(a) The program manager shall recommend whether the expansion fund and trust fund accounts are to be leveraged, and if so, by how much. Upon the request of the corporation, the program manager’s decision may be repealed or modified by the executive director or the bank board.
(b) The amount of guarantee liability outstanding at any one time shall not exceed 10 times the amount of funds on deposit in the expansion fund plus any receivables due from funds loaned from the expansion fund to another fund in state government as directed by the Department of Finance pursuant to a statute enacted by the Legislature, including each of the trust fund accounts within the trust fund.
(Amended (as added by Stats. 2013, Ch. 537, Sec. 4, 1st text) by Stats. 2016, Ch. 713, Sec. 4. (SB 936) Effective January 1, 2017.)