§ 13477.6. State Water Pollution Control Revolving
Fund Small Community Grant Fund
(a) The State Water Pollution Control Revolving Fund
Small Community Grant Fund is hereby created in the
State Treasury.
(b) The following moneys shall be deposited in the grant
fund:
(1) Moneys transferred to the grant fund pursuant to
subdivision (c).
(2) Notwithstanding Section 16475 of the Government
Code, any interest earned upon the moneys deposited in
the grant fund.
(c)(1) For any financing made pursuant to Section 13480,
the board may assess an annual charge to be deposited in
the grant fund in lieu of interest that would otherwise be
charged.
(2) Any amounts collected under this subdivision shall be
deposited in the grant fund, not more than fifty million
dollars ($50,000,000) shall be deposited in the grant fund.
(3) The charge authorized by this subdivision may be
applied at any time during the term of the financing, and
once applied, shall remain unchanged until 2014, at which
point it shall terminate and be replaced by an identical
interest rate. The charge shall not increase the financing
repayment amount as set forth in the terms and conditions
imposed pursuant to this chapter.