California Water Code 80720 – (a) There is hereby established in the State Treasury the …
(a) There is hereby established in the State Treasury the Department of Water Resources Electricity Supply Reliability Reserve Fund.
(b) Notwithstanding § 13340 of the Government Code, all moneys in the fund are continuously appropriated to the department, without regard to fiscal years, and shall be available for the purposes of Chapter 2 (commencing with Section 80710).
Terms Used In California Water Code 80720
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: means the State of California, unless applied to the different parts of the United States. See California Water Code 18
- Subdivision: means a subdivision of the section in which that term occurs unless some other section is expressly mentioned. See California Water Code 10
(c) Obligations authorized and expenses incurred by the department in administering this division shall be payable solely from the fund.
(d) Except as specified in subdivisions (h) and (i), all revenues payable to the department for activities undertaken by the department under Chapter 2 (commencing with Section 80710) shall be deposited into the fund.
(e) The fund shall be separate and distinct from any other fund and moneys administered by the department and any interest earned on the moneys in the fund shall be used solely for purposes of this division.
(f) When fixed assets procured under the authority of this division are sold or otherwise disposed of, the revenue from the sale or disposition, including any gain or loss, measured by the difference between book value and selling price, shall be deposited into the fund and available to the department for purposes of Chapter 2 (commencing with Section 80710). Any remaining revenue from the sale or other disposition of fixed assets procured under the authority of this division shall be returned to the General Fund once all obligations of the department are satisfied after the wind down of this division and the closure of the fund. While any obligation of the department incurred under this division remains outstanding and not fully performed or discharged, the rights, powers, duties, and existence of the department shall not be diminished or impaired in any manner that will adversely affect the interests and rights of the holders of or parties to those obligations.
(g) (1) For activities undertaken by the department pursuant to Chapter 2 (commencing with Section 80710), the department may obtain applicable credits pursuant to the federal Inflation Reduction Act of 2022 (Public Law 117-169). If the department elects for direct payment of those applicable credits, those payments shall be deposited directly into the fund.
(2) Within 10 days of any payments being deposited into the fund, described in paragraph (1), the department shall provide written notice to the Joint Legislative Budget Committee, who shall provide a copy of the notice to the relevant policy committees. The notice shall include the source, purpose, timeliness, and other relevant information as determined by the department.
(3) Use of the payments shall be consistent with all of the following:
(A) The payments shall be expended for a purpose that is consistent with state law.
(B) Acceptance of the payments does not impose on the state any requirement to commit or expend new state funds for any program or purpose.
(C) The need exists to expend the payments during the 2023-24 fiscal year.
(D) The use of the payments shall be consistent with the priorities described in subdivision (a) of § 38590.1 of the Health and Safety Code.
(h) (1) The Load-Serving Entity Capacity Payment Account is hereby established in the Department of Water Resources Electricity Supply Reliability Reserve Fund.
(2) Upon appropriation by the Legislature, moneys in the Load-Serving Entity Capacity Payment Account shall be available for purposes of Chapter 2 (commencing with Section 80710).
(3) All revenues payable to the department pursuant to Section 80713 shall be deposited into the Load-Serving Entity Capacity Payment Account.
(i) (1) The Local Publicly Owned Electric Utility Capacity Payment Account is hereby established in the Department of Water Resources Electricity Supply Reliability Reserve Fund.
(2) Upon appropriation by the Legislature, moneys in the Local Publicly Owned Electric Utility Capacity Payment Account shall be available for purposes of Chapter 2 (commencing with Section 80710).
(3) All revenues payable to the department pursuant to Section 80714 shall be deposited into the Local Publicly Owned Electric Utility Capacity Payment Account.
(Amended by Stats. 2023, Ch. 367, Sec. 14. (AB 1373) Effective October 7, 2023.)