(a) Except as provided in subdivision (b), this chapter shall remain in effect only until January 1, 2028, and as of that date is repealed, unless a later enacted statute, which is enacted before January 1, 2028, deletes or extends that date.
(b) Except as specified in subdivisions (c) and (d), all loans outstanding as of January 1, 2028, shall continue to be repaid on a semiannual basis, as specified in Section 25415, until paid in full. All unexpended funds in the State Energy Conservation Assistance Account on January 1, 2028, and after that date, shall revert to the General Fund.
(c) To the extent required under applicable bond obligations, unexpended funds from the proceeds of bonds sold pursuant to Section 25417.5 that remain in the State Energy Conservation Assistance Account on January 1, 2028, shall remain in the account. These funds shall be expended pursuant to the applicable requirements for bond proceeds. Once all applicable bond obligations have been satisfied, unexpended funds shall revert to the General Fund.
(d) Unexpended funds from the federal American Recovery and Reinvestment Act of 2009 (Public Law 111-5) remaining in the State Energy Conservation Assistance Account on January 1, 2028, shall revert to the Federal Trust Fund.
(Amended by Stats. 2016, Ch. 675, Sec. 2.)