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0971 Alt Energy & Advanced Trans Fin Auth
Program Descriptions
10 - ALTERNATIVE ENERGY AND ADVANCED TRANSPORTATION FINANCING AUTHORITY
The Authority is authorized to issue up to $1 billion in total outstanding bond debt to finance alternative energy and advanced transportation projects pursuant to Public Resources Code Section 26020. As of June 30, 2011, CAEATFA has issued $212,072,000 in bonds, and $76.9 million is outstanding.
Financial assistance can take the form of loans, loan loss reserves, interest rate reductions, proceeds of bonds issued by the authority, insurance, guarantees or other credit enhancements or liquidity facilities, contributions of money, property, labor, or other items of value.
In 2010, CAEATFA launched a sales and use tax exclusion (STE) program for advanced transportation and alternative source manufacturing in California (SB 71, Chapter 10, Statutes of 2010). The objective of CAEATFA's sales and use tax exclusion programs is to promote the creation of California-based manufacturing and businesses, California-based jobs, the reduction of greenhouse gases, air and water pollution, and energy consumption.
In addition, new legislation in 2010 (SB 77, Pavley) and 2011 (AB14, Skinner) has provided CAEATFA with additional statutory authority to provide financial assistance to encourage energy efficiency efforts. CAEATFA is currently working on developing programs to carryout the legislative intent.
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