhouse gas sequestration. |
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| 93 | 93 | | |
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| 94 | 94 | | (10) Microgrid energy resiliency. |
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| 95 | 95 | | |
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| 96 | 96 | | (c) Climate catalyst loan program, catalyst program, or program mean the program to administer the catalyst fund to provide financial assistance for climate catalyst projects, to be administered by the bank pursuant to this chapter and criteria, priority, and guidelines to be adopted by the bank board for these purposes. |
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| 97 | 97 | | |
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| 98 | 98 | | (d) Sponsor and participating party have the same meaning as set forth in Section 63010 shall be supplemented to include federally recognized Native American tribes and tribal business enterprises located in California. |
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| 99 | 99 | | |
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| 100 | 100 | | Article 2. Climate Catalyst Financial Assistance 63110. (a) The bank, in consultation with the state board, shall administer the catalyst fund to provide financial assistance for climate catalyst projects consistent with this chapter, and the guiding document developed pursuant to Section 63120.(b) Climate catalyst projects eligible for financial assistance pursuant to this chapter shall demonstrate the potential for all of the following:(1) Reduction in net emissions of greenhouse gases.(2) Partnership with a private financial institution or lender.(3) Ability for the project to meet applicable permitting requirements.(4) Ability to create jobs in the state.(5) Technological viability.(6) Ability to, over time, pay back the financial assistance provided pursuant to this chapter.(7) The existence of a financing gap that is a barrier to project implementation or market growth.(8) Other requirements deemed necessary by the bank.(c) The bank shall establish a portfolio approach to the provision of financial assistance to address different industry needs and different development and commercialization stages of technology.(d) The bank may accept applications for financial assistance pursuant to the program on an ongoing and open solicitation basis.(e) The bank may provide financial assistance to any eligible sponsor or participating party either directly or to a lending or financial institution, in connection with the financing or refinancing of a climate catalyst project in accordance with an agreement, or agreements, between the bank and the sponsor or participating party, including, but not limited to, tribes and local governments, either as a sole lender or in participation or syndication with other lenders.(f) No financing shall exceed the total cost of the climate catalyst project being financed.(g) Financial assistance for climate catalyst projects through the catalyst loan program shall be provided at low interest rates and at low cost, as determined by the bank, to support the projects directly and also to attract additional third-party capital.(h) Chapter 3.5 of Part 1 of Division 3 of Title 2 shall not apply to any criteria, priorities, and guidelines adopted by the bank in connection with the catalyst loan program.(i) Repayments of financing made under the catalyst program shall be deposited into the climate catalyst revolving account.(j) The bank may use moneys in the climate catalyst revolving account for administrative costs incurred in implementing the catalyst loan program in an amount determined by the bank and approved by the Department of Finance. (k) (1) Sections 10295 of, and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of, the Public Contract Code shall not apply to agreements entered into by the bank in connection with financial assistance provided pursuant to this chapter.(2) To the extent that this chapter is inconsistent with other state laws, this chapter shall prevail over those laws.63111. (a) The bank, in consultation with the State Air Resources Board, shall establish guidelines for the program and project eligibility that are consistent with the requirements of the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500) of the Health and Safety Code) and the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act (Chapter 4.1 (commencing with Section 39710) of the Health and Safety Code). The guidelines shall include consideration of whether providing financial assistance for a climate catalyst project will do the following:(1) Increase private investment in climate catalyst projects that are not currently able to obtain financing at attractive terms or through an existing state program.(2) Enable the implementation and scaling of climate catalyst projects to increase deployment of innovative financing by leveraging limited public dollars to attract private capital.(3) Facilitate the deployment of climate catalyst projects at an accelerated rate.(4) Enhance the competitiveness of California-based companies and reduce leakage of greenhouse gas emissions to other jurisdictions.(5) Achieve cobenefits, including, but not limited to, enhanced water supply, improved water quality, improved air quality, enhanced urban environments, local reliability and resiliency, and improved public health and wildlife habitat.(6) Address barriers that have prevented adequate commercial financing of climate catalyst projects.(b) Priority shall be given to projects that demonstrate the ability to meet the multiple criteria in subdivision (a).63112. (a) The bank board shall appoint an executive officer to oversee and implement this chapter who meets both of the following requirements:(1) Demonstrates significant experience and knowledge of private sector financing of low-carbon technologies and projects.(2) Does not have any financial interest in any climate catalyst project under consideration or any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any climate catalyst project pursuant to this chapter.(b) The executive officer shall have the ability to hire staff with experience and knowledge of private sector financing structures and tools.63113. The bank shall convene, at least twice each year, in a public process, an advisory stakeholder group consisting of clean energy stakeholders with experience in clean energy financing, financing assistance for low-income communities, or technological expertise. The advisory group shall provide to the bank information on topics, including, but not limited to, current market needs, financial feasibility of financial tools, commercial feasibility of climate catalyst technologies and projects, and relevant studies. |
