BILL NUMBER: AB 2481	CHAPTERED  06/18/04

	CHAPTER  48
	FILED WITH SECRETARY OF STATE  JUNE 18, 2004
	APPROVED BY GOVERNOR  JUNE 17, 2004
	PASSED THE SENATE  JUNE 14, 2004
	PASSED THE ASSEMBLY  APRIL 12, 2004

INTRODUCED BY   Assembly Member Nunez

                        FEBRUARY 19, 2004

   An act to amend Section 63021.5 of the Government Code, relating
to economic development, and declaring the urgency thereof, to take
effect immediately.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 2481, Nunez.  California Infrastructure and Economic
Development Bank:  board of directors.
   Prior to January 1, 2004, the California Infrastructure and
Economic Development Bank was established in the Technology, Trade,
and Commerce Agency.  As of January 1, 2004, the bank is established
in the Business, Transportation and Housing Agency.
   Existing law provides that the board of directors of the bank
includes the Secretary of Trade and Commerce, subsequently renamed
the Secretary of Technology, Trade, and Commerce, or his or her
designee, to serve as chair of the board.
   This bill would delete the reference to the Secretary of Trade and
Commerce in the provisions governing the board of directors of the
bank, and instead would provide that the board includes the Secretary
of Business, Transportation and Housing, to act as chair of the
board.
   This bill would declare that it is to take effect immediately as
an urgency statute.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:


  SECTION 1.  Section 63021.5 of the Government Code is amended to
read:
   63021.5.  (a) The bank shall be governed and its corporate power
exercised by a board of directors that shall consist of the following
persons:
   (1) The Director of Finance or his or her designee.
   (2) The Treasurer or his or her designee.
   (3) The Secretary of Business, Transportation and Housing or his
or her designee, who shall serve as chair of the board.
   (b) Any designated director shall serve at the pleasure of the
designating power.
   (c) Two of the members shall constitute a quorum and the
affirmative vote of two board members shall be necessary for any
action to be taken by the board.
   (d) No member of the board shall participate in any bank action or
attempt to influence any decision or recommendation by any employee
of, or consultant to, the bank that involves a sponsor of which he or
she is a representative or in which the member or a member of his or
her immediate family has a personal financial interest within the
meaning of Section 87100.  For purposes of this section, "immediate
family" means the spouse, children, and parents of the member.
   (e) Except as provided in this subdivision, the members of the
board shall serve without compensation, but shall be reimbursed for
actual and necessary expenses incurred in the performance of their
duties to the extent that reimbursement for these expenses is not
otherwise provided or payable by another public agency, and shall
receive one hundred dollars ($100) for each full day of attending
meetings of the authority.
  SEC. 2.  This act is an urgency statute necessary for the immediate
preservation of the public peace, health, or safety within the
meaning of Article IV of the Constitution and shall go into immediate
effect.  The facts constituting the necessity are:
   In order that the work of the board of directors of the California
Infrastructure and Economic Development Bank may continue without
interruption, it is necessary that this act take effect immediately.