Bill Text: CA SB225 | 2011-2012 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: California Pollution Control Financing Authority:

Spectrum: Bipartisan Bill

Status: (Passed) 2011-10-06 - Chaptered by Secretary of State. Chapter 492, Statutes of 2011. [SB225 Detail]

Download: California-2011-SB225-Introduced.html

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BILL NUMBER: SB 225	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Simitian

                        FEBRUARY 9, 2011

   An act to add Section 44559.10 to the Health and Safety Code,
relating to the California Pollution Control Financing Authority.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 225, as introduced, Simitian. California Pollution Control
Financing Authority: Capital Access Loan Program.
   The California Pollution Control Financing Authority Act
establishes the Capital Access Loan Program for small businesses,
administered by the California Pollution Control Financing Authority,
which provides loans through participating financial institutions to
qualifying small businesses. The authority is required to create a
loss reserve account for each financial institution.
   This bill would authorize the authority to establish loss reserve
accounts for the purposes of terminal rental adjustment clause (TRAC)
leasing, as defined, if funds are available for contribution into
the loss reserve account from any source other than the authority.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 44559.10 is added to the Health and Safety
Code, to read:
   44559.10.  (a) Notwithstanding any other provision of this
article, the authority may establish loss reserve accounts for the
purposes of terminal rental adjustment clause (TRAC) leasing, as
defined in Section 7701 (h) (3) of Title 26 of the United States
Code, if funds are available for contribution into the loss reserve
account from any source other than the authority. The authority shall
not contribute any funds into a loss reserve account created
pursuant to this section.
   (b) The executive director may establish conditions for TRAC
leasing loss reserve accounts created pursuant to this section.