(a) The CalRecycle Greenhouse Gas Reduction Revolving Loan Fund is hereby created in the State Treasury.
(b) Notwithstanding Section 13340 of the Government Code and Section 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.
(c) The sum of five million dollars ($5,000,000) is hereby transferred from the Greenhouse Gas Reduction Fund, established pursuant to Section 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.)
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