text:
Funds deposited in the Special Account for Capital Outlay may be appropriated by the Legislature for the following purposes:

(a) For transfer to any of the following funds:

(1) Capital Outlay Fund for Public Higher Education.

(2) State School Building Lease-Purchase Fund.

(3) State Parks and Recreation Fund.

(4) Transportation Planning and Development Account in the State Transportation Fund.

(b) Capital outlay for publicly owned structures, including, but not limited to, state hospitals, county hospitals, county jails, prisons, and state office buildings; provided, however, that (1) any non-state-owned structure is approved by the State Allocation Board and recommended by the board to the Legislature and the Governor for funding from the Special Account for Capital Outlay, and (2) as a condition for approval and recommendation to the Legislature and the Governor, the State Allocation Board requires the local agency which would own and control the proposed structure to contribute toward the cost of such structure a percentage of such cost reasonably within its means, as determined by the board in accordance with criteria formulated by the board.

(c) Maintenance of existing publicly funded structures, including, but not limited to, painting, roof repair, repair or replacement of plumbing or electrical systems or parts thereof, landscaping, and repairs designed to reduce energy consumption which are estimated to pay for themselves within five years; provided, however, that (1) any maintenance for a non-state-owned structure is approved by the State Allocation Board and recommended by the board to the Legislature and the Governor for funding from the Special Account for Capital Outlay, and (2) as a condition for approval and recommendation to the Legislature and the Governor, the State Allocation Board requires the local agency which owns and controls the structure upon which the proposed maintenance is to be performed to contribute toward the cost of such structure a percentage of such cost reasonably within its means as determined by the board in accordance with criteria formulated by the board.

(d) Any other purpose deemed appropriate by the Legislature.

history: (History: Repealed (in Sec. 5) and added by Stats. 1980, Ch. 899, Sec. 5.5. Effective September 17, 1980. Conditionally operative as provided in Section 16368.2.)

article: 1.8. Special Account for Capital Outlay


kind: section

code: GOV

text:
This article shall remain in effect only until the later of the following dates, and on that date is repealed, unless a later enacted statute changes the requirements of this section:

(1) The operative date of the Budget Act for the 1984–85 fiscal year.

(2) The operative date of the Budget Act for a fiscal year after 1983–84 which does not contain a section authorizing this section to remain operative for that fiscal year.

history: (History: Added by Stats. 1980, Ch. 899, Sec. 5. Effective September 17, 1980. Repealed on date prescribed by its own provisions. See same-numbered section in the later operative Article 1.8 added by Sec. 5.5 of Ch. 899. Note: Repeal affects Article 1.8 (commencing with Section 16368) as added by Sec. 5 of Ch. 899.)

division: 4. FISCAL AFFAIRS

chapter: 2. Special Funds

article: 1.8. Special Account for Capital Outlay

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 1.8. Special Account for Capital Outlay


text: This article shall become operative upon the date that Article 1.8 (commencing with Section 16368) of Chapter 2 of Part 2 of Division 4 of Title 2 of the Government Code, as added by Section 5 of the act that added this article to the code, is repealed unless a later enacted statute changes the requirements of this section.

history: (History: Repealed (in Sec. 5) and added by Stats. 1980, Ch. 899, Sec. 5.5. Effective September 17, 1980. Note: This section prescribes conditional operation for Article 1.8 (commencing with Section 18368) as added by Sec. 5.5 of Ch. 899.)

title: 2. GOVERNMENT OF THE STATE OF CALIFORNIA

article: 1.8. Special Account for Capital Outlay


text: The Special Deposit Fund in the treasury is continued in existence. It consists of money which is paid into it in trust pursuant to law. The fund is appropriated to fulfill the purposes for which payments into it are made.

history: (History: Added by Stats. 1945, Ch. 121.)

article: 2. Special Deposit Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 2. Special Deposit Fund


text: Trust funds which have come into the possession of any agency of the State may be paid into the Special Deposit Fund in trust, subject to the right of recovery to fulfill the purposes of the trust.

article: 2. Special Deposit Fund


text: Whenever any law provides for the payment of money into the treasury which has been collected or received for specific purposes by any State agency, and no fund has been created in the treasury to which it is to be credited, the money shall be credited to the “Special Deposit Fund,” and shall be held subject to the right of the State agency to recover it, on claims properly presented, for fulfilling the purposes for which the money was collected or received.

article: 2. Special Deposit Fund


text:
(a) Money that has remained unclaimed in the hands of any state agency, or for which the claimant cannot be found, may be deposited in the Special Deposit Fund in trust and may be withdrawn in the same manner as other trust money. Unclaimed money of five dollars ($5) or less in an inmate’s trust account after he or she has been paroled shall be forfeited, and deposited in the Inmate Welfare Fund of the Department of Corrections in the State Treasury.

(b) When the Director of the Youth Authority has in his or her possession trust account money of an offender committed to or housed in the Department of the Youth Authority, any unclaimed offender trust account money of five dollars ($5) or less shall be forfeited on the date of discharge, or one year from the date of escape or absconding from the Department of the Youth Authority supervision, and shall be deposited in the Benefit Fund to be expended pursuant to Section 1752.5 of the Welfare and Institutions Code.

history: (History: Amended by Stats. 2000, Ch. 481, Sec. 1. Effective January 1, 2001.)

article: 2. Special Deposit Fund


text: Whenever any money has been deposited in trust in the Treasury by any state agency because it has remained unclaimed, or the claimant cannot be found, the Treasurer shall hold it for the claimant for a period of two years and if it is not paid within that period, the amount so deposited shall revert to and become a part of the General Fund, except that the face amount of each unclaimed warrant deposited pursuant to Section 16373 shall revert and be credited by the Controller to the fund against which the warrant was drawn.

history: (History: Amended by Stats. 1953, Ch. 539.)

article: 2. Special Deposit Fund


text: The Controller shall keep an accurate account of all money deposited in the Special Deposit Fund for each respective agency making such a deposit.

article: 2. Special Deposit Fund


text: All funds on deposit in trust in the State Treasury for the use and benefit of the California State Historical Association are hereby transferred to the General Fund.

history: (History: Added by Stats. 1951, Ch. 557.)

article: 2. Special Deposit Fund


text: There is permanently established in the Special Deposit Fund in the State Treasury the Child Support Intercept Account which shall be continuously available pursuant to Section 16372 for the payment of child and spousal support obligations. The account shall consist of all moneys obtained by the state pursuant to child and spousal support intercept programs.

history: (History: Added by Stats. 1989, Ch. 155, Sec. 1.)

article: 2. Special Deposit Fund


text:
(a) There is established in the Special Deposit Fund in the State Treasury the Unclaimed Property Offset Account. Notwithstanding Section 13340, moneys in the account are continuously appropriated pursuant to Section 16372 for both of the following purposes:

(1) The payment of moneys to a state agency, local agency, city, county, community college district, special district, or court, or any other state or local governmental entity, to offset the moneys owed by a person claiming to be the owner of unclaimed property that has escheated to the state under Title 10 (commencing with Section 1300) of Part 3 of the Code of Civil Procedure.

(2) The payment of moneys to owners of unclaimed property that has escheated to the state after offsetting moneys paid pursuant to paragraph (1).

(b) The Controller may transfer to the Unclaimed Property Offset Account moneys held by the Controller from property that has escheated to the state under Title 10 (commencing with Section 1300) of Part 3 of the Code of Civil Procedure if the Controller has reason to believe the owner of the property has a debt to a state or local governmental entity.

history: (History: Added by Stats. 2018, Ch. 390, Sec. 2. (AB 2350) Effective January 1, 2019. See same-numbered section added by Stats. 1978, Ch. 1079.)

article: 2. Special Deposit Fund


text: The State Motor Vehicle Insurance Account is hereby created as a special account in the General Fund.

history: (History: Added by Stats. 1978, Ch. 1079. See same-numbered section added by Stats. 2018, Ch. 390.)

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 2.5. State Motor Vehicle Insurance Account


text: Amounts collected by the Department of General Services pursuant to subdivision (a) of Section 11290 shall be deposited in the account and such amounts are continuously appropriated for the purposes set forth in subdivision (a) of Section 11290.

history: (History: Added by Stats. 1978, Ch. 1079.)

article: 2.5. State Motor Vehicle Insurance Account


text: This article does not apply to the Unemployment Fund or the Unemployment Administration Fund created by the Unemployment Insurance Act.

history: (History: Added by Stats. 1945, Ch. 122.)

article: 3. General Cash Revolving Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 3. General Cash Revolving Fund


text: The General Cash Revolving Fund in the treasury is continued in existence. Whenever the Governor, upon request of the Controller, determines in writing that there is insufficient cash in the General Fund to meet payments authorized by law, and until his determination is revoked in writing by the Governor, the Governor may direct the Controller to make transfers of money from any special funds and other State accounts to the General Cash Revolving Fund.

article: 3. General Cash Revolving Fund


text: This article does not authorize any transfer which will interfere with the carrying out of the object for which a special fund or other State account was created. Retransfers to special funds and other State accounts shall be made on order of the Governor in season so that the objects for which they were created may be carried out.

article: 3. General Cash Revolving Fund


text: Warrants may be drawn by the Controller against the General Cash Revolving Fund, to the extent of the amounts available, in accordance with demands audited pursuant to law and rules and regulations prescribed from time to time by the Department of General Services, and also to meet other payments provided by law to be made from the General Fund. The Treasurer may pay from the General Cash Revolving Fund the warrants so drawn.

history: (History: Amended by Stats. 2016, Ch. 31, Sec. 140. (SB 836) Effective June 27, 2016.)

article: 3. General Cash Revolving Fund


text: The General Cash Revolving Fund shall be reimbursed as provided in Chapter 2, Part 4.

article: 3. General Cash Revolving Fund


text: A revolving fund in the State Treasury is hereby created, to be known as the State Pay Roll Revolving Fund, which fund may be utilized for the payment of compensation to officers and employees of the State and all amounts withheld therefrom pursuant to law, and for the payment of refunds as provided in this article.

