California Education Code

§ 69996.6

EDC § 69996.6 Effective Sep 13, 2023Div. 5 · Title 3 · Part 42 · Ch. 2 · Art. 19.5

Statute text

(a)The California Kids Investment and Development Savings Program Fund is hereby established in the State Treasury. Notwithstanding Section 13340 of the Government Code, except for moneys derived from the federal American Rescue Plan Act, moneys in the fund shall be continuously appropriated, without regard to fiscal years, to the board for the program. The fund shall be the initial repository of all appropriations, gifts, or other financial assets received by the board in connection with operation of the program.

(b)(1) Subject to available funding, the program shall be implemented on or before July 1, 2022. The board may establish an implementation timeline for the program based on available funding. If the board does not secure adequate funds to implement the program before July 2, 2022, program implementation may be delayed while the board makes good faith efforts to secure necessary funding. The board may accept gifts, grants, awards, matching contributions, interest income, and appropriations from individuals, businesses, state and local governmental entities, and third-party sources for the program on terms the board deems advisable.

(2)Before the program is implemented and throughout the program’s operation, the board may authorize a county, city, nonprofit organization, or any other entity operating a local child savings account program to provide input to the program established pursuant to this article. The input may include, but is not limited to, information on any of the following:

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Legislative history

Amended by Stats. 2023, Ch. 195, Sec. 4. (SB 142) Effective September 13, 2023.