Gavin Newsom: “The interest will be tied to what we normally receive at the…”

“Just briefly, it's 590 million dollar loan. It will be paid back in 12 years. First two years will be interest free and then The interest will be tied to what we normally receive at the state through what we call the SMF program. which is our surplus money fund, so that the general fund will not be shortchanged. This was the art of the deal.” (16:06–16:12)

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