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| 101 | 101 | | |
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| 102 | 102 | | Article 2. Climate Catalyst Financial Assistance |
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| 103 | 103 | | |
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| 104 | 104 | | Article 2. Climate Catalyst Financial Assistance |
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| 105 | 105 | | |
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| 106 | 106 | | 63110. (a) The bank, in consultation with the state board, shall administer the catalyst fund to provide financial assistance for climate catalyst projects consistent with this chapter, and the guiding document developed pursuant to Section 63120.(b) Climate catalyst projects eligible for financial assistance pursuant to this chapter shall demonstrate the potential for all of the following:(1) Reduction in net emissions of greenhouse gases.(2) Partnership with a private financial institution or lender.(3) Ability for the project to meet applicable permitting requirements.(4) Ability to create jobs in the state.(5) Technological viability.(6) Ability to, over time, pay back the financial assistance provided pursuant to this chapter.(7) The existence of a financing gap that is a barrier to project implementation or market growth.(8) Other requirements deemed necessary by the bank.(c) The bank shall establish a portfolio approach to the provision of financial assistance to address different industry needs and different development and commercialization stages of technology.(d) The bank may accept applications for financial assistance pursuant to the program on an ongoing and open solicitation basis.(e) The bank may provide financial assistance to any eligible sponsor or participating party either directly or to a lending or financial institution, in connection with the financing or refinancing of a climate catalyst project in accordance with an agreement, or agreements, between the bank and the sponsor or participating party, including, but not limited to, tribes and local governments, either as a sole lender or in participation or syndication with other lenders.(f) No financing shall exceed the total cost of the climate catalyst project being financed.(g) Financial assistance for climate catalyst projects through the catalyst loan program shall be provided at low interest rates and at low cost, as determined by the bank, to support the projects directly and also to attract additional third-party capital.(h) Chapter 3.5 of Part 1 of Division 3 of Title 2 shall not apply to any criteria, priorities, and guidelines adopted by the bank in connection with the catalyst loan program.(i) Repayments of financing made under the catalyst program shall be deposited into the climate catalyst revolving account.(j) The bank may use moneys in the climate catalyst revolving account for administrative costs incurred in implementing the catalyst loan program in an amount determined by the bank and approved by the Department of Finance. (k) (1) Sections 10295 of, and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of, the Public Contract Code shall not apply to agreements entered into by the bank in connection with financial assistance provided pursuant to this chapter.(2) To the extent that this chapter is inconsistent with other state laws, this chapter shall prevail over those laws. |
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| 107 | 107 | | |
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| 108 | 108 | | |
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| 109 | 109 | | |
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| 110 | 110 | | 63110. (a) The bank, in consultation with the state board, shall administer the catalyst fund to provide financial assistance for climate catalyst projects consistent with this chapter, and the guiding document developed pursuant to Section 63120. |
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| 111 | 111 | | |
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| 112 | 112 | | (b) Climate catalyst projects eligible for financial assistance pursuant to this chapter shall demonstrate the potential for all of the following: |
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| 113 | 113 | | |
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| 114 | 114 | | (1) Reduction in net emissions of greenhouse gases. |
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| 115 | 115 | | |
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| 116 | 116 | | (2) Partnership with a private financial institution or lender. |
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| 117 | 117 | | |
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| 118 | 118 | | (3) Ability for the project to meet applicable permitting requirements. |
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| 119 | 119 | | |
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| 120 | 120 | | (4) Ability to create jobs in the state. |
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| 121 | 121 | | |
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| 122 | 122 | | (5) Technological viability. |
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| 123 | 123 | | |
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| 124 | 124 | | (6) Ability to, over time, pay back the financial assistance provided pursuant to this chapter. |
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| 125 | 125 | | |
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| 126 | 126 | | (7) The existence of a financing gap that is a barrier to project implementation or market growth. |
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| 127 | 127 | | |
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| 128 | 128 | | (8) Other requirements deemed necessary by the bank. |
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| 129 | 129 | | |
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| 130 | 130 | | (c) The bank shall establish a portfolio approach to the provision of financial assistance to address different industry needs and different development and commercialization stages of technology. |
