AB 1108, as introduced, Low. Clean energy: financial assistance.
The California Clean Energy Jobs Act, an initiative approved by the voters as Proposition 39 at the November 6, 2012, statewide general election, made changes to corporate income taxes and, except as specified, provides for the transfer of $550,000,000 annually from the General Fund to the Clean Energy Job Creation Fund for 5 fiscal years beginning with the 2013-14 fiscal year. Moneys in the Clean Energy Job Creation Fund are available, upon appropriation by the Legislature, for purposes of funding eligible projects that create jobs in California and improve energy efficiency and expand clean energy generation. Existing law provides for the allocation of available funds to public school facilities, university and college facilities, and other public buildings and facilities, as well as job training and workforce development and public-private partnerships for eligible projects, as specified. Existing law establishes prescribed criteria that apply to all expenditures from the Clean Energy Job Creation Fund.
This bill would make technical, nonsubstantive changes to a provision within the act that transfers and allocates moneys from the Clean Energy Job Creation Fund.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 26227 of the Public Resources Code is
2amended to read:
(a) (1) For the 2013-14 fiscal year, twenty-eight
4million dollars ($28,000,000) shall be transferred from the Job
5Creation Fund to the Education Subaccount, which is hereby
6created in the State Energy Conservation Assistance Account
7created pursuant to Section 25416. The moneys in the Education
8Subaccount are appropriated to the Energy Commission for the
9purpose of low-interest and no-interest revolving loans and loan
10loss reserves for eligible projects and technical assistance.
11(2) For the 2013-14 fiscal year, funds in the Education
12Subaccount shall be available for local
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13 agencies and community college districts. If a local
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14 agency or community college district has an eligible
15project, the amount of the funding resources gap that is to be
16considered a reasonable loan value from the Education Subaccount
17is the project cost less the amount of any grant awarded pursuant
18to Section 26233 and less any state, federal, or local incentives. A
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20may need to meet additional credit or other financial qualifying
21criteria applicable pursuant to the Energy Conservation Assistance
22 Act of 1979 (Chapter 5.2 (commencing with Section 25410) of
23Division 15). The Energy Commission shall facilitate a local
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25participation in both the Job Creation Fund and Energy
26Conservation Assistance Account programs through coordinated
27information, documentation, and review processes regarding the
28project and the borrowing entity.
29(b) For the 2014-15 through 2017-18 fiscal years, inclusive,
30the amount transferred from the Job Creation Fund to the Energy
31Conservation Assistance Account shall be determined in the annual
33(c) Funds remaining in the Education Subaccount after the
342017-18 fiscal year shall continue to be available in future years
35for loans to local
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36college districts pursuant to this section.