State Codes and Statutes

State Codes and Statutes

Statutes > California > Shc > 157-157.8

STREETS AND HIGHWAYS CODE
SECTION 157-157.8



157.  It is the intent of the Legislature that the authority granted
to the Department of Transportation under this act is restricted to
the specific program for which funds are appropriated in Item
2660-306-0942 of the Budget Act of 2008, and that the amount of State
Highway Account funds committed to this program shall be limited to
the amount appropriated in Item 2660-306-0942 of the Budget Act of
2008.



157.1.  The department, through the Treasurer and the California
Alternative Energy and Advanced Transportation Financing Authority,
may issue Clean Renewable Energy Bonds for purposes of financing the
acquisition and installation of solar energy systems, and related
appurtenances thereto, at department facilities. For purposes of this
article, Clean Renewable Energy Bonds are bonds issued subject to
the conditions and terms of Section 1303 of the federal Energy Tax
Incentives Act of 2005 (P.L. 109-58; I.R.C. Sec. 54).



157.2.  The net proceeds of bonds issued under this article shall be
deposited in the Clean Renewable Energy Bonds Subaccount, which is
hereby established as a special trust fund in the Special Deposit
Fund created pursuant to Section 16370 of the Government Code.



157.4.  (a) In conjunction with the issuance of bonds pursuant to
Section 157.1, the department may, until January 1, 2014, enter into
lease-purchase agreements, lease agreements, or similar agreements
with the California Alternative Energy and Advanced Transportation
Financing Authority to secure financial assistance for the
acquisition and installation of solar energy systems, and to arrange
for the payment of debt service on the Clean Renewable Energy Bonds.
   (b) The department may pledge the solar energy system property, or
any interest therein, that is acquired or installed pursuant to this
article as security for any payment in connection with the
acquisition, leasing, or financing of that property or interest,
subject to the purposes described in subdivision (a).



157.6.  The solar energy systems funded pursuant to this article may
utilize, and shall comply with, either the net energy metering
program allowable under Section 2827 of the Public Utilities Code or
the feed-in-tariff program allowable under Section 399.20 of the
Public Utilities Code.



157.8.  On or before March 1 of each fiscal year, and until maturity
of the bonds issued pursuant to this article, the department shall
report to the budget committees of each house of the Legislature with
regard to the issuance of bonds and the acquisition and installation
of solar energy systems under this article. The report shall
include, but not be limited to, the status of each facility on which
the department has installed solar energy systems; an accounting of
the costs for each solar energy system installed or acquired by the
department; a description of the energy savings the department has
achieved by acquiring or installing a solar energy system or systems;
and a review and analysis of the expected cost savings at the time
of issuance of the bonds versus actual savings annually.