(a) The Diablo Canyon Extension Fund is hereby established within the State Treasury. The moneys in the fund shall be available to the department for the administration and implementation of this chapter.

(b) Repayments of the loan authorized under Section 25548.3 shall be deposited into the fund and shall remain available for further disbursement subject to subdivision (a) of Section 25548.3.

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(c) Notwithstanding § 13340 of the Government Code, the moneys in the fund are continuously appropriated to the department for purposes of this chapter.

(d) The fund and the moneys in the fund are separate and distinct from any other funds and moneys administered by the department.

(e) Upon the early termination of, or full repayment of, the loan, all moneys remaining in the Diablo Canyon Extension Fund shall be transferred to the General Fund and subdivision (a), (c), and (d) shall become inoperative.

(f) The Department of Finance shall allocate up to six hundred million dollars ($600,000,000), pursuant to Section 25548.3, from the General Fund as loans to the Department of Water Resources for deposit into the Diablo Canyon Extension Fund. The Department of Water Resources may disburse moneys from the Diablo Canyon Extension Fund to the operator of the Diablo Canyon powerplant under a loan agreement pursuant to Section 25548.3. At the direction of the Department of Water Resources, the Controller shall draw a warrant for this purpose.

(Added by Stats. 2022, Ch. 239, Sec. 5. (SB 846) Effective September 2, 2022.)