California Government Code

§ 16321

GOV § 16321 Effective Jun 27, 2019Div. 4 · Title 2 · Part 2 · Ch. 1

Statute text

The amount of outstanding loans made pursuant to Section 14556.8 is seven hundred six million dollars ($706,000,000). Four hundred seventy million dollars ($470,000,000) of this amount shall be repaid from the General Fund pursuant to subdivision (c) of Section 20 of Article XVI of the California Constitution. Two hundred thirty-six million dollars ($236,000,000) shall be repaid from the General Fund. The total amount of the loans shall be repaid no later than June 30, 2020, and upon repayment of this amount all loans authorized pursuant to Section 14556.8 and any associated interest shall be deemed repaid. The loans shall be repaid proportionately and in equal installments over three years. The Department of Finance shall prepare a loan repayment schedule, pursuant to which the outstanding loans shall be repaid by June 30, 2020, as follows:

(a)Two hundred fifty-six million dollars ($256,000,000) for transfer to the Public Transportation Account, to be allocated as follows:

(1)Up to twenty million dollars ($20,000,000) to local and regional agencies for climate change adaptation planning.

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Legislative history

Amended by Stats. 2019, Ch. 32, Sec. 7. (SB 87) Effective June 27, 2019.