(

a) If, pursuant to subdivision (

c) of

Section 80524, the commission makes a just and reasonable determination with respect to that revenue requirement, the department shall, and in any obligation entered into pursuant to this division may covenant to, at least annually, and more frequently as required, allocate or cause to be allocated moneys collected pursuant to this division to provide any of the following:

(1) The amounts necessary to pay the principal of, and premium, if any, and interest on, bonds issued pursuant to paragraph (2) of subdivision (

b) of

Section as and when the bonds shall become due.

(2) The amounts necessary to make payments under any contracts, agreements, or obligations entered into by it pursuant hereto, in the amounts and at the times they shall become due.

(3) Reserves in such amount as may be determined by the department from time to time to be necessary or desirable.

(4) The administrative costs of the department incurred in administering this division.

(5) After meeting the purposes in paragraphs (1) to (4), inclusive, the transfer of any remaining revenue requirement amount to the account. (

b) The commission shall not revise the revenue requirement established pursuant to subdivision (

c) of

Section at any time before January 1, 2046. For avoidance of doubt, the revenue requirement established pursuant to subdivision (

c) of

Section shall not be imposed and collected until the department has legally defeased or paid at maturity the bonds issued pursuant to paragraph (1) of subdivision (

a) of

Section and provided written notice thereof to the commission. (

c) This

section shall become inoperative if a large electrical corporation elects not to participate pursuant to

Section of the Public Utilities Code and is repealed on January of the year following the notification by the commission pursuant to subdivision (

c) of

Section of the Public Utilities Code.