history: (History: Added by Stats. 1949, Ch. 929.)

article: 4. State Pay Roll Revolving Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 4. State Pay Roll Revolving Fund


text: The Controller may, from time to time, provide that compensation due officers and employees, and amounts withheld therefrom pursuant to law, where properly chargeable to appropriations made from funds in the State Treasury, shall be paid by Controller’s warrant drawn against the State Pay Roll Revolving Fund. The amount to be disbursed from the State Pay Roll Revolving Fund at any time shall be determined by the Controller, and on his order shall be transferred from the fund and appropriation otherwise properly chargeable therewith, to the State Pay Roll Revolving Fund.

article: 4. State Pay Roll Revolving Fund


text: The Controller may transfer to the State Pay Roll Revolving Fund the contributions required by Sections 20751, 20752, 20782, 20783, 22881, and 22883, and upon certification by the Board of Administration of the Public Employees’ Retirement System in accordance with Sections 20754 and 20784, may transfer from the State Pay Roll Revolving Fund to the Public Employees’ Retirement Fund and the Old Age and Survivors’ Insurance Revolving Fund the amounts of contributions so certified.

history: (History: Amended by Stats. 2004, Ch. 69, Sec. 11. Effective June 24, 2004.)

article: 4. State Pay Roll Revolving Fund


text: Refunds of amounts disbursed from the State Pay Roll Revolving Fund shall, on order of the Controller, be deposited in the State Pay Roll Revolving Fund and, on order of the Controller, shall be transferred forthwith from such fund to the fund and appropriation from which such amount was originally derived.

article: 4. State Pay Roll Revolving Fund


text: Any amount erroneously paid into the State Pay Roll Revolving Fund shall be refunded by the Controller.

article: 4. State Pay Roll Revolving Fund


text: All amounts increasing the cash balance in the State Pay Roll Revolving Fund pursuant to the cancellation of warrants issued therefrom shall, on order of the Controller, be transferred to and in augmentation of the cash balance of the fund from which the amount covered by such canceled warrant would originally have been paid, had such amount not been paid from the State Pay Roll Revolving Fund.

article: 4. State Pay Roll Revolving Fund


text: For the purpose of determining the fund or funds from which the state’s contributions to the Public Employees’ Retirement Fund under Chapter 6 of Part 3 of Division 5 of Title 2 of this code and the contributions required of an employer under Chapter 3 of Part 3.5 of Division 5 of Title 2 of this code shall be paid, any compensation paid to state officers and employees from the State Pay Roll Revolving Fund shall be deemed to have been paid from the fund or funds from which the money disbursed from the State Pay Roll Revolving Fund in payment of such compensation was originally derived.

history: (History: Amended by Stats. 1972, Ch. 590.)

article: 4. State Pay Roll Revolving Fund


text:
(a) Any state agency for which an appropriation is made, may, without at the time furnishing vouchers and itemized statements, draw from that appropriation for use as a revolving fund any of the following:

(1) A sum not to exceed 3 percent of the total amount of the appropriation.

(2) With the approval of the Director of Finance, a sum in excess of 3 percent but not in excess of 10 percent of the total amount of the appropriation.

(3) With the approval of the Director of Finance and the Controller, a sum in excess of 10 percent of the total amount of the appropriation.

(b) With the approval of the Director of Finance, any deficiency or shortfall in a state agency’s revolving fund established pursuant to subdivision (a) may be replenished from an existing appropriation designated by the agency.

history: (History: Amended by Stats. 1994, Ch. 726, Sec. 17. Effective September 22, 1994.)

article: 5. Revolving Funds and Advances

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 5. Revolving Funds and Advances


text: Any revolving fund drawn under the provisions of Section 16400 may only be used in accordance with law for payment of compensation earned, traveling expenses, traveling expense advances, or where immediate payment is otherwise necessary.

history: (History: Amended by Stats. 1994, Ch. 726, Sec. 18. Effective September 22, 1994.)

article: 5. Revolving Funds and Advances


text:
(a) Notwithstanding Sections 16400 and 16401, the California State Lottery may draw funds from its continuous appropriation for the purpose of making immediate payment through its revolving fund to California State Lottery prizewinners of one hundred thousand dollars ($100,000) or less, provided that regulations to support the action are adopted by the California State Lottery Commission. The California State Lottery shall be subject to all reporting and compliance requirements mandated by this article.

(b) The California State Lottery shall maintain records of all payments made pursuant to subdivision (a).

history: (History: Amended by Stats. 2025, Ch. 332, Sec. 1. (SB 859) Effective January 1, 2026.)

article: 5. Revolving Funds and Advances


text: In lieu of actually withdrawing such revolving fund from the State Treasury, the Controller may in his discretion, upon request of the state agency for which the appropriation was made, apply and credit the amount of such revolving fund, or any portion thereof, as repayment and return of any existing revolving fund to the appropriation from which it was withdrawn by such state agency.

history: (History: Added by Stats. 1949, Ch. 255.)

article: 5. Revolving Funds and Advances


text: Any state agency that withdraws a revolving fund shall remain fully accountable therefor. All disbursements must be substantiated by vouchers filed with and audited by the Controller. Disbursements may be reported, substantiated by vouchers, from time to time to the Controller in connection with claims for reimbursement of the revolving fund. At any time upon the demand of the Department of Finance or the Controller, every revolving fund must be accounted for and substantiated by vouchers and itemized statements submitted to and audited by the Controller.

history: (History: Amended by Stats. 1953, Ch. 166.)

article: 5. Revolving Funds and Advances


text: Where the duties of any state agency for which an appropriation is available make necessary the use of moneys for purposes of a confidential nature, such state agency may, without at the time furnishing vouchers and itemized statements, draw from such appropriation an advance for such confidential purposes. Except for withdrawals by the Attorney General as provided in Section 12572 of this code, the total amount allowed any state agency for such confidential purposes shall not exceed two thousand dollars ($2,000) in any one fiscal year. Claim for such an advance is exempt from Section 925.6 of this code, but shall be accompanied by a certificate of the purpose and necessity for secrecy. The state agency shall remain fully accountable for any amount thus advanced, and when the reason for the secrecy no longer exists, or, in any event, within one year after such amount is withdrawn, must account therefor to the Controller who shall require vouchers in substantiation of all disbursements and make such audit as may be necessary.

history: (History: Amended by Stats. 1968, Ch. 449.)

article: 5. Revolving Funds and Advances


text: Notwithstanding Section 16404, the Department of Corrections may withdraw funds for confidential use in an amount not to exceed ten thousand dollars ($10,000) per fiscal year. The sums so withdrawn may be used as a revolving fund where cash advances are necessary. At the close of each fiscal year, the department shall account for and substantiate to the Controller the amount of moneys so withdrawn during that fiscal year with vouchers and itemized statements, exclusive of names and locations, along with a certificate of the purpose and necessity for secrecy. The Controller is authorized to perform audits of these vouchers and itemized statements as may be necessary.

history: (History: Added by Stats. 1999, Ch. 917, Sec. 1. Effective January 1, 2000.)

article: 5. Revolving Funds and Advances


text: No state agency or person shall use or disburse any money withdrawn under the provisions of this article for any purpose whatever, unless authorized by law.

article: 5. Revolving Funds and Advances


text: The Capital Outlay and Savings Fund in the State Treasury is abolished. All money credited to the Capital Outlay and Savings Fund is transferred to the General Fund. All appropriations heretofore made from the Capital Outlay and Savings Fund shall be payable, for the same purposes and periods, from the General Fund.

history: (History: Amended by Stats. 1959, Ch. 1259.)

article: 5.5. Capital Outlay and Savings Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 5.5. Capital Outlay and Savings Fund


text: The Revenue Deficiency Reserve Fund in the Treasury is continued in existence to meet the needs of the State for General Fund revenues when revenues from taxes, fees, and other sources do not equal the estimate for revenues as set forth in the fiscal year budget. There shall be transferred into this fund such amounts as may be authorized by the Legislature.

history: (History: Added by Stats. 1953, Ch. 170.)

article: 6. Revenue Deficiency Reserve Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 6. Revenue Deficiency Reserve Fund


text: Whenever the Governor, Controller, and Director of Finance determine that the General Fund revenues for any fiscal year commencing on or after July 1, 1947, are below the amount estimated in the budget submitted by the Governor to the Legislature for the fiscal year, they may jointly authorize the transfer from the Revenue Deficiency Reserve Fund to the General Fund of an amount equal to the difference between the actual revenues received for the General Fund and the amount which it was estimated would be received.

article: 6. Revenue Deficiency Reserve Fund


text: The money in the Revenue Deficiency Reserve Fund may be loaned temporarily to the General Fund upon the joint authorization of the Governor, Controller, and Director of Finance during any fiscal year in anticipation of the receipt of revenue from taxes, fees, and other sources required to be paid into the General Fund during the fiscal year. The money loaned shall be repaid during the same fiscal year from revenue received from such taxes, fees, and other sources as such revenues are received, to the extent that such revenues are not necessary for current expenditures payable out of the General Fund. If any money temporarily loaned remains unpaid at the close of the fiscal year, it shall be deemed a transfer from the Revenue Deficiency Reserve Fund to the General Fund to the same extent as if it were transferred pursuant to Section 16411.

article: 6. Revenue Deficiency Reserve Fund


text:
All money received by the State from the United States in pursuance of any act of Congress providing for the distribution and payment to states and territories of a fixed percentage of the money received by the United States from the land acquired in the State for flood control purposes shall be credited to the United States Flood Control Receipts Fund, which fund is continued in the State Treasury, and shall be disposed of, pursuant to the act of Congress, by the payment of the money to the several counties in which the flood control lands are situated.

The payments made to each county from the receipts of any given parcel of federal flood control land shall be in the proportion which the area of the parcel situated in the county bears to the total area of such parcel.

history: (History: Added by Stats. 1953, Ch. 1679.)

