SECTIONS 8899.18-8899.24 - California Statutes

GOVERNMENT CODE

SECTION 8899.18-8899.24

8899.18. This article shall be known and may be cited as the Alfred
E. Alquist Earthquake Act.

8899.19. The Legislature finds and declares all of the following:
(a) The Legislature unanimously passed Senate Bill 1835, which was
enacted into law as Chapter 782 of the Statutes of 1990, for the
purpose of addressing personal injury, death, and property damage of
impending earthquakes.
(b) It is critical for the health and safety of Californians that
funding should be made available as quickly as possible for the
implementation of Chapter 782 of the Statutes of 1990.
(c) The grant award authorized by Section 8899.21 and funded
pursuant to this article is not a gift of public funds, but rather a
collaborative project between the state and the grant award recipient
to commercialize technologies that will predict earthquakes or
mitigate their impact for the purpose of protecting the health and
welfare of the citizens of the state.

8899.20. The definitions contained in this section shall govern the
construction of this article, unless the context requires otherwise:
(a) "EREC" means the Earthquake Research Evaluation Conference
established pursuant to Section 8899.11.
(b) "Fund" means the Alfred E. Alquist Earthquake Fund.

8899.24. (a) The Controller shall transfer an amount not to exceed
seven hundred fifty thousand dollars ($750,000) from the Pooled Money
Investment Account as a loan to the fund for the purpose of
implementing this chapter.
(b) (1) The money lent pursuant to subdivision (a) shall be repaid
from the California Residential Earthquake Recovery Fund, with
interest calculated at the rate earned by the Pooled Money Investment
Fund.
(2) The amount of the loan made pursuant to subdivision (a) shall
be repaid in full with interest on or before the earlier of either of
the following:
(A) January 1, 1997.
(B) When the balance of the California Residential Earthquake
Recovery Fund reaches one billion five hundred million dollars
($1,500,000,000).