(a) This section shall be known and may be cited as the Water Bill Savings Act. (b) For purposes of this section, the following terms have the following meanings: (1) âBill neutralâ means, based on a customerâs recent billing history, the total monetary savings achieved by the customerâs efficiency improvement is projected to be greater than or equal to the efficiency charge on the customerâs monthly water bill. (2) âCustomerâ means a person or entity that purchases water from a local agency or its publicly owned utility and is billed for the water by the local agency or its publicly owned utility. (3) âCustomer propertyâ means residential, commercial, industrial, agricultural, or other real property owned, leased, or licensed for occupancy by the customer. (4) âEfficiency chargeâ means a charge that is added to the water bill associated with a local agencyâs or its publicly owned utilityâs water meter at the customer property upon which the water efficiency improvement is located and that is collected in order to pay for an efficiency improvement pursuant to this section. (5) âEfficiency improvementâ means a water efficiency improvement, as defined by the authority. An efficiency improvement shall comply with the lists of eligible projects and project priorities identified in the program guidelines of the CalConserve Water Use Efficiency Revolving Loan Program established pursuant to Division 30 (commencing with Section 81000) of the Water Code. An efficiency improvement shall not include living vegetation. (6) âFinancing costsâ means all of the following: (A) An interest and redemption premium payable on a bond. (B) The cost of retiring the principal of a bond, whether at maturity, including acceleration of maturity upon an event of default, or upon redemption, including sinking fund redemption. (C) A cost related to issuing or servicing bonds, including, but not limited to, a servicing fee, trustee fee, legal fee, administrative fee, bond counsel fee, bond placement or underwriting fee, remarketing fee, broker dealer fee, independent manager fee, municipal adviser fee, accounting report fee, engineering report fee, rating agency fee, and payment made under an interest rate swap agreement. (D) A payment or expense associated with a bond insurance policy, financial guaranty, or a contract, agreement, or other credit enhancement for bonds or a contract, agreement, or other financial agreement entered into in connection with a bond. (E) The funding of one or more reserve accounts related to a bond. (7) âLocal agencyâ means a âlocal governmentâ as defined in subdivision (b) of Section 1 of Article XIII C of the California Constitution in the Counties of Alameda, Contra Costa, Los Angeles, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma. (8) âPublicly owned utilityâ means a utility furnishing water service to customers that is owned and operated by a local agency or a department or other subdivision of a local agency and includes any successor to the powers and functions of a department or other subdivision. (9) âServicing agreementâ means an agreement between a local agency or its publicly owned utility and the authority for the collection of the efficiency charge, pursuant to which the local agency or its publicly owned utility acts as a servicing agent for purposes of collecting the efficiency charge for the authority. (c) (1) Notwithstanding any other law, if the requirements of paragraphs (2) and (3) are met, an authority may provide funding for a customer of a local agency or its publicly owned utility to acquire, install, or repair an efficiency improvement on a customer property served by the local agency or its publicly owned utility. (2) (A) The authority, by resolution, establishes or extends a program to provide funding for a customer of a local agency or its publicly owned utility to acquire, install, or repair an efficiency improvement on a cus
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