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 7. United States Flood Control Receipts Fund


text: The Controller shall keep a record of the money received from the United States on account of the federal flood control land in each county in this State. On or before June 30th of each year, he shall draw his warrant in favor of the treasurer of each county entitled to payment pursuant to this article. The Treasurer shall pay the warrants. All money deposited in the United States Flood Control Receipts Fund is appropriated to be apportioned to the counties of this State pursuant to this article.

article: 7. United States Flood Control Receipts Fund


text: The auditor of any county receiving a payment of money pursuant to this article shall immediately apportion the money by placing 50 percent to the credit of the road fund. The remaining 50 percent shall be divided between school and community college districts where the lands are located, with the division based on attendance. The portion attributable to school districts shall be placed to the credit of the county school service fund of the county. The portion attributable to community college districts shall be paid directly to the district.

history: (History: Amended by Stats. 1990, Ch. 1372, Sec. 706.)


text:
(a) The Special Fund for Economic Uncertainties is hereby created in the State Treasury and is continuously appropriated for the purposes of this section. The contingency reserve for economic uncertainties established within the General Fund by Section 12.3 of the Budget Act of 1980 is hereby discontinued, and any balance in that reserve shall be transferred to the Special Fund for Economic Uncertainties. This special fund represents a reserve fund within the meaning of Section 5 of Article XIIIB of the California Constitution. Notwithstanding Sections 16310 and 16314, the Controller may transfer as necessary from the Special Fund for Economic Uncertainties or from the special accounts in the General Fund to the General Fund amounts that are needed to meet cash needs of the General Fund. The Controller shall return all of the moneys so transferred without payment of interest as soon as there are sufficient moneys in the General Fund.

(b) The Controller shall transfer from the Special Fund for Economic Uncertainties to the unappropriated balance of the General Fund an amount necessary to eliminate any General Fund deficit as of the end of each fiscal year, commencing as of June 30, 1985. The amount of transfer for each fiscal year shall be determined on the basis of the State of California Preliminary Annual Report—Accrual Basis, for that fiscal year. Any subsequent adjustments shall be determined jointly by the Controller and the Director of Finance.

(c) Notwithstanding Section 13340, moneys in the Special Fund for Economic Uncertainties are hereby continuously appropriated without regard to fiscal years to the Director of Finance for the purpose of allocating funds for disaster relief pursuant to Chapter 5 (commencing with Section 194) and Chapter 6 (commencing with Section 197) of Part 1 of Division 1 of the Revenue and Taxation Code. However, any allocation made by the director pursuant to this subdivision shall not be made sooner than 30 days after notification in writing of the necessity therefor is provided to the Joint Legislative Budget Committee.

(d) For budgeting and accounting purposes, any appropriations heretofore or hereafter made specifically from the Special Fund for Economic Uncertainties, other than appropriations contained in this section, shall be deemed an appropriation from the General Fund. For year-end reporting purposes, the Controller shall add the balance in the Special Fund for Economic Uncertainties to the balance in the General Fund so as to show the total moneys then available for General Fund purposes.

(e) (1) Notwithstanding Section 13340, there is hereby appropriated from the General Fund, without regard to fiscal years, for transfer by the Controller to the Special Fund for Economic Uncertainties as of the end of each fiscal year the unencumbered balance in the General Fund.

(2) If, at the end of any fiscal year in which it has been determined that there are revenues in excess of the amount that may be appropriated, as defined in subdivision (a) of Section 2 of Article XIIIB of the California Constitution, the transfer pursuant to paragraph (1) shall be reduced by the amount of these excess revenues. The estimates of the transfer shall be made jointly by the Department of Finance and the Legislative Analyst’s Office.

(f) Notwithstanding the provisions of this section, moneys in the Special Fund for Economic Uncertainties that is attributable to the sale of the property pursuant to Section 11011.30 shall not be continuously appropriated and shall be available for expenditure only upon appropriation by the Legislature.

history: (History: Amended by Stats. 2024, Ch. 770, Sec. 2. (SB 572) Effective January 1, 2025.)

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 7.5. Special Fund for Economic Uncertainties


text:
(a) Notwithstanding any other provision of law, each special fund shall include a contingency reserve for economic uncertainties. These reserves shall constitute reserve funds within the meaning of Section 5 of Article XIIIB of the California Constitution.

(b) On the first day of each fiscal year, or on the day that the Budget Act for that fiscal year is chaptered, whichever occurs later, an amount sufficient for any appropriation made by that Budget Act or by any other statute from the fund in which the reserve account is established, shall be appropriated from each reserve account in each special fund.

(c) On the last day of each fiscal year, the unappropriated balance in each special fund shall be appropriated to the reserve account in that special fund.

history: (History: Added by renumbering Section 16419 (as added by Stats. 1989, Ch. 942) by Stats. 1991, Ch. 1091, Sec. 55.)

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 7.6. Contingency Reserve for Economic Uncertainties


text:
(a) The Projected Surplus Temporary Holding Account is hereby established in the State Treasury as a General Fund reserve to hold a portion of General Fund surplus moneys temporarily for use in future fiscal years, as an added responsible budgeting technique to counter tax revenue volatility.

(b) In a year that a transfer is made to the Projected Surplus Temporary Holding Account, the transfer shall be provided for in the annual Budget Act.

(c) Funds transferred to the Projected Surplus Temporary Holding Account pursuant to subdivision (b), including any interest or investment earnings derived therefrom, shall remain in that account for no more than one year from the date of deposit, after which time these funds shall be transferred to the General Fund unless the next annual Budget Act appropriates all or part of those moneys for other state purposes.

(d) Notwithstanding any other law, the Controller may use the funds in the Projected Surplus Temporary Holding Account for cashflow loans to the General Fund as provided in Sections 16310 and 16381.

history: (History: Amended by Stats. 2026, Ch. 84, Sec. 16. (SB 172) Effective July 13, 2026.)

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 7.6.3. Projected Surplus Temporary Holding Account


text:
(a) The Budget Deficit Savings Account is hereby established in the State Treasury to serve as a supplementary savings account to mitigate the effects of actual or future projected budget deficits in the General Fund or other state funds.

(b) (1) Deposits to the Budget Stabilization Account for the 2018–19 fiscal year, above the amounts required by Section 20 of Article XVI of the California Constitution, as defined and appropriated in the 2018 Budget Act, shall be transferred from the General Fund to the Budget Deficit Savings Account. Based on the updated projection as calculated by the Department of Finance during the 2019–20 May Revision, upon order of the Director of Finance, no earlier than May 31, 2019, the Controller shall transfer the updated amount from the Budget Deficit Savings Account to the Budget Stabilization Account.

(2) Upon order of the Director of Finance, the Controller shall transfer 50 percent of the remaining amounts deposited in the Budget Deficit Savings Account that are not transferred to the Budget Stabilization Account pursuant to subdivision (b) to the Safety Net Reserve Fund, created by Section 11011 of the Welfare and Institutions Code. The remaining 50 percent of the balance shall remain in the Budget Deficit Savings Account.

(3) In any fiscal year, the Legislature may transfer funds into the Budget Deficit Savings Account or authorize the transfer of some or all of the balance of the Budget Deficit Savings Account to the General Fund or any other state fund.

(c) Notwithstanding any other law, the Controller may use the funds in the Budget Deficit Savings Account for cashflow loans to the General Fund as provided in Sections 16310 and 16381.

history: (History: Amended by Stats. 2019, Ch. 364, Sec. 4. (SB 112) Effective September 27, 2019.)

article: 7.6.5. Budget Deficit Savings Account

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 7.6.5. Budget Deficit Savings Account


text: The Disaster Relief Fund is hereby established. Notwithstanding Section 13340, the fund is continuously appropriated without regard to fiscal years for purposes of funding disbursements made for response to and recovery from the earthquake, aftershocks, and any other related casualty. Moneys in the Disaster Relief Fund may, upon the direction of the Director of Finance, be transferred to the Special Fund for Economic Uncertainties to replenish that fund for disbursements regarding the earthquake, aftershocks, and any other related casualty. Disbursements from the Disaster Relief Fund and from the Special Fund for Economic Uncertainties incurred in responding to and recovering from the earthquake, aftershocks, and any other related casualty shall not be expended to supplant federal funds otherwise available in the absence of state financial relief.

history: (History: Added by Stats. 1989, 1st Ex. Sess., Ch. 14, Sec. 1. Effective November 7, 1989.)

article: 7.7. Disaster Relief Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 7.7. Disaster Relief Fund


text: There is in the State Treasury the Service Revolving Fund, hereafter referred to as “the fund.”

history: (History: Added by Stats. 1961, Ch. 875.)

article: 8. Service Revolving Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 8. Service Revolving Fund


text:
The fund consists of the following:

(a) All money appropriated by the Legislature for such fund or payable into such fund in accordance with law.

(b) All money received into the Treasury from any source whatever in payment of printing, ruling, and binding done in the Office of State Printing or, unless otherwise provided by law, in payment for other services rendered by the Department of General Services.

(c) Reimbursement of rentals paid from such fund.

(d) All money received as payment of rent for the use or occupancy of space in any building owned, managed, or controlled by the state.

history: (History: Amended by Stats. 1971, Ch. 992.)

article: 8. Service Revolving Fund


text:
The fund is under the control of the Department of General Services and is available for expenditure for the payment of rent; the cost of maintaining, operating, and insuring building space; the purchase and sale of materials, supplies, and equipment; the rendering of services to state and other public agencies and, in connection therewith, for the employment and compensation of necessary personnel and expenses; all expenses for the support of the Office of State Printing; and the purchase of machinery or equipment, including motor vehicles, needed in the operation or administration of the Office of State Printing.