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| 131 | 131 | | |
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| 132 | 132 | | (d) The bank may accept applications for financial assistance pursuant to the program on an ongoing and open solicitation basis. |
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| 133 | 133 | | |
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| 134 | 134 | | (e) The bank may provide financial assistance to any eligible sponsor or participating party either directly or to a lending or financial institution, in connection with the financing or refinancing of a climate catalyst project in accordance with an agreement, or agreements, between the bank and the sponsor or participating party, including, but not limited to, tribes and local governments, either as a sole lender or in participation or syndication with other lenders. |
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| 135 | 135 | | |
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| 136 | 136 | | (f) No financing shall exceed the total cost of the climate catalyst project being financed. |
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| 137 | 137 | | |
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| 138 | 138 | | (g) Financial assistance for climate catalyst projects through the catalyst loan program shall be provided at low interest rates and at low cost, as determined by the bank, to support the projects directly and also to attract additional third-party capital. |
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| 139 | 139 | | |
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| 140 | 140 | | (h) Chapter 3.5 of Part 1 of Division 3 of Title 2 shall not apply to any criteria, priorities, and guidelines adopted by the bank in connection with the catalyst loan program. |
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| 141 | 141 | | |
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| 142 | 142 | | (i) Repayments of financing made under the catalyst program shall be deposited into the climate catalyst revolving account. |
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| 143 | 143 | | |
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| 144 | 144 | | (j) The bank may use moneys in the climate catalyst revolving account for administrative costs incurred in implementing the catalyst loan program in an amount determined by the bank and approved by the Department of Finance. |
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| 145 | 145 | | |
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| 146 | 146 | | (k) (1) Sections 10295 of, and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of, the Public Contract Code shall not apply to agreements entered into by the bank in connection with financial assistance provided pursuant to this chapter. |
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| 147 | 147 | | |
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| 148 | 148 | | (2) To the extent that this chapter is inconsistent with other state laws, this chapter shall prevail over those laws. |
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| 149 | 149 | | |
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| 150 | 150 | | 63111. (a) The bank, in consultation with the State Air Resources Board, shall establish guidelines for the program and project eligibility that are consistent with the requirements of the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500) of the Health and Safety Code) and the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act (Chapter 4.1 (commencing with Section 39710) of the Health and Safety Code). The guidelines shall include consideration of whether providing financial assistance for a climate catalyst project will do the following:(1) Increase private investment in climate catalyst projects that are not currently able to obtain financing at attractive terms or through an existing state program.(2) Enable the implementation and scaling of climate catalyst projects to increase deployment of innovative financing by leveraging limited public dollars to attract private capital.(3) Facilitate the deployment of climate catalyst projects at an accelerated rate.(4) Enhance the competitiveness of California-based companies and reduce leakage of greenhouse gas emissions to other jurisdictions.(5) Achieve cobenefits, including, but not limited to, enhanced water supply, improved water quality, improved air quality, enhanced urban environments, local reliability and resiliency, and improved public health and wildlife habitat.(6) Address barriers that have prevented adequate commercial financing of climate catalyst projects.(b) Priority shall be given to projects that demonstrate the ability to meet the multiple criteria in subdivision (a). |
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| 151 | 151 | | |
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| 152 | 152 | | |
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| 153 | 153 | | |
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| 154 | 154 | | 63111. (a) The bank, in consultation with the State Air Resources Board, shall establish guidelines for the program and project eligibility that are consistent with the requirements of the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500) of the Health and Safety Code) and the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act (Chapter 4.1 (commencing with Section 39710) of the Health and Safety Code). The guidelines shall include consideration of whether providing financial assistance for a climate catalyst project will do the following: |
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| 155 | 155 | | |
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| 156 | 156 | | (1) Increase private investment in climate catalyst projects that are not currently able to obtain financing at attractive terms or through an existing state program. |
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| 157 | 157 | | |
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| 158 | 158 | | (2) Enable the implementation and scaling of climate catalyst projects to increase deployment of innovative financing by leveraging limited public dollars to attract private capital. |
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| 159 | 159 | | |
