California Public Resources Code 42996 – (a) The CalRecycle Greenhouse Gas Reduction Revolving Loan Fund …
(a) The CalRecycle Greenhouse Gas Reduction Revolving Loan Fund is hereby created in the State Treasury.
(b) Notwithstanding § 13340 of the Government Code and § 39718 of the Health and Safety Code, the funds deposited in the loan fund are hereby continuously appropriated, without regard to fiscal year, to the department for expenditure without regard to fiscal year.
Terms Used In California Public Resources Code 42996
- 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
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(c) The sum of five million dollars ($5,000,000) is hereby transferred from the Greenhouse Gas Reduction Fund, established pursuant to § 16428.8 of the Government Code, to the loan fund for the 2014-15 fiscal year and an additional five million dollars ($5,000,000) for the 2015-16 fiscal year to be used by the department for any of the following:
(1) To make loans pursuant to the revolving loan program.
(2) To pay costs necessary to protect the state’s position as a lender and creditor. These costs shall include, but are not limited to, foreclosure expenses, auction fees, title searches, appraisals, real estate brokerage fees, attorney’s fees, mortgage payments, insurance payments, utility costs, repair costs, removal and storage costs for repossessed equipment and inventory, and additional expenditures to purchase a senior lien in foreclosure or bankruptcy proceedings.
(3) To pay costs to administer the revolving loan program, upon appropriation by the Legislature.
(d) The Controller shall disburse moneys in the loan fund for the purposes of this chapter, as authorized by the department.
(Added by Stats. 2014, Ch. 36, Sec. 19. (SB 862) Effective June 20, 2014.)