On or before September 30 of each fiscal year, the Controller shall transfer to the General Fund any cash surplus, as determined by the Director of Finance and reported to the Joint Legislative Budget Committee, in the fund as of the preceding June 30.

history: (History: Amended by Stats. 1983, Ch. 323, Sec. 58. Effective July 1, 1983.)

article: 8. Service Revolving Fund


text: The State Printing Fund and the Purchasing Revolving Fund in the State Treasury are abolished. The Controller, on the operative date of this section, shall transfer any balances in those funds to the Service Revolving Fund. Any reference in state law to either the State Printing Fund or the Purchasing Revolving Fund shall be construed to refer to the Service Revolving Fund.

article: 8. Service Revolving Fund


text: The Surplus Personal Property Revolving Fund in the State Treasury, created by Section 10383.5 of the Public Contract Code, is abolished. On January 1, 1989, the Controller shall transfer the assets, liabilities, and surplus in that fund to the Service Revolving Fund. Any reference in state law to the “Surplus Personal Property Revolving Fund” shall mean the Service Revolving Fund.

history: (History: Added by Stats. 1988, Ch. 207, Sec. 1.)

article: 8. Service Revolving Fund


text: There is in the State Treasury the Litigation Deposits Fund, hereafter referred to as “the fund,” which is hereby appropriated for the purposes of this article.

history: (History: Added by Stats. 1971, Ch. 1148.)

article: 9. Litigation Deposits Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 9. Litigation Deposits Fund


text:
The fund consists of all money received as litigation deposits where the State of California is a party to the litigation and no other state statutes specifically provide for both of the following:

(1) Handling and investing such money.

(2) Crediting any interest accrued thereto to such deposits.

article: 9. Litigation Deposits Fund


text:
(a) For purposes of this article, “department” means the Department of Justice.

(b) The fund is under the control of the department. The department shall maintain accounting records pertaining to the fund, including subsidiary records of individual litigation deposits and the disbursements from the fund.

(c) The department shall file a claim with the Controller to pay out money in the fund to whomever and at the time the department directs. However, notwithstanding Section 13340, if a sum of money in the fund was deposited pursuant to order or direction of the court, that sum shall be paid to whomever and at the time the court directs. The department may expend revenue transferred from the fund to the Legal Services Revolving Fund only upon approval by the Department of Finance. The department shall submit a written application to the Department of Finance to request approval for the expenditure. The request shall be deemed approved if the Department of Finance neither approves nor disapproves the request within 30 days of receipt of the application.

(d) Commencing July 1, 2023, the department shall transfer deposited funds to the General Fund or a state special fund subject to legislative oversight no later than three months after the receipt of funds, a final settlement agreement is signed by all involved parties, a court judgment has been entered, or all appeals have been exhausted, whichever is latest. This requirement does not apply to moneys specifically designated by settlement agreement or court judgment for specific claimants as direct restitution or compensation to address the impacts of the alleged offending behavior.

(e) The department shall transfer funds deposited prior to July 1, 2023, for which a final settlement agreement has been signed by all involved parties, a court judgment has been entered, or for which all appeals have been exhausted by January 1, 2024.

(f) Any residue remaining in a deposit account after satisfaction of all court-directed claims, or payment of departmental expenditures for that account shall be transferred no later than July 1 of each fiscal year to the General Fund.

(g) The department shall prepare and submit to the chairperson of the Joint Legislative Budget Committee, the chairpersons of the fiscal committees of the Senate and the Assembly, and the Director of Finance quarterly reports concerning the activity of the fund and include the following information:

(1) The number of new deposits received as of the prior report and the amount of each deposit, the case associated with each deposit, the specific legal section or sections of the department pursuing the case, the date each case was initiated and closed, the estimated litigation costs associated with each case, whether the department specifically sought reasonable attorney’s fees and costs and the amount awarded for these purposes, and the fiscal terms and statewide benefits associated with each case. To the extent prior deposits were received for a case, the total amount of funding received to date shall also be reported.

(2) The number of disbursements made as of the prior report and the amount of each disbursement by case and recipient and the date each disbursement was made. To the extent a disbursement does not include the total amount deposited for a particular case, the total amount remaining shall also be reported. For the purposes of this reporting language, disbursements shall include any payment or transfer from the fund to any recipient, including, but not limited to, claimants, the General Fund, a department-administered special fund, or any other state special fund.

(3) A listing of each case for which litigation proceeds remain in the fund after disbursements are made for the quarter, including all previously reported information pursuant to paragraph (1). The fiscal terms associated with each case shall include, but shall not be limited to, reporting on the anticipated recipient or recipients and the amount due to each recipient; whether the case was resolved through settlement or trial; the amount of the funds that are restricted, unrestricted, unavailable, or designated for claimant restitution; and a brief description for why the proceeds remain in the fund. The brief descriptions shall include whether funds are restricted by the special fund to which moneys will be transferred, the settlement agreement or court ruling designating use for clearly specified purposes, or any other reasons. The information may roll over from prior reports until all litigation proceeds associated with a case are disbursed. However, all changes to previously reported information shall be clearly highlighted and a brief description shall be provided for each substantive change.

(4) The receipt of any interest income and the amount attributable to each case.

history: (History: Amended by Stats. 2023, Ch. 45, Sec. 40. (AB 127) Effective July 10, 2023.)

article: 9. Litigation Deposits Fund


text:
Money in the fund may be invested and reinvested in any securities described in Section 16430 or deposited in banks as provided in Chapter 4 (commencing with Section 16500) of this part or deposited in savings and loan associations as provided in Chapter 4.5 (commencing with Section 16600) of this part. The department shall determine the amount of money available for investment or deposit and shall so arrange the investment or deposit program that funds will be available for the immediate payment of any court order or decree. The Treasurer shall invest or make deposits in accordance with these determinations.

All revenues earned from investment or deposit of fund moneys shall be deposited in the fund. After first deducting therefrom the amount payable to the Treasurer for investment services rendered and the amount payable to the department for administrative services rendered, the department shall apportion as of June 30 and December 31 of each year the remainder of such revenues earned and deposited in the fund during the six calendar months ending with such dates. There shall be apportioned and credited to each litigation deposit in the fund during such six-month period, an amount directly proportionate to the total deposits in the fund and the length of time such deposits remained therein. The amounts so apportioned shall be paid to the party receiving the deposit. The cost of administrative services rendered shall be determined by the department in a manner approved by the Department of Finance. The amounts payable to the department and to the Treasurer shall be transferred to the General Fund and accounted as reimbursements to their respective appropriations.

Notwithstanding any other provision of law, the Controller may use money in the fund for cashflow loans to the General Fund as provided in Sections 16310 and 16381. Notwithstanding any other law, the Department of Finance may authorize budgetary loans from the fund to the General Fund pursuant to the annual budget process. This section does not authorize any transfer that will interfere with the object for which this fund was created.

history: (History: Amended by Stats. 2023, Ch. 45, Sec. 41. (AB 127) Effective July 10, 2023.)

article: 9. Litigation Deposits Fund


text:
The Legislature finds and declares all of the following:

(a) Ratepayers and the state’s economy have been harmed by improper and unfair energy market manipulation that has resulted in overcharging for electricity and natural gas.

(b) The purpose of the act adding this section is to ensure that any funds paid to the state as a result of energy litigation are used for the following purposes:

(1) To reimburse state funds for, or to finance, litigation and investigation expenses.

(2) To reduce ratepayer costs of those utility ratepayers harmed by the actions of the defendants.

(3) To reduce or pay debt service on the bonds issued pursuant to Division 27 (commencing with Section 80000) of the Water Code.

history: (History: Added by Stats. 2003, Ch. 228, Sec. 16. Effective August 11, 2003.)

article: 9.5. Ratepayer Relief Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 9.5. Ratepayer Relief Fund


text:
As used in this article, the following terms have the following meanings:

(a) “Fund” means the Ratepayer Relief Fund established in Section 16428.1.

(b) “Energy settlement agreement” means any agreement arising from the energy crisis of 2000–02, where the State of California or a division of the State of California, is a party in a complaint or any action relating to the operation and management of any generation facilities, any sale or purchase or transmission of natural gas, any sale or purchase or transmission of electricity or other utility or energy goods and services, or a violation of the Federal Power Act (16 U.S.C. Sec. 791a et seq.), state law, or Public Utilities Commission orders or regulations relating to electricity generation, transmission, or distribution, electrical corporations, gas generation, storage, transmission, or distribution, gas corporations, energy generation facilities, or publicly owned utilities.

article: 9.5. Ratepayer Relief Fund


text:
(a) Any energy settlement agreement entered into by the Attorney General, after reimbursing the Attorney General’s litigation and investigation expenses, to the maximum extent possible, shall direct settlement funds to the following purposes in priority order:

(1) To reduce ratepayer costs of those utility ratepayers harmed by the actions of the settling parties. To the extent the ratepayers of the investor-owned utilities were harmed, the settlement funds shall be directed to reduce their costs, to the maximum extent possible, through reduction of rates or the reduction of ratepayer debt obligations incurred as a result of the energy crisis.

(2) For deposit in the fund.

(b) Nothing in this article shall preclude nonmonetary compensation to the state through an energy settlement agreement, provided that the allocation of benefits from any nonmonetary compensation is consistent with paragraph (1) of subdivision (a).

article: 9.5. Ratepayer Relief Fund


text: All funds recovered on behalf of the Department of Water Resources, after deduction of litigation and investigation expenses, shall be deposited in the Department of Water Resources Electric Power Fund and applied pursuant to Division 27 (commencing with Section 80000) of the Water Code.

article: 9.5. Ratepayer Relief Fund


text:
Moneys in the fund shall be expended upon appropriation by the Legislature, for the benefit of ratepayers. Moneys in the fund may be appropriated for the following purposes:

(a) To finance energy litigation and investigation expenses of state entities.

(b) To reduce rates for customers in the affected service areas of electrical utilities and gas utilities.

