(a) Consistent with subdivision (b) of Section 44559.11, the authority may establish loss reserve accounts for the purposes of financing terminal rental adjustment clause leasing, if funds are available for contribution into the loss reserve account from any source other than the authority. The authority shall not contribute any funds into a loss reserve account created pursuant to this section. Funds provided by the federal government for the purposes of providing a loan loss reserve program shall not be contributed to an account created pursuant to this section.
(b) The executive director may establish conditions for terminal rental adjustment clause leasing loss reserve accounts created pursuant to this section.
(c) As used in this section, “terminal rental adjustment clause” means “terminal rental adjustment clause” as defined in Section 7701(h)(3) of Title 26 of the United States Code.
(Added by Stats. 2011, Ch. 492, Sec. 2. (SB 225) Effective October 6, 2011.)
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