AB 701, as amended, 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 Assemblybegin insert, or a designee of the member,end insert and a Member of the Senatebegin insert, or a designee of the member,end insert 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
4power exercised by a board of directors that shall consist of the
5following persons:
6(1) The Director of Finance or his or her designee.
7(2) The Treasurer or his or her designee.
8(3) The Director of the Governor’s Office of Economic and
9Business Development or his or her designee, who shall serve as
10chair of
the board.
11(4) An appointee of the Governor.
12(5) The Secretary of Transportation 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 thebegin delete boardend deletebegin insert board,end insert to the extent
18that their advisory participation is not incompatible with their
19duties as Members of the Legislature.begin insert A Member of the Legislature
20appointed under this paragraph may select a designee to serve in
21his or her place. end insert
22(b) Any designated director shall serve at the pleasure of the
23designating power.
24(c) Three of the members shall constitute a quorum and the
25affirmative vote of three board members shall be necessary for
26any action to be taken by the board.
27(d) A member of the board shall not participate in any bank
28action or attempt to influence any decision or recommendation by
29any employee of, or consultant to, the bank that involves a sponsor
30of which he or she is a representative or in which the member or
31a member of his or her immediate family has a personal financial
32interest within the meaning of Section 87100. For purposes of this
33section, “immediate family” means the spouse, children, and
34parents of the member.
35(e) Except as provided in this subdivision, the members of the
36board shall serve without compensation, but shall be reimbursed
37for actual and necessary expenses incurred in the performance of
38their duties to the extent that reimbursement for these expenses is
P3 1not otherwise provided or payable by another public agency, and
2shall receive one hundred dollars ($100) for each full day of
3attending meetings of the authority.
Section 63024.2 is added to the Government Code, to
5read:
The bank shall serve as the primary state agency for
7the purposes of developing an application for, and applying to,
8any federal infrastructure bank or financing authority.
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