(c) To reduce the debt service on bonds issued pursuant to Division 27 (commencing with Section 80000) of the Water Code.

article: 9.5. Ratepayer Relief Fund


text: The Attorney General shall promptly notify the Director of Finance, Senate President pro Tempore, and the Speaker of the Assembly upon agreeing on behalf of the state to an energy settlement agreement. Notification shall include a description of how the terms of the settlement agreement, as they pertain to the state, are consistent with the purposes of this article.

history: (History: Amended by Stats. 2012, Ch. 728, Sec. 71. (SB 71) Effective January 1, 2013.)

article: 9.5. Ratepayer Relief Fund


text: Nothing in this article affects the allocation of funds from settlements entered into before the effective date of this article.

article: 9.5. Ratepayer Relief Fund


text:
(a) The Greenhouse Gas Reduction Fund, hereafter referred to in this article as the fund, is hereby created as a special fund in the State Treasury.

(b) Except for fines and penalties, all moneys collected by the State Air Resources Board from the auction or sale of allowances, pursuant to a market-based compliance mechanism established pursuant to Division 25.5 (commencing with Section 38500) of the Health and Safety Code and specified in Sections 95800 to 96022, inclusive, of Title 17 of the California Code of Regulations, shall be deposited in the fund and available for appropriation by the Legislature.

(c) All moneys deposited in the fund shall be appropriated and shall be separately identified in the annual Budget Act. No moneys from the General Fund or any other fund shall be deposited in the fund.

(d) Notwithstanding any other law, the Controller may use the moneys in the fund for cash flow loans to the General Fund as provided in Sections 16310 and 16381.

(e) Any technical amendments made by the State Air Resources Board to the regulations established under Sections 95800 to 96022, inclusive, of Title 17 of the California Code of Regulations to conform that regulation to this article shall be exempt from the provisions of the Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3) and from the review and approval of the Office of Administrative Law.

history: (History: Added by Stats. 2012, Ch. 39, Sec. 25. (SB 1018) Effective June 27, 2012.)

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 9.7. Greenhouse Gas Reduction Fund and Cost of Implementation Account


text:
(a) Before expending any moneys appropriated to it by the Legislature from the fund, a state agency shall prepare a record consisting of all of the following:

(1) A description of each expenditure proposed to be made by the state agency pursuant to the appropriation.

(2) A description of how a proposed expenditure will further the regulatory purposes of Division 25.5 (commencing with Section 38500) of the Health and Safety Code, including, but not limited to, the limit established under Part 3 (commencing with Section 38550) and other applicable requirements of law.

(3) A description of how a proposed expenditure will contribute to achieving and maintaining greenhouse gas emission reductions pursuant to Division 25.5 (commencing with Section 38500) of the Health and Safety Code.

(4) A description of how the state agency considered the applicability and feasibility of other nongreenhouse gas reduction objectives of Division 25.5 (commencing with Section 38500) of the Health and Safety Code.

(5) A description of how the state agency will document the result achieved from the expenditure to comply with Division 25.5 (commencing with Section 35800) of the Health and Safety Code.

(6) A description of how grant, loan, voucher, or other incentive programs for purchase of new drayage and short-haul trucks that receive moneys from the fund are implementing the labor standards required by Chapter 3.6 (commencing with Section 39680) of Part 2 of Division 26 of the Health and Safety Code, as applicable.

(b) The State Air Resources Board shall develop guidance on reporting and quantification methods for all state agencies that receive appropriations from the fund to ensure the requirements of this section are met. Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 does not apply to the procedures developed pursuant to this subdivision.

(c) Nothing in this section alters, amends, or otherwise modifies in any manner Division 25.5 (commencing with Section 35800) of the Health and Safety Code, including the authority of the State Air Resources Board to adopt and implement a fee pursuant to that division.

(d) If any expenditure of moneys from the fund for any measure or project is determined by a court to be inconsistent with law, the funding for the remaining measures or projects shall be severable and shall not be affected.

history: (History: Amended by Stats. 2021, Ch. 748, Sec. 1. (AB 794) Effective January 1, 2022.)

article: 9.7. Greenhouse Gas Reduction Fund and Cost of Implementation Account


text:
(a) The Ratepayer Relief Fund is hereby established in the State Treasury. The purpose of the fund is to benefit electricity and natural gas ratepayers and to fund investigation and litigation costs of the state in pursuing allegations of overcharges and unfair business practices against generators, suppliers, or marketers of electricity or natural gas.

(b) Notwithstanding any other law, the Controller may use the moneys in the Ratepayer Relief Fund for loans to the General Fund as provided in Sections 16310 and 16381. However, interest shall be paid on all moneys loaned to the General Fund from the Ratepayer Relief Fund. Interest payable shall be computed at a rate determined by the Pooled Money Investment Board to be the current earning rate of the fund from which loaned. This subdivision does not authorize any transfer that will interfere with the carrying out of the object for which the Ratepayer Relief Fund was created.

history: (History: Amended by Stats. 2009, 3rd Ex. Sess., Ch. 9, Sec. 7. Effective February 20, 2009.)

article: 9.5. Ratepayer Relief Fund


text:
(a)   Except as provided in subdivision (b), the Department of Finance shall submit to the Legislature, in bill format, on or before January 10, 2013, a proposal that provides a detailed spending plan for the expenditure of moneys in the fund that includes the components specified in subdivision (b).

(b) Subdivision (a) shall not apply if the Legislature passes a bill on or before August 31, 2012, that becomes law specifying a process for the establishment of the long-term spending strategy for moneys in the fund that includes all of the following components:

(1) Criteria and requirements for use of these moneys.

(2) Establishment of program categories eligible for funding.

(3) The specification of a public process that the State Air Resources Board shall use to develop the strategy.

(4) The role of the Legislature in reviewing the strategy.


text:
(a) Prior to awarding grant funds from moneys made available from the fund, the Department of Food and Agriculture shall review the applicant’s analysis identifying potential adverse impacts of the proposed project, including a net increase in criteria pollutants, toxic air contaminants, and hazardous air pollutants; groundwater and surface water impacts; and truck traffic and odor.

(b) A project shall not receive funding unless the applicant has demonstrated to the Department of Food and Agriculture that the applicant has done all of the following:

(1) Conducted outreach in areas that will potentially be adversely impacted by the project.

(2) Determined potential adverse impacts of the project.

(3) Committed to measures to mitigate impacts.

(c) In making awards, the Department of Food and Agriculture shall prioritize projects based on the criteria pollutant emission benefits achieved by the project.

(d) A project funded by the Department of Food and Agriculture that results in localized impacts in disadvantaged communities shall not be considered to provide a benefit to disadvantaged communities for the purposes of Section 39713 of the Health and Safety Code.

(e) This section shall apply only to grants awarded pursuant to Provision 1 of Item 8570-101-3228 of the Budget Act of 2016, as added by Section 13 of Chapter 370 of the Statutes of 2016, for projects that utilize digester technology as part of livestock manure management operations and dairy manure management operations.

history: (History: Amended by Stats. 2017, Ch. 26, Sec. 63. (SB 92) Effective June 27, 2017.)


text:
No later than January 1, 2021, an agency that receives an appropriation from the Greenhouse Gas Reduction Fund shall post on the internet website of the agency’s program from which moneys from the fund are being allocated the agency’s guidelines for how moneys from the fund are allocated for competitive financing programs. The guidelines shall include all of the following:

(a) Clear and accessible eligibility criteria for award opportunities.

(b) Application timelines for receiving awards.

(c) Information on technical assistance.

(d) Contact information for the agency.

(e) The amount of moneys, if any, required to be allocated to projects located in disadvantaged communities, as identified by the California Communities Environmental Health Screening Tool, also known as CalEnviroScreen, and which statute, regulation, or other official agency policy, criteria, or guidelines required moneys from the fund to be allocated in that way.

(f) Whether the agency gives preference to certain applications outside of the eligibility and allocation requirements and which statute, regulation, or other official agency policy, criteria, or guidelines required moneys from the fund to be prioritized in that way.

history: (History: Added by Stats. 2019, Ch. 357, Sec. 1. (AB 1237) Effective January 1, 2020.)


text:
(a) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3) does not apply to guidelines or other standards adopted or used by a state agency in administering a program that has received funding in the 2021–22, 2022–23, and 2023–24 fiscal years and has prepared a record pursuant to Section 16428.9.

(b) This section shall become inoperative on July 1, 2027, and, as of January 1, 2028, is repealed.

history: (History: Added by Stats. 2021, Ch. 115, Sec. 22. (AB 148) Effective July 22, 2021. Inoperative July 1, 2027, by its own provisions. Repealed as of January 1, 2028, by its own provisions.)


text: Notwithstanding Section 38597 of the Health and Safety Code, the Cost of Implementation Account is hereby established in the Air Pollution Control Fund, and revenues collected pursuant to that section shall be available upon appropriation by the Legislature for purposes of carrying out Division 25.5 (commencing with Section 38500) of the Health and Safety Code, and shall be maintained separately from all other funds in the Air Pollution Control Fund.


text:
(a) The Condemnation Deposits Fund in the State Treasury is continued in existence. The fund consists of all money deposited in the State Treasury pursuant to Title 7 (commencing with Section 1230.010) of Part 3 of the Code of Civil Procedure and all interest earned or other increment derived from its investment. The Treasurer shall receive and duly account for all such moneys. Notwithstanding any other law, the Controller may use the funds in the Condemnation Deposits Fund for cashflow loans to the General Fund as provided in Sections 16310 and 16381.

(b) Money in the Condemnation Deposits Fund shall be invested under the provisions of Article 4 (commencing with Section 16470) of Chapter 3.

