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<ns0:Id>20250SB__126599INT</ns0:Id>
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<ns0:ActionText>INTRODUCED</ns0:ActionText>
<ns0:ActionDate>2026-02-19</ns0:ActionDate>
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<ns0:SessionYear>2025</ns0:SessionYear>
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<ns0:AuthorText authorType="LEAD_AUTHOR">Introduced by Senator Richardson</ns0:AuthorText>
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<ns0:Legislator>
<ns0:Contribution>LEAD_AUTHOR</ns0:Contribution>
<ns0:House>SENATE</ns0:House>
<ns0:Name>Richardson</ns0:Name>
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<ns0:Title> An act to add Section 26016 to the Public Resources Code, relating to energy, and making an appropriation therefor. </ns0:Title>
<ns0:RelatingClause>energy, and making an appropriation therefor</ns0:RelatingClause>
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<ns0:Subject>California Alternative Energy and Advanced Transportation Financing Authority: financial assistance programs and products.</ns0:Subject>
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<html:p>Under existing law, the purpose of the California Alternative Energy and Advanced Transportation Financing Authority Act is to advance the state’s goals of reducing the levels of greenhouse gas emissions, increasing the deployment of sustainable and renewable energy sources, implementing measures that increase the efficiency of the use of energy, creating high quality employment opportunities, and lessening the state’s dependence on fossil fuels and to that end to provide an alternative method of financing in providing and promoting the establishment of facilities utilizing alternative methods and sources of energy and facilities needed for the development and commercialization of advanced transportation technologies. Existing law establishes the California Alternative Energy and Advanced Transportation Financing Authority to carry out that purpose. </html:p>
<html:p>This bill would authorize the authority, for that specified purpose, and with its own moneys or from moneys derived from other sources, to create its own financial assistance programs, financial assistance products, or both, on those terms and conditions the authority deems prudent. The bill would create the Alternative Energy and Advanced Transportation Expansion Fund in the State Treasury and would continuously appropriate all moneys in the fund to the authority for expenditure, as provided, and to defray the administrative costs of the authority. The bill would require any interest earned or other increment derived from investments made from moneys in the fund to be deposited into the fund.</html:p>
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<ns0:VoteRequired>TWO_THIRDS</ns0:VoteRequired>
<ns0:Appropriation>YES</ns0:Appropriation>
<ns0:FiscalCommittee>YES</ns0:FiscalCommittee>
<ns0:LocalProgram>NO</ns0:LocalProgram>
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<ns0:ImmediateEffect>NO</ns0:ImmediateEffect>
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<ns0:Urgency>NO</ns0:Urgency>
<ns0:TaxLevy>NO</ns0:TaxLevy>
<ns0:Election>NO</ns0:Election>
<ns0:UsualCurrentExpenses>NO</ns0:UsualCurrentExpenses>
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<ns0:Preamble>The people of the State of California do enact as follows:</ns0:Preamble>
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<ns0:Num>SECTION 1.</ns0:Num>
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Section 26016 is added to the
<ns0:DocName>Public Resources Code</ns0:DocName>
, to read:
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<ns0:Num>26016.</ns0:Num>
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(a)
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In administering this chapter, the authority shall have all the powers conferred upon it by this division.
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(b)
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Notwithstanding any other law, the authority, for the purpose specified in Section 26002, may, with its own moneys or from moneys derived from other sources, create its own financial assistance programs, financial assistance products, or both, on those terms and conditions the authority deems prudent. This chapter does not prohibit the authority from exercising its discretion pursuant to this subdivision.
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(c)
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There is hereby created in the State Treasury the Alternative Energy and Advanced Transportation Expansion Fund. Notwithstanding Section 13340 of the Government
Code, all moneys in the fund are continuously appropriated to the authority, without regard to fiscal year, for expenditure pursuant to this division and to defray the administrative costs of the authority. Notwithstanding Section 16305.7 of the Government Code, any interest earned or other increment derived from investments made from moneys in the fund shall be deposited into the fund.
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