California Public Resources Code 25415 – (a) Each eligible institution to which an allocation has been …
(a) Each eligible institution to which an allocation has been made under this chapter shall repay the principal amount of the allocation, plus interest, in not more than 40 equal semiannual payments, as determined by the commission. Loan repayments shall be made in accordance with a schedule established by the commission. The repayment period shall not exceed the life of the equipment, as determined by the commission or the lease term of the building in which the eligible energy, energy storage, or electric vehicle charging infrastructure project or measures will be installed.
(b) Notwithstanding any other law, the commission shall, unless it determines that the purposes of this chapter would be better served by establishing an alternative interest rate schedule, periodically set interest rates on the loans based on surveys of existing financial markets and may authorize no-interest loans.
Terms Used In California Public Resources Code 25415
- Allocation: means a loan of funds by the commission pursuant to the procedures specified in this chapter. See California Public Resources Code 25411
- Building: includes a tribal building. See California Public Resources Code 25411
- Eligible energy project: means an undertaking to acquire and to install one or more eligible energy measures in a building or facility, and technical assistance in connection with that undertaking. See California Public Resources Code 25411
- Eligible institution: means a school, hospital, public care institution, unit of local government, or tribe. See California Public Resources Code 25411
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Project: means a purpose for which an allocation may be requested and made under this chapter. See California Public Resources Code 25411
(c) The governing body of each eligible institution shall annually budget an amount at least sufficient to make the semiannual payments required in this section. For an eligible energy project or measures, the amount shall not be raised by the levy of additional taxes but shall instead be obtained by a savings in energy costs or other sources.
(Amended by Stats. 2021, Ch. 226, Sec. 6. (AB 33) Effective January 1, 2022. Repealed as of January 1, 2028, pursuant to Section 25421.)