(c) The Controller shall apportion at the conclusion of each calendar quarter, the interest earned or increment derived and deposited in the fund during the three calendar months ending with those dates. There shall be apportioned and paid to each plaintiff having a deposit in the fund during the three-month period for which an apportionment is made an amount directly proportionate to the total deposits in the fund and the length of time the deposits remained therein, except that no payment shall be made of any interest in the amount of five dollars ($5) or less. These amounts shall be transferred to the General Fund by the Controller. The Treasurer shall pay out the money deposited by a plaintiff in the manner and at the times the court or a judge thereof may, by order or decree, direct. Any residual amount after all required payments have been made shall be paid to the plaintiff if that amount is more than five dollars ($5). If the amount is five dollars ($5) or less, it shall be transferred to the General Fund by the Controller.

history: (History: Amended by Stats. 2012, Ch. 1, Sec. 4. (SB 95) Effective February 3, 2012.)

article: 10. Condemnation Deposits Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 10. Condemnation Deposits Fund


text:
(a) There is in trust in the custody of the Treasurer the Local Agency Investment Fund, which fund is hereby created. The Controller shall maintain a separate account for each governmental unit having deposits in this fund.

(b) Notwithstanding any other law, a local governmental official, with the consent of the governing body of that agency, having money in its treasury not required for immediate needs, may remit the money to the Treasurer for deposit in the Local Agency Investment Fund for the purpose of investment.

(c) Notwithstanding any other law, an officer of any nonprofit corporation whose membership is confined to public agencies or public officials, or an officer of a qualified quasi-governmental agency, with the consent of the governing body of that agency, having money in its treasury not required for immediate needs, may remit the money to the Treasurer for deposit in the Local Agency Investment Fund for the purpose of investment.

(d) Notwithstanding any other law or provision of this section, a local agency, with the approval of its governing body, may deposit in the Local Agency Investment Fund proceeds of the issuance of bonds, notes, certificates of participation, or other evidences of indebtedness of the agency pending expenditure of the proceeds for the authorized purpose of their issuance. In connection with these deposits of proceeds, the Local Agency Investment Fund is authorized to receive and disburse moneys, and to provide information, directly with or to an authorized officer of a trustee or fiscal agent engaged by the local agency, the Local Agency Investment Fund is authorized to hold investments in the name and for the account of that trustee or fiscal agent, and the Controller shall maintain a separate account for each deposit of proceeds.

(e) The local governmental unit, the nonprofit corporation, or the quasi-governmental agency has the exclusive determination of the length of time its money will be on deposit with the Treasurer.

(f) The trustee or fiscal agent of the local governmental unit has the exclusive determination of the length of time proceeds from the issuance of bonds will be on deposit with the Treasurer.

(g) The Local Investment Advisory Board shall determine those quasi-governmental agencies which qualify to participate in the Local Agency Investment Fund.

(h) The Treasurer may refuse to accept deposits into the fund if, in the judgment of the Treasurer, the deposit would adversely affect the state’s portfolio.

(i) The Treasurer may invest the money of the fund in securities prescribed in Section 16430. The Treasurer may elect to have the money of the fund invested through the Surplus Money Investment Fund as provided in Article 4 (commencing with Section 16470) of Chapter 3.

(j) Money in the fund shall be invested to achieve the objective of the fund which is to realize the maximum return consistent with safe and prudent treasury management.

(k) All instruments of title of all investments of the fund shall remain in the Treasurer’s vault or be held in safekeeping under control of the Treasurer in any federal reserve bank, or any branch thereof, or the Federal Home Loan Bank of San Francisco, with any trust company, or the trust department of any state or national bank.

(l) Immediately at the conclusion of each calendar quarter, all interest earned and other increment derived from investments shall be distributed by the Controller to the contributing governmental units or trustees or fiscal agents, nonprofit corporations, and quasi-governmental agencies in amounts directly proportionate to the respective amounts deposited in the Local Agency Investment Fund and the length of time the amounts remained therein. An amount equal to the reasonable costs incurred in carrying out the provisions of this section, not to exceed a maximum of 5 percent of the earnings of this fund and not to exceed the amount appropriated in the annual Budget Act for this function, shall be deducted from the earnings prior to distribution. However, if the 13-week Daily Treasury Bill Rate, as published by the United States Department of the Treasury on the last day of the state’s fiscal year is below 1 percent, then the above-noted reasonable costs shall not exceed a maximum of 8 percent of the earnings of this fund for the subsequent fiscal year, shall not exceed the amount appropriated in the annual Budget Act for this function, and shall be deducted from the earnings prior to distribution. The amount of the deduction shall be credited as reimbursements to the state agencies, including the Treasurer, the Controller, and the Department of Finance, having incurred costs in carrying out the provisions of this section.

(m) The Treasurer shall prepare for distribution a monthly report of investments made during the preceding month.

(n) As used in this section, “local agency,” “local governmental unit,” and “local governmental official” includes a campus or other unit and an official, respectively, of the California State University who deposits moneys in funds described in Sections 89721, 89722, and 89725 of the Education Code.

history: (History: Amended by Stats. 2014, Ch. 28, Sec. 39. (SB 854) Effective June 20, 2014.)

article: 11. Local Agency Investment Fund

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 11. Local Agency Investment Fund


text:
There is created the Local Investment Advisory Board consisting of five members. The chairman shall be the State Treasurer or his or her designated representative. Two members who are qualified by training and experience in the field of investment or finance, shall be appointed by the State Treasurer. Two members who are treasurers, finance or fiscal officers or business managers, employed by any county, city or local district or municipal corporation of this state, shall be appointed by the Treasurer.

The term of office of each appointed member of the board is two years, but each appointed member serves at the pleasure of the appointing authority. A vacancy in the appointed membership, occurring other than by expiration of term, shall be filled in the same manner as the original appointment, but for the unexpired term only.

Members of the board who are not state officers or employees shall not receive a salary, but shall be entitled to a per diem allowance of fifty dollars ($50) for each day’s attendance at a meeting of the board, not to exceed three hundred dollars ($300) in any month. All members shall be entitled to reimbursement for expenses incurred in the performance of their duties under this part, including travel and other necessary expenses.

The board’s primary purpose shall be to advise and assist the State Treasurer in formulating the investment and reinvestment of moneys in the Local Agency Investment Fund, and the acquisition, retention, management, and disposition of investments of the fund. The board, from time to time, shall review those policies and advise therein as it considers necessary or desirable. The board shall advise the State Treasurer in the management of the fund and consult the State Treasurer on any matter relating to the investment and reinvestment of moneys in the fund.

history: (History: Added by Stats. 1976, Ch. 730.)

article: 11. Local Agency Investment Fund


text:
Moneys placed with the Treasurer for deposit in the Local Agency Investment Fund by cities, counties, special districts, nonprofit corporations, or qualified quasi-governmental agencies shall not be subject to either of the following:

(a) Transfer or loan pursuant to Sections 16310, 16312, or 16313.

(b) Impoundment or seizure by any state official or state agency.

history: (History: Amended by Stats. 1996, Ch. 833, Sec. 8. Effective January 1, 1997.)

article: 11. Local Agency Investment Fund


text: The right of a city, county, city and county, special district, nonprofit corporation, or qualified quasi-governmental agency to withdraw its deposited moneys from the Local Agency Investment Fund, upon demand, may not be altered, impaired, or denied, in any way, by any state official or state agency based upon the state’s failure to adopt a State Budget by July 1 of each new fiscal year.

history: (History: Added by Stats. 2002, Ch. 761, Sec. 4. Effective September 21, 2002.)

article: 11. Local Agency Investment Fund


text:
The Legislature finds and declares all of the following:

(a) On March 4, 2020, Governor Newsom proclaimed that a state of emergency exists in California as a result of the rise of COVID-19.

(b) A nationwide emergency in response to COVID-19 was declared on March 13, 2020, pursuant to the federal Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. Sec. 5121 et seq.). A federal major disaster declaration for California was approved on March 20, 2020, and is still in effect.

(c) Under Section 139 of the Internal Revenue Code, certain payments made by the state to individuals in connection with the COVID-19 pandemic qualify as disaster relief payments that are excluded from the recipient’s gross income.

(d) As a federal declared disaster, the COVID-19 pandemic is considered a qualified disaster for purposes of Section 139 of the Internal Revenue Code. Those payments made in the 2021–22 state fiscal year towards utility bills under the California Arrearage Payment Program (Article 12 (commencing with Section 16429.5)), which was established in the 2021 State Budget, were considered qualified disaster relief payments by the Internal Revenue Service and excluded from an individual’s gross income.

(e) Californians continue to struggle to afford the cost of energy due to the economic impacts of the ongoing COVID-19 pandemic.

(f) Benefits issued under this chapter are for past due energy utility bills accrued during the COVID-19 pandemic and the Legislature intends for them to be treated as qualified disaster relief payments that are to be excluded from individual taxable gross income pursuant to Section 139 of the Internal Revenue Code.

history: (History: Added by Stats. 2022, Ch. 61, Sec. 1. (AB 205) Effective June 30, 2022.)

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 2. Special Funds > 13. 2022 California Arrearage Payment Program


text:
For purposes of this article, the following definitions apply:

(a) “2022 CAPP” means the 2022 California Arrearage Payment Program established in Section 16429.10.

(b) “COVID-19 pandemic bill relief period” means the period starting March 4, 2020, and ending December 31, 2021, inclusive of both start and end dates.

(c) “Department” means the Department of Community Services and Development.

(d) “Electrical cooperative” has the same meaning as defined in Section 2776 of the Public Utilities Code.

(e) “Electrical corporation” has the same meaning as defined in Section 218 of the Public Utilities Code.

(f) “Gas corporation” has the same meaning as defined in Section 222 of the Public Utilities Code.

(g) “Load-serving entity” has the same meaning as defined in Section 380 of the Public Utilities Code.

(h) “Local publicly owned electric utility” has the same meaning as defined in Section 224.3 of the Public Utilities Code.

(i) “Past due bills” means active residential customer accounts with a past due balance incurred during the COVID-19 pandemic bill relief period and includes 2022 CAPP-eligible residential customer accounts that have payment plans or payment arrangements.

(j) “Program notice” means official guidance issued by the department regarding 2022 CAPP implementation and administration.

