AB 701, as introduced, John A. Pérez. California Infrastructure and Economic Development Bank.
Existing law establishes the California Infrastructure and Economic Development Bank in the Business, Transportation and Housing Agency. Existing law establishes that the board of directors of the bank consists of 5 members, as specified.
This bill would add a Member of the Assembly and a Member of the Senate as advisory members of the board. This bill would require the bank to serve as the primary state agency for purposes of developing an application for, and applying to, any federal infrastructure bank or financing authority.
This bill also would incorporate additional changes made by the Governor’s Reorganization Plan No. 2 of 2012.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 63021.5 of the Government Code is
2amended to read:
(a) The bank shall be governed and its corporate
2power exercised by a board of directors that shall consist of the
3following persons:
4(1) The Director of Finance or his or her designee.
5(2) The Treasurer or his or her designee.
6(3) Thebegin delete Secretary of Business, Transportation and Housingend delete
7begin insert Director of the Governor’s Office of Economic and Business
8Developmentend insert or his or her designee, who shall serve as chair of
9
the board.
10(4) An appointee of the Governor.
11(5) The Secretary ofbegin delete State and Consumer Services Agencyend delete
12begin insert
Transportationend insert or his or her designee.
13(6) A Member of the Assembly appointed by the Speaker of the
14Assembly and a Member of the Senate appointed by the Senate
15Committee on Rules. The Members of the Legislature shall be
16nonvoting and shall meet with and, except as otherwise provided
17by the California Constitution, advise the board to the extent that
18their advisory participation is not incompatible with their duties
19as Members of the Legislature.
20(b) Any designated director shall serve at the pleasure of the
21designating power.
22(c) Three of the members shall constitute a quorum and the
23affirmative vote of three board members shall be necessary
for
24any action to be taken by the board.
25(d) A member of the board shall not participate in any bank
26action or attempt to influence any decision or recommendation by
27any employee of, or consultant to, the bank that involves a sponsor
28of which he or she is a representative or in which the member or
29a member of his or her immediate family has a personal financial
30interest within the meaning of Section 87100. For purposes of this
31section, “immediate family” means the spouse, children, and
32parents of the member.
33(e) Except as provided in this subdivision, the members of the
34board shall serve without compensation, but shall be reimbursed
35for actual and necessary expenses incurred in the performance of
36their duties to the extent that reimbursement for these expenses is
37not otherwise provided or payable by another public agency, and
38shall receive one hundred dollars ($100) for each full
day of
39attending meetings of the authority.
Section 63024.2 is added to the Government Code, to
2read:
The bank shall serve as the primary state agency for
4the purposes of developing an application for, and applying to,
5any federal infrastructure bank or financing authority.
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