1. The Trust Account for Renewable Energy and Energy Conservation is hereby created in the State General Fund. 2. The Director shall administer the Account. As administrator of the Account, the Director: (a) Shall maintain the financial records of the Account; (b) Shall invest the money in the Account as the money in other state accounts is invested; (c) Shall manage any subaccount associated with the Account; (d) Shall maintain any instruments that evidence investments made with the money in the Account; (e) May contract with vendors for any good or service that is necessary to carry out the provisions of this section; and (f) May perform any other duties that are necessary to administer the Account. 3. The interest and income earned on the money in the Account must, after deducting any applicable charges, be credited to the Account. All claims against the Account must be paid as other claims against the State are paid. 4. Not more than 2 percent of the money in the Account may be used to pay the costs of administering the Account. 5. The money in the Account remains in the Account and does not revert to the State General Fund at the end of any fiscal year. 6. All money that is deposited or paid into the Account may only be expended pursuant to an allocation made by the Director. Money expended from the Account must not be used to supplant existing methods of funding that are available to public agencies.
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