(k) “Utility applicant” means any of the following:

(1) A local publicly owned electric utility.

(2) An electrical corporation.

(3) A gas corporation.

(4) An electrical cooperative.

article: 13. 2022 California Arrearage Payment Program


text:
(a) Upon appropriation, the 2022 California Arrearage Payment Program is established in the Department of Community Services and Development.

(b) The department shall release program notices and post program notices related to 2022 CAPP administration on its public-facing internet website.

(c) All active residential utility customers with past due bills incurred during the COVID-19 pandemic bill relief period are considered eligible for 2022 CAPP assistance and shall be included in a utility applicant’s request for 2022 CAPP funding.

(1) The department and utility applicants shall prioritize the issuance of 2022 CAPP assistance in the following order:

(A) Active residential customers with past due bills and who, absent the 2022 CAPP assistance or any other protection or assistance provided by the utility applicant, might be subject to service disconnection, consistent with current law, due to nonpayment of balances incurred during the COVID-19 pandemic bill relief period.

(B) Active residential customers with past due bills incurred during the COVID-19 pandemic bill relief period.

(2) The department, in its application approval and allocation notice to utility applicants, shall direct utility applicants on how 2022 CAPP assistance will be applied to each of the priority groups. A utility applicant shall be responsible for correcting any misapplication of 2022 CAPP assistance when that failure was due to a utility applicant not properly applying 2022 CAPP assistance to residential customer accounts in accordance with program notices, 2022 CAPP application terms and conditions, and guidance issued by the department.

(d) Within 90 days of receiving funds, upon appropriation, the department shall make available an online application for utility applicants to request 2022 CAPP funding for residential customers.

(1) To receive 2022 CAPP funding, a utility applicant shall complete a 2022 CAPP application, submit all necessary data and information to support the utility applicant’s 2022 CAPP application, execute the 2022 CAPP terms and conditions document, and comply with all department-issued program notices.

(2) All utility applicant 2022 CAPP applications shall include the total number of eligible residential accounts and the total amount of eligible residential account arrearages incurred during the COVID-19 pandemic bill relief period, and identify for each eligible residential account the corresponding account number and past due bill balance accumulated during the COVID-19 pandemic bill relief period.

(3) The general manager, utility director, or a designee shall certify that the 2022 CAPP application is true and accurate and execute the 2022 CAPP terms and conditions.

(4) (A) Customer information shall be subject to Section 6254.16. This subparagraph shall become inoperative on January 1, 2023.

(B) Customer information shall be subject to Section 7927.410. This subparagraph shall become operative on January 1, 2023.

(e) There shall be a 30-day application timeframe in which utility applicants may apply to the department for 2022 CAPP funds. The department shall contact a utility applicant that does not respond during the initial application period to inquire as to the status of the utility applicant’s 2022 CAPP application.

(f) The department shall review utility applicant 2022 CAPP applications for completeness and confirm that utility applicants’ submissions support the total amount of financial assistance requested on behalf of residential customers. Incomplete 2022 CAPP applications shall be returned to the utility applicant for corrections or amendments consistent with department notes or directives.

(g) One billion one hundred ninety-seven million dollars ($1,197,000,000) appropriated in Item 4700-101-3398 of the Budget Act of 2022 shall be used for the 2022 CAPP program. The allocation may be adjusted for the purposes of administrative costs. Upon appropriation, the following specified amounts shall be allocated for each utility category. Funding allocation to one of the categories that is not necessary for assistance for that category may be reallocated to another category.

(1) Two hundred thirty-nine million four hundred thousand dollars ($239,400,000) shall be allocated for financial assistance to customers of local publicly owned electric utilities and electrical cooperatives.

(2) Nine hundred fifty-seven million six hundred thousand dollars ($957,600,000) shall be allocated for financial assistance to customers of electrical corporations and gas corporations, including customers served by a community choice aggregator.

(h) To establish statewide 2022 CAPP allocations, the department shall develop an allocation formula for determining an individual utility applicant’s share of 2022 CAPP funds based on the proportional share of the total statewide energy utility arrearages.

(1) When determining statewide 2022 CAPP allocations, the department shall ensure utility applicant allocations do not exceed the total amount of eligible arrearages reported in the utility applicant’s 2022 CAPP application. If there are remaining 2022 CAPP funds after the initial allocation determination, the department shall redistribute the remaining 2022 CAPP funds to utility applicants according to their proportional share of the total statewide energy utility arrearages within each utility category.

(2) Upon approving a utility applicant’s 2022 CAPP application, the department shall submit to the utility applicant an application approval and allocation notice that identifies the utility applicant’s allocation along with directions on how to apply 2022 CAPP funds to customer accounts by priority group. The department shall make all application approval and allocation notices available on its public-facing internet website.

(3) Utility applicants shall provide benefits to residential customers in accordance with program notices, the 2022 CAPP application terms and conditions document, and guidance issued by the department.

(4) The department shall approve utility applicant’s 2022 CAPP applications, set statewide allocations, and disburse funds within seven months of the appropriation for the 2022 CAPP.

(i) Within 60 days of receiving 2022 CAPP funds, a utility applicant shall issue 2022 CAPP benefits to its residential customers as bill credits to help address the past due bills and shall include a statement that the credits are a result of 2022 CAPP funding or other statement as approved by a department-issued program notice.

(1) Between the time when a utility applicant submits its 2022 CAPP application and the department completes the disbursement of CAPP allocations to all utility applicants, a utility applicant shall not discontinue service due to nonpayment by those residential customers with arrearages accrued during the COVID-19 pandemic bill relief period.

(2) A utility applicant shall not disconnect a residential customer’s utility service, regardless of balance owed after applying a 2022 CAPP benefit, for 90 days after a 2022 CAPP benefit is applied.

(3) If a residential customer has a remaining balance after a 2022 CAPP benefit is applied, the utility applicant shall notify the residential customer of the option to enter into an extended payment plan with late fees and penalties waived. The utility applicant shall not discontinue service to the residential customer while the residential customer remains current on the repayment plan.

(4) Utility applicants shall waive any associated late fees and accrued interest for residential customers that are awarded 2022 CAPP benefits.

(5) An electrical corporation shall use existing proportional payment processes adopted by the Public Utilities Commission in response to the COVID-19 pandemic to allocate any partial payments made by residential customers to the utility applicant and other load-serving entities in proportion to their respective shares of the outstanding customer charges.

(j) An electrical corporation shall issue 2022 CAPP benefits to residential customer for past due bills owed to the utility applicant and other load-serving entities serving the residential customer in proportion to their respective shares of customer arrearages.

(k) Within six months of a utility applicant’s receipt of its 2022 CAPP allocation, the utility applicant shall submit all reporting required by the department detailed in a program notice. The utility applicant shall remit payment of any unapplied 2022 CAPP benefits to the department as part of its reporting to the department.

(l) Within 60 days of receiving reporting from utility applicants pursuant to subdivision (k), the department shall provide to the Legislature, and make available on its public-facing internet website, a report. The report shall be submitted in conformance with Section 9795 and shall include all of the following:

(1) Total arrearage amount applied for statewide.

(2) Total active residential customers in arrears applied for statewide.

(3) Total 2022 CAPP funds applied for by utility applicants.

(4) Total 2022 CAPP funds approved by the department and disbursed to utility applicants statewide.

(5) Total 2022 CAPP funds distributed by utility applicants.

(6) Total 2022 CAPP funds not expended and returned to the department by utility applicants.

(7) Total active residential customers, statewide, included in 2022 CAPP applications received by the department.

(8) Total active residential customers, by utility applicant, included in 2022 CAPP applications received by the department.

(9) Total active residential customers, statewide, that received a 2022 CAPP benefit.

(10) Average 2022 CAPP benefit, statewide, received by active residential customers.

(11) Total active residential customers, by utility applicant, that received a 2022 CAPP benefit.

(12) Average 2022 CAPP benefit, by utility applicant, received by active residential customers.

(13) Total expenditures by the department for the administration of 2022 CAPP.

(m) Utility applicants shall provide all documents and data necessary for the department, or its designee, to complete a review and audit of 2022 CAPP benefits applied to eligible residential accounts. The department shall provide 30 days’ notice to utility applicants of any document requests to support departmental review and audit.

(n) Notwithstanding any other law, the payment authorized pursuant to this section shall be treated in the same manner as the federal earned income refund for the purpose of determining eligibility to receive benefits under Division 9 (commencing with Section 10000) of the Welfare and Institutions Code, excluding benefits under Chapter 7 (commencing with Section 14000) of Part 3 of Division 9 of the Welfare and Institutions Code, or amounts of those benefits.

(o) Notwithstanding any other law, the payment authorized pursuant to this section shall not be considered as income and shall not be taken into account as resources for a period of 12 months from receipt, for purposes of determining the eligibility of the individual, or any other individual, for benefits or assistance or the amount or extent of benefits or assistance under any state or local program not covered in subdivision (n). With respect to a state or local program, this subdivision shall only be implemented to the extent that it does not conflict with federal law relating to that program, and that any required federal approval or waiver is first obtained for that program.

history: (History: Amended by Stats. 2023, Ch. 131, Sec. 80. (AB 1754) Effective January 1, 2024.)


text:
Eligible securities for the investment of surplus moneys shall be any of the following:

(a) Bonds or interest-bearing notes or obligations of the United States, or those for which the faith and credit of the United States are pledged for the payment of principal and interest.

(b) Bonds or interest-bearing notes or obligations that are issued by or fully guaranteed as to principal and interest by a federal agency or a United States government-sponsored enterprise, as defined by the Omnibus Budget Reconciliation Act of 1990 (Sec. 13112, Public Law 101-508; 2 U.S.C. Sec. 622(8)).

(c) Bonds, notes, or other obligations of this state, or those for which the faith and credit of this state are pledged for the payment of principal and interest.

