(a) Notwithstanding this division, the financing of energy and project costs on behalf of Golden State Energy, as defined in § 222.5 of the Public Utilities Code, shall be deemed to be in the public interest and eligible for financing by the bank or by a special purpose trust established pursuant to this division. That financing shall be treated as financing of an economic development facility for purposes of this division, except that Article 3 (commencing with Section 63040) and Article 5 (commencing with Section 63043) shall not apply to any financing undertaken on behalf of Golden State Energy.

(b) The bank may issue bonds pursuant to Chapter 5 (commencing with Section 63070) and may loan the proceeds thereof to Golden State Energy, and deposit the proceeds into a separate account, or use the proceeds to refund bonds previously issued under this article. Bond proceeds may also be used to fund necessary reserves, capitalized interest, credit enhancement costs, or costs of issuance.

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(c) Bonds or other indebtedness issued pursuant to this article shall not be deemed to constitute a debt or liability of the state or of any political subdivision of the state other than the bank or any special purpose trust established pursuant to this division, but shall be payable solely from the funds of, and any security provided by, Golden State Energy.

(Added by Stats. 2020, Ch. 27, Sec. 4. (SB 350) Effective January 1, 2021.)