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.

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.