(a) The Infrastructure Stabilization Fund is hereby created in the State Treasury for the infrastructure purposes described in subdivision (e) of Section 20 of Article XVI of the California Constitution.
(b) This fund shall receive transfers pursuant to Section 13105 or from any other funds upon appropriation by the Legislature. Moneys in this fund shall be continuously appropriated and shall be distributed, upon order of the department, as follows:
(1) If the transfer received is less than four hundred fifteen million dollars ($415,000,000), the entire amount shall be transferred to the State Infrastructure and Maintenance Fund established in Section 13107.
(2) If the transfer received is equal to or greater than four hundred fifteen million dollars ($415,000,000), four hundred fifteen million dollars ($415,000,000) shall be transferred to the State Infrastructure and Maintenance Fund established in Section 13107. Any amount over four hundred fifteen million dollars ($415,000,000) shall be distributed 50 percent to the Rail Infrastructure Account established in Section 13108 and 50 percent to the Housing Rehabilitation Loan Fund established in Section 50661 of the Health and Safety Code.
(Added by Stats. 2018, Ch. 43, Sec. 3. (AB 1831) Effective June 27, 2018.)