Joint Budget Committee.Section 1 of the bill creates the cash
fund solvency fund. The purpose of the fund is to allow the state controller to transfer money from the fund to another cash fund for which it is anticipated that there will be a cash deficit. Thereafter, the state controller is required to transfer the same amount of money from the cash fund back to the cash fund solvency fund in one or more installments, which may be over multiple fiscal years. The state controller is required to annually report to the joint budget committee and the office of state planning and budgeting about any transfers made. Section 2 requires the state treasurer to transfer $1,805,317 from
the marijuana tax cash fund to the marijuana cash fund and $1,200,000 from the general fund to the marijuana cash fund. The first transfer repays the marijuana cash fund for a prior transfer and the second transfer partially repays the marijuana cash fund.
