44558.1. (a) (1) The authority shall establish the California Investment and Innovation Program for the purpose of providing grants to enhance the capacity of community development financial institutions to provide technical assistance and capital access to economically disadvantaged communities in this state.
(2) The authority shall adopt guidelines for the implementation of this program consistent with this article.
(b) The California Investment and Innovation Fund is created in the State Treasury. The authority shall allocate moneys in the fund to eligible recipients in accordance with this article. Notwithstanding Section 13340 of the Government Code, all moneys in the fund are continuously appropriated to the authority to carry out the purposes of this article. All moneys accruing to the authority pursuant to this article from any source shall be deposited into the fund.
(c) The California Investment and Innovation Fund may receive funds from any source, including, but not limited to, the federal government, philanthropic entities, financial institutions, and state funds appropriated for this purpose.
(d) The authority may access moneys in the fund for administrative costs as necessary to implement the program, subject to conditions, if any, stipulated in the appropriation of the funds.
(e) Notwithstanding any other law, the authority may direct the Treasurer to invest moneys in the fund that are not required for its current needs in the eligible securities specified in Section 16430 of the Government Code as the authority shall designate. The authority may direct the Treasurer to deposit moneys in interest-bearing accounts in state or national banks or other financial institutions having principal offices located in the state. The authority may alternatively require the transfer of moneys in the fund to the Surplus Money Investment Fund for investment pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of Title 2 of the Government Code. All interest or other increment resulting from an investment or deposit shall be deposited into the fund, notwithstanding Section 16305.7 of the Government Code. Moneys in the fund shall not be subject to transfer to any other fund pursuant to any provision of Part 2 (commencing with Section 16300) of Division 4 of Title 2 of the Government Code, except the Surplus Money Investment Fund.
(Added by Stats. 2022, Ch. 68, Sec. 30. (SB 193) Effective June 30, 2022.)