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| 160 | 160 | | (3) Facilitate the deployment of climate catalyst projects at an accelerated rate. |
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| 161 | 161 | | |
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| 162 | 162 | | (4) Enhance the competitiveness of California-based companies and reduce leakage of greenhouse gas emissions to other jurisdictions. |
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| 163 | 163 | | |
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| 164 | 164 | | (5) Achieve cobenefits, including, but not limited to, enhanced water supply, improved water quality, improved air quality, enhanced urban environments, local reliability and resiliency, and improved public health and wildlife habitat. |
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| 165 | 165 | | |
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| 166 | 166 | | (6) Address barriers that have prevented adequate commercial financing of climate catalyst projects. |
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| 167 | 167 | | |
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| 168 | 168 | | (b) Priority shall be given to projects that demonstrate the ability to meet the multiple criteria in subdivision (a). |
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| 169 | 169 | | |
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| 170 | 170 | | 63112. (a) The bank board shall appoint an executive officer to oversee and implement this chapter who meets both of the following requirements:(1) Demonstrates significant experience and knowledge of private sector financing of low-carbon technologies and projects.(2) Does not have any financial interest in any climate catalyst project under consideration or any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any climate catalyst project pursuant to this chapter.(b) The executive officer shall have the ability to hire staff with experience and knowledge of private sector financing structures and tools. |
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| 171 | 171 | | |
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| 172 | 172 | | |
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| 173 | 173 | | |
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| 174 | 174 | | 63112. (a) The bank board shall appoint an executive officer to oversee and implement this chapter who meets both of the following requirements: |
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| 175 | 175 | | |
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| 176 | 176 | | (1) Demonstrates significant experience and knowledge of private sector financing of low-carbon technologies and projects. |
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| 177 | 177 | | |
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| 178 | 178 | | (2) Does not have any financial interest in any climate catalyst project under consideration or any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any climate catalyst project pursuant to this chapter. |
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| 179 | 179 | | |
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| 180 | 180 | | (b) The executive officer shall have the ability to hire staff with experience and knowledge of private sector financing structures and tools. |
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| 181 | 181 | | |
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| 182 | 182 | | 63113. The bank shall convene, at least twice each year, in a public process, an advisory stakeholder group consisting of clean energy stakeholders with experience in clean energy financing, financing assistance for low-income communities, or technological expertise. The advisory group shall provide to the bank information on topics, including, but not limited to, current market needs, financial feasibility of financial tools, commercial feasibility of climate catalyst technologies and projects, and relevant studies. |
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| 183 | 183 | | |
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| 184 | 184 | | |
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| 185 | 185 | | |
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| 186 | 186 | | 63113. The bank shall convene, at least twice each year, in a public process, an advisory stakeholder group consisting of clean energy stakeholders with experience in clean energy financing, financing assistance for low-income communities, or technological expertise. The advisory group shall provide to the bank information on topics, including, but not limited to, current market needs, financial feasibility of financial tools, commercial feasibility of climate catalyst technologies and projects, and relevant studies. |
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| 187 | 187 | | |
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| 188 | 188 | | Article 3. Oversight and Coordination63120. (a) By January 1, 2022, the bank shall prepare a three-year guiding document, consistent with the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code, outlining planned financial assistance categories and how financial assistance furthers the reductions of greenhouse gas emissions. The guiding document shall establish priorities for investment of funds to achieve the goals of this chapter and describe how funding will complement existing public and private investments, including, but not limited to, existing state programs that further the goals of this chapter. The guiding document shall identify gaps in existing programs or private financing markets that can be filled by financial assistance made pursuant to this chapter to achieve the goals of this chapter. The bank may use the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code to guide investments made prior to the completion of the guiding document.(b) In developing the guiding document, the bank shall convene and consult with a climate and energy incentive coordination advisory body consisting of the following:(1) The chair of the State Air Resources Board or their designee.(2) The chair of the State Energy Resources Conservation and Development Commission or their designee.(3) The President of the Public Utilities Commission or their designee.(4) The Treasurer or their designee.(5) The Director of the Governors Office of Business and Economic Development or their designee.(6) The Director of Water Resources or their designee.(7) Two members appointed by the Speaker of the Assembly.(8) Two members appointed by the Senate Committee on Rules.(9) At least one member appointed pursuant to paragraph (7) or (8) shall represent the interest of disadvantaged communities, as identified pursuant to Section 39711 of the Health and Safety Code, and shall have appropriate expertise.(c) The advisory body is subject to the requirements of the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2).63121. (a) By July 30, 2023, and annually thereafter, the bank shall report to the Legislature on the progress of the financial assistance provided pursuant to this chapter, the performance of the investments made pursuant to this chapter, how the financial assistance provided has supported the goals of this chapter, and how the financial assistance has been coordinated with other state incentive programs.(b) The report shall be submitted in accordance with Section 9795. |
