California Public Utilities Code 281.2 – (a) (1) The Broadband Loan Loss Reserve Fund is hereby …
(a) (1) The Broadband Loan Loss Reserve Fund is hereby established in the State Treasury. Notwithstanding § 13340 of the Government Code, moneys in the fund are hereby continuously appropriated, without regard to fiscal years, to the commission and shall be available to fund costs related to the financing of the deployment of broadband infrastructure by a local government agency or nonprofit organization, including, but not limited to, payment of costs of debt issuance, obtaining credit enhancement, and establishment and funding of reserves for the payment of principal and interest on the debt.
(2) In the 2021-22 fiscal year, the commission may make cashflow loans to the Broadband Loan Loss Reserve Fund from accounts established pursuant to subdivision (c) of Section 281.
Terms Used In California Public Utilities Code 281.2
- Commission: means the Public Utilities Commission created by §. See California Public Utilities Code 20
- 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.
- State: means the State of California, unless applied to the different parts of the United States. See California Public Utilities Code 17
- Subdivision: means a subdivision of the section in which that term occurs unless some other section is expressly mentioned. See California Public Utilities Code 10
(b) The commission may establish, among other things, eligibility requirements, financing terms and conditions, and allocation criteria, for infrastructure projects deployed using financing supported in whole or in part by funds allocated pursuant to this section.
(c) The commission may require a local government agency or nonprofit organization to provide information demonstrating the agency’s or nonprofit organization’s ability to reasonably finance and implement the infrastructure project deployed using financing supported in whole or in part by funds allocated pursuant to this section.
(d) The commission shall require each local government agency or nonprofit organization receiving funds under this section to file both of the following reports in the form and manner specified by the commission:
(1) Biannual progress reports identifying project milestones and percent completions to date, and including other information as the commission may prescribe.
(2) A completion report, including a full description of the completed project, comparison of approved versus actual costs of construction, speed test data for all areas served by the project, and other information as the commission may prescribe.
(Added by Stats. 2021, Ch. 112, Sec. 8. (SB 156) Effective July 20, 2021.)