(a) The California Economic Development Fund is hereby created in the State Treasury for the purpose of receiving federal, state, local, and private economic development funds, and receiving repayment of loans or grant proceeds and interest on those loans or grants.
(b) Upon appropriation by the Legislature, moneys in the fund may be expended by the Governor’s Office of Business and Economic Development to provide matching funds for loans or grants to public agencies, nonprofit organizations, and private entities, and for other economic development purposes, consistent with the purposes for which the moneys were received.
(Amended by Stats. 2012, Ch. 294, Sec. 11. (AB 2012) Effective September 11, 2012.)