(a) There is in the state government the California Alternative Energy and Advanced Transportation Financing Authority. The authority constitutes a public instrumentality and the exercise by the authority of powers conferred by this division is the performance of an essential public function.
(b) The authority shall consist of five members, as follows:
(1) The Director of Finance.
(2) The Chairperson of the State Energy Resources Conservation and Development Commission.
(3) The President of the Public Utilities Commission.
(4) The Controller.
(5) The Treasurer, who shall serve as the chairperson of the authority.
(c) The members listed in paragraphs (1) to (5), inclusive, of subdivision (b) may each designate a deputy or clerk in his or her agency to act for and represent the member at all meetings of the authority.
(d) The first meeting of the authority shall be convened by the Treasurer.