Section 63048.96.
Cal. Government Code - GOV § 63048.96.
in effect(a)
(1)
The bank may pledge any or all of the moneys in the Climate Catalyst Revolving Fund as security for payment of the principal of, and interest on, any particular issuance of bonds issued for the purposes of this article. The bank may use any or all of the moneys in the Climate Catalyst Revolving Fund to retain or purchase for retention or sale, subordinated bonds issued by the bank, by a special purpose trust, or by a sponsor, all in connection with the purposes of this article. For these purposes, the bank may divide the fund into separate accounts, as set forth in Section 63048.95, or may divide the accounts created under this article into separate subaccounts.
(2)
All moneys accruing from the Climate Catalyst Revolving Fund and its accounts and subaccounts, the proceeds of financial assistance provided to a sponsor or participating party, the investment of any moneys within the Climate Catalyst Revolving Fund, or any other moneys generated in connection with the activities authorized under this article, shall be deposited into the fund.
(b)
Subject to liens, covenants against encumbrances, negative covenants, priorities, and other exclusions or reservations that may be created by the pledge of particular moneys in the Climate Catalyst Revolving Fund to secure any issuance of revenue bonds of the bank, a special purpose trust, or a sponsor, in each instance in connection with the purposes of this article, and subject further to reasonable costs that may be incurred by the bank in administering the Climate Catalyst Revolving Fund Program, all moneys in the Climate Catalyst Revolving Fund derived from any source, shall be held in trust for the security and payment of revenue bonds of the bank, a special purpose trust, or a sponsor, in each instance in connection with the purposes of this article, and shall not be used or pledged for any other purpose so long as the revenue bonds are outstanding and unpaid.
(c)
Pursuant to any agreements with the holders of revenue bonds issued for the purposes of this article pledging any particular assets, revenues, or moneys of the Climate Catalyst Revolving Fund, the bank may create separate accounts or subaccounts in the Climate Catalyst Revolving Fund to manage these assets, revenues, or moneys in the manner set forth in the agreements.
(d)
(1)
The bank may direct the Treasurer to invest moneys in the Climate Catalyst Revolving Fund that are not required for its current needs, including proceeds from the sale of any bonds, in any eligible securities specified in Section 16430 as the bank shall designate.
(2)
The bank may direct the Treasurer to deposit moneys into interest-bearing accounts in any bank in this state or in any savings and loan association in this state. The bank may alternatively require the transfer of moneys in the Climate Catalyst Revolving Fund to the Surplus Money Investment Fund for investment pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of Title 2.
(3)
Notwithstanding Section 16305.7, all interest or other increment resulting from the investment or deposit of moneys from the Climate Catalyst Revolving Fund shall be deposited into the Climate Catalyst Revolving Fund. Moneys in the Climate Catalyst Revolving Fund shall not be subject to transfer to any other funds pursuant to any provision of Part 2 (commencing with Section 16300) of Division 4 of Title 2, except to the Surplus Money Investment Fund.
(4)
Notwithstanding any contrary provision in this article, moneys in the Climate Catalyst Revolving Fund may be deposited into accounts held by a trustee bank, or other financial institution, in connection with the issuance of any revenue bonds for the purposes of this article.
(e)
Subject to any agreement with holders of particular bonds, in furtherance of Section 51373 of the Health and Safety Code, and to the extent permitted by law, the bank may also invest moneys of the Climate Catalyst Revolving Fund, including, but not limited to, proceeds of any of its bonds or refunding bonds, in obligations of financial institutions as are permitted by board resolution. The bank may alternatively require the transfer of moneys in the Climate Catalyst Revolving Fund to the Surplus Money Investment Fund for investment pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of Title 2.
(f)
Subject to any agreement with the holders of particular bonds, all interest or other increment resulting from the investment or deposit shall be deposited into the Climate Catalyst Revolving Fund, notwithstanding Section 16305.7. Moneys in the Climate Catalyst Revolving Fund shall not be subject to transfer to any other fund pursuant to Part 2 (commencing with Section 16300) of Division 4 of Title 2, excepting the Surplus Money Investment Fund.
(g)
The Climate Catalyst Revolving Fund shall be organized as a public enterprise fund.
(h)
The bank shall cause all moneys in the Climate Catalyst Revolving Fund that are in excess of current requirements to be invested and reinvested, from time to time.
References
referencesCal. Health and Safety Code - HSC § 51373.
referencesCal. Government Code - GOV § 63048.95.
referencesCal. Government Code - GOV § 16430.
referencesCal. Government Code - GOV § 16470.
referencesCal. Government Code - GOV § 16305.7.
referencesCal. Government Code - GOV § 16300.
Source: CA Legislative Counsel Bulk DataURL: https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zipFetched: 6/27/2026