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| 189 | 189 | | |
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| 190 | 190 | | Article 3. Oversight and Coordination |
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| 191 | 191 | | |
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| 192 | 192 | | Article 3. Oversight and Coordination |
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| 193 | 193 | | |
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| 194 | 194 | | 63120. (a) By January 1, 2022, the bank shall prepare a three-year guiding document, consistent with the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code, outlining planned financial assistance categories and how financial assistance furthers the reductions of greenhouse gas emissions. The guiding document shall establish priorities for investment of funds to achieve the goals of this chapter and describe how funding will complement existing public and private investments, including, but not limited to, existing state programs that further the goals of this chapter. The guiding document shall identify gaps in existing programs or private financing markets that can be filled by financial assistance made pursuant to this chapter to achieve the goals of this chapter. The bank may use the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code to guide investments made prior to the completion of the guiding document.(b) In developing the guiding document, the bank shall convene and consult with a climate and energy incentive coordination advisory body consisting of the following:(1) The chair of the State Air Resources Board or their designee.(2) The chair of the State Energy Resources Conservation and Development Commission or their designee.(3) The President of the Public Utilities Commission or their designee.(4) The Treasurer or their designee.(5) The Director of the Governors Office of Business and Economic Development or their designee.(6) The Director of Water Resources or their designee.(7) Two members appointed by the Speaker of the Assembly.(8) Two members appointed by the Senate Committee on Rules.(9) At least one member appointed pursuant to paragraph (7) or (8) shall represent the interest of disadvantaged communities, as identified pursuant to Section 39711 of the Health and Safety Code, and shall have appropriate expertise.(c) The advisory body is subject to the requirements of the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2). |
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| 195 | 195 | | |
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| 196 | 196 | | |
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| 197 | 197 | | |
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| 198 | 198 | | 63120. (a) By January 1, 2022, the bank shall prepare a three-year guiding document, consistent with the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code, outlining planned financial assistance categories and how financial assistance furthers the reductions of greenhouse gas emissions. The guiding document shall establish priorities for investment of funds to achieve the goals of this chapter and describe how funding will complement existing public and private investments, including, but not limited to, existing state programs that further the goals of this chapter. The guiding document shall identify gaps in existing programs or private financing markets that can be filled by financial assistance made pursuant to this chapter to achieve the goals of this chapter. The bank may use the three-year investment plan developed pursuant to Section 39716 of the Health and Safety Code to guide investments made prior to the completion of the guiding document. |
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| 199 | 199 | | |
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| 200 | 200 | | (b) In developing the guiding document, the bank shall convene and consult with a climate and energy incentive coordination advisory body consisting of the following: |
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| 201 | 201 | | |
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| 202 | 202 | | (1) The chair of the State Air Resources Board or their designee. |
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| 203 | 203 | | |
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| 204 | 204 | | (2) The chair of the State Energy Resources Conservation and Development Commission or their designee. |
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| 205 | 205 | | |
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| 206 | 206 | | (3) The President of the Public Utilities Commission or their designee. |
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| 207 | 207 | | |
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| 208 | 208 | | (4) The Treasurer or their designee. |
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| 209 | 209 | | |
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| 210 | 210 | | (5) The Director of the Governors Office of Business and Economic Development or their designee. |
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| 211 | 211 | | |
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| 212 | 212 | | (6) The Director of Water Resources or their designee. |
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| 213 | 213 | | |
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| 214 | 214 | | (7) Two members appointed by the Speaker of the Assembly. |
