AB 1842 Summary

• Authorizes the Department of Veterans Affairs to enter into financial agreements to receive cash advances for the California Central Coast State Veterans Cemetery Endowment Fund, provided there are no repayment obligations to the state and the Department of Finance reviews the agreement.

• Allows the department to use federal State Veterans Cemetery Grant Program moneys transferred to the Endowment Fund to reimburse any cash advances made to the fund for eligible costs, once the department and Controller certify sufficient funds remain for ongoing maintenance and operations.

• Expands the Endowment Fund to accept cash advances in addition to existing sources of funding (donations, fees, and state General Fund transfers).

• Requires the Controller to determine when the Endowment Fund has adequate principal to cover 10 years of annual administrative and oversight costs plus application development costs before the department submits a federal grant application.