(d) (1) Bonds, notes, or other obligations of a local government of this state, including, but not limited to, any of the following:

(A) A county.

(B) A city.

(C) A city and county.

(D) A metropolitan water district.

(E) A water district.

(F) A water storage district.

(G) An irrigation district.

(H) A municipal utility district.

(I) A school district.

(2) Bonds, notes, or other obligations eligible for investment pursuant to this subdivision shall be within the top three ratings of a nationally recognized statistical rating organization.

(e) Bonds, debentures, or other obligations of any of the following:

(1) Issued by federal land banks or federal intermediate credit banks established under the Federal Farm Loan Act, as amended (12 U.S.C. Sec. 2001 et seq.).

(2) Issued by the Central Bank for Cooperatives and banks for cooperatives established under the Farm Credit Act of 1933, as amended (12 U.S.C. Sec. 2001 et seq.).

(3) The Federal Home Loan Bank established under the Federal Home Loan Bank Act (12 U.S.C. Sec. 1421 et seq.).

(4) The Federal National Mortgage Association established under the National Housing Act, as amended (12 U.S.C. Sec. 1701 et seq.).

(5) The Federal Home Loan Mortgage Corporation.

(6) Issued by the Tennessee Valley Authority under the Tennessee Valley Authority Act, as amended (16 U.S.C. Sec. 831 et seq.).

(7) Guaranteed by the Commodity Credit Corporation for the export of California agricultural products under the Commodity Credit Corporation Charter Act, as amended (15 U.S.C. Sec. 714 et seq.).

(f) Bonds, notes, warrants, and other securities not in default that are the direct obligations of the government of a foreign country that the International Monetary Fund lists as an advanced economy and for which the full faith and credit of that country has been pledged for the payment of principal and interest, if the securities are rated investment grade or its equivalent, or better, by a nationally recognized statistical rating organization. Securities eligible for investment pursuant to this subdivision shall satisfy all of the following:

(1) Be United States dollar denominated with a maximum maturity of five years or less, and eligible for purchase and sale within the United States.

(2) The combined par value of all of the investments authorized by this subdivision do not exceed 1 percent of the total par value of Pooled Money Investment Account assets at the time of purchase.

(3) The government of the foreign country issuing the securities submits to the jurisdiction of a federal or state court in the United States when disputes arise related to the investments.

(g) (1) Commercial paper of “prime” quality as defined by a nationally recognized statistical rating organization that rates these securities, if the commercial paper is issued by a federally or state-chartered bank or a state-licensed branch of a foreign bank, corporation, trust, or limited liability company that is approved by the Pooled Money Investment Board as meeting the conditions specified in either subparagraph (A) or subparagraph (B):

(A) Both of the following conditions:

(i) Organized and operating within the United States.

(ii) Having total assets in excess of five hundred million dollars ($500,000,000).

(B) Both of the following conditions:

(i) Organized within the United States as a federally or state-chartered bank or a state-licensed branch of a foreign bank, special purpose corporation, trust, or limited liability company.

(ii) Having programwide credit enhancements including, but not limited to, overcollateralization, letters of credit, or surety bond.

(2) A purchase of eligible commercial paper shall not do any of the following:

(A) Exceed 270 days maturity.

(B) Represent more than 10 percent of the outstanding paper of an issuing federally or state-chartered bank or a state-licensed branch of a foreign bank, corporation, trust, or limited liability company.

(C) Exceed 30 percent of the resources of an investment program.

(3) At the request of the Pooled Money Investment Board, an investment made pursuant to this subdivision shall be secured by the issuer by depositing with the Treasurer securities authorized by Section 53651 of a market value at least 10 percent in excess of the amount of the state’s investment.

(h) Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as banker’s acceptances, that are eligible for purchase by the Federal Reserve System.

(i) Negotiable certificates of deposits issued by a federally or state-chartered bank or savings and loan association, a state-licensed branch of a foreign bank, or a federally or state-chartered credit union. For the purposes of this section, negotiable certificates of deposits are not subject to Chapter 4 (commencing with Section 16500) and Chapter 4.5 (commencing with Section 16600).

(j) The portion of bank loans and obligations guaranteed by the United States Small Business Administration or the United States Farmers Home Administration.

(k) Bank loans and obligations guaranteed by the Export-Import Bank of the United States.

(l) Student loan notes insured under the Guaranteed Student Loan Program established pursuant to the Higher Education Act of 1965, as amended (20 U.S.C. Sec. 1001 et seq.) and eligible for resale to the Student Loan Marketing Association established pursuant to Section 133 of the Education Amendments of 1972, as amended (20 U.S.C. Sec. 1087-2).

(m) Obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the International Finance Corporation, the Government Development Bank for Puerto Rico, the European Bank for Reconstruction and Development, or the European Investment Bank.

(n) Bonds, debentures, and notes issued by corporations organized and operating within the United States. Securities eligible for investment pursuant to this subdivision shall be within the top three ratings of a nationally recognized statistical rating organization.

(o) Negotiable Order of Withdrawal Accounts (NOW Accounts), invested in accordance with Chapter 4 (commencing with Section 16500).

(p) Shares of any money market mutual fund subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, provided that all of the following conditions are met:

(1) The money market mutual fund invests in securities and obligations described in one or more of the following: subdivision (a), (b), or (e) of this section or repurchase agreements or reverse repurchase agreements described in Section 16480.4.

(2) The financial institution issuing shares of the money market mutual fund has at least five years of experience investing in the types of securities and obligations being purchased by the state and has assets under management in the money market mutual fund in excess of ten billion dollars ($10,000,000,000).

(3) The money market mutual fund has attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized statistical rating organizations.

(4) The financial institution does not impose a commission on the purchase or sale of fund shares by the state.

(5) The state does not purchase more than 10 percent of a money market mutual fund’s total assets.

(6) The state does not invest more than 10 percent of the Pooled Money Investment Account’s funds in any single money market mutual fund meeting the requirements of this subdivision.

history: (History: Amended by Stats. 2022, Ch. 126, Sec. 1. (AB 2332) Effective January 1, 2023.)

chapter: 3. Investments

article: 1. General

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 3. Investments > 1. General


text:
(a) Notwithstanding any other provisions of this code, funds held by the state, pursuant to a written agreement between the state and employees of the state to defer a portion of the compensation otherwise receivable by the state’s employees and pursuant to a plan for that deferral as adopted by the state and approved by the Department of General Services, may be invested in the types of investments set forth in Sections 53601 and 53602 and may additionally be invested in corporate stocks, bonds, and securities, mutual funds, savings and loan accounts, credit union accounts, annuities, mortgages, deeds of trust, or other security interests in real or personal property. Nothing in this section shall be construed to permit any type of investment prohibited by the California Constitution.

(b) Deferred compensation funds are public pension or retirement funds for the purposes of Section 17 of Article XVI of the California Constitution.

history: (History: Amended by Stats. 2016, Ch. 31, Sec. 141. (SB 836) Effective June 27, 2016.)

article: 1. General


text:
The Pooled Money Investment Board shall, at such times as it deems necessary, determine whether any portion of the money then on deposit in the State Treasury to the credit of any fund, exclusive of the General Fund, is not necessary for immediate use; and if so, it shall determine the amount thereof in each such fund, which amount shall thereupon be designated as “surplus money.” This article does not apply to any fund included within subdivisions (b), (c), (d), (e), and (f) of Section 16475, or the State Highway Fund, the Public Employees’ Retirement Fund, Legislators’ Retirement Fund and State Teachers’ Retirement Fund, or the Unemployment Compensation Disability Fund.

Any special fund excepted from this article may elect, by filing with the Pooled Money Investment Board a notice of election, to come under the provisions of the Surplus Money Investment Fund; which election shall be revocable by such special fund effective as of December 31st or June 30th of any year upon 30 or more days’ notice prior to either of said dates.

history: (History: Amended by Stats. 1975, Ch. 533.)

article: 4. Special Fund Investments

path: 2. GOVERNMENT OF THE STATE OF CALIFORNIA > 4. FISCAL AFFAIRS > 3. Investments > 4. Special Fund Investments


text: Upon the determination and designation of surplus money in any special fund, the Controller shall transfer from that fund to the Surplus Money Investment Fund in the State Treasury, which fund is continued in existence, the amount of surplus money so determined and designated. Nothing herein shall authorize the transfer of money from any special fund to the Surplus Money Investment Fund, if the transfer will interfere with the carrying out of the purpose for which the special fund was created.

history: (History: Amended by Stats. 1990, Ch. 496, Sec. 1.)

article: 4. Special Fund Investments


text: All moneys transferred to or deposited in the Surplus Money Investment Fund are hereby appropriated without regard to fiscal years to carry out the purposes of this article.

history: (History: Amended by Stats. 1959, Ch. 597.)

article: 4. Special Fund Investments


text: The Pooled Money Investment Board shall, at such times as it deems necessary, determine whether any portion of the money theretofore transferred to and remaining in the Surplus Money Investment Fund from any special fund is needed by such special fund to carry out the purposes for which it was created; and if so, it shall determine the amount thereof. Thereupon, it shall reduce the amount of surplus money theretofore designated with respect to such special fund by the amount determined to be needed by such fund. Upon such reduction of the surplus money in any special fund, the State Treasurer shall, on order of the State Controller, transfer from the Surplus Money Investment Fund to such special fund an amount of money equal to that by which the surplus money of such fund was reduced.

history: (History: Amended by Stats. 1957, Ch. 1542.)

article: 4. Special Fund Investments


text: For the purposes of this article, a written determination signed by a majority of the members of the Pooled Money Investment Board shall be deemed to be the determination of the board.

history: (History: Amended by Stats. 1963, Ch. 1545.)

article: 4. Special Fund Investments


text: The money in the Surplus Money Investment Fund, shall be invested and reinvested by the State Treasurer as a part of the Pooled Money Investment Account.

history: (History: Amended by Stats. 1967, Ch. 505.)

article: 4. Special Fund Investments