(a) (1) The Petroleum Underground Storage Tank Financing Account is hereby created in the State Treasury.
(2) The funds deposited into the account may be expended by the board, upon appropriation by the Legislature, for making grants pursuant to this chapter and administering this chapter.
(b) (1) This section shall not become operative if Assembly Bill 1068 of the 2003–04 Regular Session of the Legislature is enacted and takes effect on or before January 1, 2005, that bill creates the Petroleum Underground Storage Tank Financing Account in the State Treasury, and the bill adding this section takes effect on or after the effective date of Assembly Bill 1068.
(2) If the act adding this section is enacted and takes effect before the effective date of Assembly Bill 1068, this section shall become operative on the effective date of that act, and shall become inoperative on the effective date of Assembly Bill 1068. On the date this section becomes inoperative, the Controller shall transfer all moneys in the account to the Petroleum Underground Storage Tank Financing Account established pursuant to Section 25299.109.
(Added by Stats. 2004, Ch. 649, Sec. 5. Effective September 21, 2004. This section is nonoperative pursuant to (and except for) paragraph (1) of subdivision (b).)
Last modified: October 25, 2018