SECTIONS 3370 - California Statutes

PUBLIC UTILITIES CODE

SECTION 3370

3370. (a) There is hereby created in the State Treasury the
California Consumer Power and Conservation Financing Authority Fund
for expenditure by the authority for the purpose of implementing the
objectives and provisions of this division. For the purposes of
subdivision (e), or as necessary or convenient to the accomplishment
of any other purpose of the authority, the authority may establish
within the fund additional and separate accounts and subaccounts.
(b) The assets of the fund shall be available for the payment of
the salaries and other expenses charged against it in accordance with
this division.
(c) Except as provided under Section 3345, all moneys in the fund
that are not General Fund moneys are continuously appropriated to the
authority and may be used for any reasonable costs which may be
incurred by the authority in the exercise of its powers under this
division.
(d) The fund, on behalf of the authority, may borrow or receive
moneys from the authority, or from any federal, state, or local
agency or private entity, to create reserves in the fund as provided
in this division and as authorized by the board.
(e) The authority may pledge any or all of the moneys in the fund
(including in any account or subaccount) as security for payment of
the principal of, and interest on, any particular issuance of bonds
issued pursuant to this division.
(f) The authority, may, from time to time, direct the Treasurer to
invest moneys in the fund that are not required for the authority's
current needs, including proceeds from the sale of any bonds, in any
securities permitted by law as the authority shall designate. The
authority also may direct the Treasurer to deposit moneys in
interest-bearing accounts in state or national banks or other
financial institutions having principal offices in this state. The
authority may alternatively require the transfer of moneys in the
fund to the Surplus Money Investment Fund for investment pursuant to
Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of
Division 4 of the Government Code. All interest or other increment
resulting from an investment or deposit shall be deposited in the
fund, notwithstanding Section 16305.7 of the Government Code. Moneys
in the fund shall not be subject to transfer to any other fund
pursuant to any provision of Part 2 (commencing with Section 16300)
of Division 4 of the Government Code, excepting the Surplus Money
Investment Fund.