(a) The Preservation Opportunity Fund is hereby created in the State Treasury. Notwithstanding Section 13340 of the Government Code, all money in the fund is continuously appropriated to the department without regard to fiscal years for the purposes of this chapter and for costs incurred in administering the program. The combined administrative expenses of the department and the agency shall not exceed 5 percent of the funds deposited in the fund for the purposes of this chapter.
(b) The following shall be paid into the fund:
(1) Any money appropriated and made available by the Legislature for purposes of the fund.
(2) Any money that the department or the agency receives in repayment of loans from the fund, including interest therefrom, except as provided in subdivision (f) of Section 50603.
(3) Any other money that may be made available to the department for the purposes of this chapter from any other source.
(Amended by Stats. 2005, Ch. 74, Sec. 50. Effective July 19, 2005.)
Last modified: October 25, 2018