ARTICLE 5. Expansion Fund and Trust Fund

Article 5 added by Stats. 2013, Ch. 537, Sec. 4.

§§ 63089.5–63089.62 · 13 sections

• § 63089.5 (a) There is hereby continued in existence in the State Treasury the California Small Business Expansion Fund. All or a portion of the funds in the expansion…
• § 63089.51 (a) All money deposited in the expansion fund is hereby continuously appropriated, without regard to fiscal years, for the purposes of this chapter. (b) Except…
• § 63089.52 (a) The program manager, at his or her discretion, with the approval of the executive director, may request the trustee to invest those moneys in the trust…
• § 63089.53 Except as specified in subdivision (b) of Section 63089.54, the state or the bank shall not be liable or obligated in any way beyond the money that is…
• § 63089.54 (a) There is hereby created in the State Treasury the Small Business Disaster Recovery Loan Loss Reserve Account, as part of the expansion fund. This account…
• § 63089.55 The Director of Finance, with the approval of the Governor, may transfer moneys in the Special Fund for Economic Uncertainties to the California Small Business…
• § 63089.56 (a) The funds in the expansion fund shall be paid out to trust fund accounts by the Treasurer on funds drawn by the Controller and requisitioned by the program…
• § 63089.57 Pursuant to this chapter and any directives and requirements adopted pursuant to this chapter, the state has residual interest in the funds deposited by the…
• § 63089.58 Each trust fund account shall consist of a loan guarantee account, and, upon recommendation by the program manager, a bond guarantee account or other financial…
• § 63089.59 (a) The financial institution or financial company that is to act as trustee of the trust fund shall be designated by the bank. The corporation shall not…
• § 63089.60 (a) The program manager shall recommend whether the expansion fund and trust fund accounts are to be leveraged, and if so, by how much. Upon the request of the…
• § 63089.61 (a) The corporate guarantee shall be backed by funds on deposit in the corporation’s trust fund account, or by receivables due from funds loaned from the…
• § 63089.62 (a) It is the intent of the Legislature that the corporations make maximum use of their statutory authority to guarantee loans and surety bonds, and administer…