(a) In order to carry out this chapter, there is hereby created in the State Treasury the California Competitive Technology Fund.
(b) The fund shall receive state funds appropriated to it, contributions from nonstate sources, reimbursements, federal funds, and interest that accrues to the moneys in the fund pursuant to subdivision (c).
(c) The Treasurer shall invest moneys contained in the fund not needed to meet current obligations in the same manner as other public funds are invested.
(d) Notwithstanding Section 13340, all moneys in the fund are continuously appropriated without regard to fiscal years to the agency for the purposes of this chapter, and for the purposes for which moneys were provided. Except for state funds appropriated to, or transferred into, the fund for local assistance, moneys in the fund, including all interest, may be spent for support.
(Added by renumbering Section 13994.10 by Stats. 2015, Ch. 303, Sec. 206. (AB 731) Effective January 1, 2016.)