California Water Code

§ 80540

WAT § 80540 Effective Sep 19, 2025Div. 28 · Ch. 3

Statute text

(a)(1) The department may incur indebtedness and issue bonds as evidence thereof solely for purposes of supporting the Wildfire Fund and other related expenses incurred by the department pursuant to this division, provided that bonds authorized pursuant to this paragraph shall not (A) be issued in an amount the debt service on which, to the extent payable from the fund, is estimated by the department to exceed the amounts estimated to be available in the fund for their payment, and (B) mature after January 1, 2036.

(2)If the administrator provides the notification pursuant to subdivision (b) of Section 3299.1 of the Public Utilities Code, the department may incur indebtedness and issue bonds as evidence thereof solely for purposes of supporting the account and other related expenses incurred by the department pursuant to this division, provided that bonds authorized under this paragraph shall not be issued in an amount the debt service on which, to the extent payable from the account, including the annual contributions and additional contribution pursuant to Section 3299.2 of the Public Utilities Code, is estimated by the department to exceed the amounts estimated to be available in the account for their payment. This paragraph shall become operative upon all large electrical corporations electing to participate in the account pursuant to Section 3299 of the Public Utilities Code.

(b)(1) The department may authorize the issuance of bonds pursuant to paragraph (1) of subdivision (a), excluding any notes issued in anticipation of the issuance of bonds and retired from the proceeds of those bonds, in an aggregate amount up to ten billion five hundred million dollars ($10,500,000,000).

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Legislative history

Amended by Stats. 2025, Ch. 119, Sec. 70. (SB 254) Effective September 19, 2025.