(a) The Safe Drinking Water State Revolving Fund Administration Fund is hereby created in the State Treasury.
(b) The following moneys shall be deposited into the administration fund:
(1) Moneys transferred to pay the costs incurred by the state board in connection with the administration of this chapter.
(2) The amounts collected for financial assistance services pursuant to subdivision (c).
(3) Notwithstanding Section 16475 of the Government Code, any interest earned upon the moneys in the fund.
(c) (1) For financial assistance made pursuant to this chapter, where that financial assistance is to be repaid to the state board, the state board may assess an annual charge for financial assistance services with regard to the financial assistance, not to exceed 1 percent of the financial assistance balance, computed according to the true interest cost method.
(2) The financial assistance service rate authorized by this subdivision may be applied at any time during the term of the financial assistance, and once applied, shall remain unchanged for the duration of the financial assistance and shall not increase the financial assistance repayment amount, as set forth in the terms and conditions imposed pursuant to this chapter.
(d) Upon appropriation by the Legislature, moneys in the administration fund may be expended by the state board for payment of the reasonable costs of administering the fund.
(e) The state board shall set the total amount of revenue collected each year through the charge authorized by subdivision (c) at an amount that is equal as practicable to the appropriation amount set forth in the annual Budget Act for this activity. At least once each fiscal year, the state board shall adjust the financial assistance service charge imposed pursuant to subdivision (c) to conform with the appropriation amount set forth in the annual Budget Act.
(Repealed and added by Stats. 2015, Ch. 673, Sec. 18. (AB 1531) Effective January 1, 2016.)
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