BILL NUMBER: AB 684	AMENDED
	BILL TEXT

	AMENDED IN SENATE  JUNE 24, 2010
	AMENDED IN SENATE  JUNE 21, 2010
	AMENDED IN SENATE  JUNE 3, 2010
	AMENDED IN SENATE  JUNE 18, 2009

INTRODUCED BY   Assembly Member Buchanan

                        FEBRUARY 26, 2009

   An act to add Section 26011.9 to the Public Resources Code,
relating to technology financing  , and declaring the urgency
thereof, to take effect immediately  .


	LEGISLATIVE COUNSEL'S DIGEST


   AB 684, as amended, Buchanan. Technology financing  : 
California Alternative Energy and Advanced Transportation Financing
Authority Act. 
   The 
    (1)    The  California Alternative
Energy and Advanced Transportation Financing Authority Act,
administered by the California Alternative Energy and Advanced
Transportation Financing Authority, among other things, authorizes
the authority until January 1, 2021, to approve a project, as
defined, for financial assistance in the form of a specified sales
and use tax exclusion, in order to promote the creation of
California-based manufacturing, California-based jobs, the reduction
of greenhouse gases, or reductions in air and water pollution or
energy consumption.
   This bill would authorize the authority to approve a project, as
defined, for financial assistance in the form of bond financing,
loans, loan guarantees, loan risk-factor guarantees, product warranty
guarantees, or federal loan contributions consistent with the
purposes of the federal award, in order to promote the creation of
California-based manufacturing, California-based jobs, and the
reduction of greenhouse gas, air, or water pollution. The bill would
require the authority to publish notice of the availability of
financial assistance and would require the authority to adopt
regulations to evaluate projects based on need, job development,
environmental benefit, and financial risk.
   The bill would authorize the authority, in consultation with the
State Board of Equalization and the Franchise Tax Board, to develop a
program that allows for repayment of the financial assistance by
providing an offset towards a company's repayment obligation based on
specified state revenues generated as a result of the financial
assistance or by a collective risk pool paid by private parties. 

   (2) This bill would declare that it is to take effect immediately
as an urgency statute. 
   Vote:  majority   2/3  . Appropriation:
no. Fiscal committee: yes. State-mandated local program: no.


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

  SECTION 1.  Section 26011.9 is added to the Public Resources Code,
to read:
   26011.9.  (a) The purpose of this section is to promote the
creation of California-based manufacturing, California-based jobs,
and the reduction of greenhouse gas, air, or water pollution. In
furtherance of this purpose, the authority may approve a project for
financial assistance in the form of bond financing, loans, loan
guarantees, loan risk-factor guarantees, product warranty guarantees,
or federal loan contributions consistent with the purposes of the
federal award.
   (b) For purposes of this section, "project" means the manufacture
or purchase of a technology that would qualify for financial
assistance under Section 26011.8 by a California-based company.
   (c) The authority shall publish notice of the availability of
financial assistance authorized by subdivision (b), including
criteria for approval and application deadlines.
   (d) The authority shall adopt regulations to evaluate projects
based on need, job development, environmental benefit, and financial
risk.
   (e) The authority may develop a program, in coordination with the
State Board of Equalization and the Franchise Tax Board, allowing for
repayment of the financial assistance provided pursuant to this
section by either or both of the following manners:
   (1) Offsetting the repayment obligation of a company receiving
financial assistance based on the amount of revenue received by the
state by either of the following:
   (A) The state tax on the company's income and the company's
employees' incomes resulting from the financial assistance.
   (B) The sales and use tax on the sale of a product of the company
resulting from the financial assistance.
   (2) A collective risk pool paid by private parties.
   (f) The authority may coordinate with the Capital Access Loan
Program established pursuant to Article 8 (commencing with Section
44559) of Chapter 1 of Division 27 of the Health and Safety Code to
implement this section.
   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:
 
   To expedite the promotion of California-based manufacturing and
California-based jobs, the reduction of greenhouse gas emissions, the
reduction in air and water pollution, and the reduction in energy
consumption by providing, as soon as possible, financial assistance
to projects undertaken by California-based companies, thereby
preserving the public peace, health, and safety, it is necessary for
this measure to take effect immediately.