BILL NUMBER: AB 2671	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Bloom

                        FEBRUARY 21, 2014

   An act to amend Section 63046 of the Government Code, relating to
infrastructure.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2671, as introduced, Bloom. The California Infrastructure and
Economic Development Bank.
   Existing law provides that the California Infrastructure and
Economic Development Bank shall not make any financing unless it has
determined that the financing or assistance meets specified criteria.

   This bill would make a technical, nonsubstantive change to that
provision.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


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

  SECTION 1.  Section 63046 of the Government Code is amended to
read:
   63046.   No financing   Financing  shall
 not  be made by the bank under this article unless the
bank  shall have first   has  determined
that the financing or assistance meets the following public interest
criteria:
   (a) The financing, loan, grant, or other assistance is for a
project or a use in the State of California.
   (b) Those seeking funds or other assistance are capable of meeting
obligations incurred under relevant agreements.
   (c) In the case of loans or bonds, payments to be made under
applicable financing documents are adequate to pay the current
expenses of the bank in connection with the financing and to make
payments on the bonds.
   (d) The proposed financing is appropriate for the specific
project.