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| 215 | 215 | | |
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| 216 | 216 | | (8) Two members appointed by the Senate Committee on Rules. |
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| 217 | 217 | | |
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| 218 | 218 | | (9) At least one member appointed pursuant to paragraph (7) or (8) shall represent the interest of disadvantaged communities, as identified pursuant to Section 39711 of the Health and Safety Code, and shall have appropriate expertise. |
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| 219 | 219 | | |
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| 220 | 220 | | (c) The advisory body is subject to the requirements of the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2). |
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| 221 | 221 | | |
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| 222 | 222 | | 63121. (a) By July 30, 2023, and annually thereafter, the bank shall report to the Legislature on the progress of the financial assistance provided pursuant to this chapter, the performance of the investments made pursuant to this chapter, how the financial assistance provided has supported the goals of this chapter, and how the financial assistance has been coordinated with other state incentive programs.(b) The report shall be submitted in accordance with Section 9795. |
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| 223 | 223 | | |
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| 224 | 224 | | |
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| 225 | 225 | | |
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| 226 | 226 | | 63121. (a) By July 30, 2023, and annually thereafter, the bank shall report to the Legislature on the progress of the financial assistance provided pursuant to this chapter, the performance of the investments made pursuant to this chapter, how the financial assistance provided has supported the goals of this chapter, and how the financial assistance has been coordinated with other state incentive programs. |
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| 227 | 227 | | |
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| 228 | 228 | | (b) The report shall be submitted in accordance with Section 9795. |
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| 229 | 229 | | |
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| 230 | 230 | | Article 4. Financial Provisions63130. (a) The Climate Catalyst Revolving Fund is hereby established within the state treasury to be administered by the California Infrastructure and Economic Development Bank. The purpose of the fund is to provide financial assistance for climate catalyst projects. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, a Climate Catalyst Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time. (b) Notwithstanding Section 13340 and except as provided in subdivision (c), all moneys in the infrastructure bank fund are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this chapter.(c) Moneys in the infrastructure bank fund shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code.(d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities.(e) Subdivisions (c) and (d) of this section do not apply to the Climate Catalyst Revolving Account. |
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| 231 | 231 | | |
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| 232 | 232 | | Article 4. Financial Provisions |
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| 233 | 233 | | |
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| 234 | 234 | | Article 4. Financial Provisions |
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| 235 | 235 | | |
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| 236 | 236 | | 63130. (a) The Climate Catalyst Revolving Fund is hereby established within the state treasury to be administered by the California Infrastructure and Economic Development Bank. The purpose of the fund is to provide financial assistance for climate catalyst projects. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, a Climate Catalyst Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time. (b) Notwithstanding Section 13340 and except as provided in subdivision (c), all moneys in the infrastructure bank fund are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this chapter.(c) Moneys in the infrastructure bank fund shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code.(d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities.(e) Subdivisions (c) and (d) of this section do not apply to the Climate Catalyst Revolving Account. |
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| 237 | 237 | | |
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| 238 | 238 | | |
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| 239 | 239 | | |
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| 240 | 240 | | 63130. (a) The Climate Catalyst Revolving Fund is hereby established within the state treasury to be administered by the California Infrastructure and Economic Development Bank. The purpose of the fund is to provide financial assistance for climate catalyst projects. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, a Climate Catalyst Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time. |
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| 241 | 241 | | |
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| 242 | 242 | | (b) Notwithstanding Section 13340 and except as provided in subdivision (c), all moneys in the infrastructure bank fund are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this chapter. |
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| 243 | 243 | | |
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| 244 | 244 | | (c) Moneys in the infrastructure bank fund shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code. |
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| 245 | 245 | | |
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| 246 | 246 | | (d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities. |
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| 247 | 247 | | |
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| 248 | 248 | | (e) Subdivisions (c) and (d) of this section do not apply to the Climate Catalyst Revolving Account. |
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