For purposes of this article, the following definitions apply:

(a) “Financing tools” includes, but is not limited to, any of the following:

Terms Used In California Health and Safety Code 44274.10

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23

(1) Capital instruments, which are financing instruments that increase access to capital or other resources or reduce the cost of capital, or both, such as interest rate reductions, public-backed “soft” loans, grants, bonds, and investment aggregation, also known as warehousing.

(2) Risk reduction instruments, which are financing instruments that reduce exposure to risk or uncertainty, such as performance guarantees and asset residual value guarantees.

(3) Cost smoothing instruments, which are financing instruments that reduce and smooth up-front or recurrent costs, or both, such as operational leasing, all-inclusive leasing, also known as wet leasing, lease-purchase agreements, and on-bill financing.

(b) “Fleet” means one or more vehicles under common control or ownership.

(c) “Medium- and heavy-duty vehicle” includes, but is not limited to, trucks, buses, and vehicles used for construction and earth moving purposes.

(d) “Nonfinancial supports” means technical support, such as supports for technical management of electric medium- and heavy-duty vehicles, technical assistance for financing approaches, battery health programs, and creation of residual markets, or policy action, such as policy measures to enable financing or encourage fleet transitions.

(e) “Program” means the Medium- and Heavy-Duty Zero-Emission Vehicle Fleet Purchasing Assistance Program established pursuant to Section 44274.11.

(f) “Underserved community” means any of the following communities:

(1) A low-income community as defined by paragraph (2) of subdivision (d) of Section 39713.

(2) A community identified as a disadvantaged community by the California Environmental Protection Agency pursuant to Section 39711.

(3) A community selected by the state board pursuant to Section 44391.2.

(4) A community located on lands belonging to a federally recognized California Native American tribe.

(Amended by Stats. 2022, Ch. 574, Sec. 11. (AB 211) Effective September 27, 2022.)

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