SB 1130 Summary

• Establishes the Nonresidential Building Energy Retrofit Financing Program to provide financial assistance to owners of eligible nonresidential buildings for implementing energy efficiency, renewable energy, and water efficiency improvements.

• Authorizes the California Alternative Energy and Advanced Transportation Financing Authority to issue revenue bonds (up to $2 billion) secured by energy remittance repayment agreements recorded as liens on improved properties.

• Requires the State Board of Equalization to collect installment payments from building owners and deposit funds into the Nonresidential Building Energy Retrofit Debt Servicing Fund, with continuous appropriation for bond repayment and administrative costs.

• Mandates a third-party administrator be hired by July 1, 2013, to develop underwriting guidelines and operate the program; requires all program costs to be covered by loan recipients, administrators, or bond purchasers without General Fund liability.

• Authorizes up to $1 million loan to the State Board of Equalization and $7 million loan to the State Energy Resources Conservation and Development Commission from the General Fund for startup costs, to be repaid by January 1, 2023.