California Legislature—2015–16 Regular Session

Assembly Bill No. 1861

Introduced by Assembly Member Kim

February 10, 2016

An act to amend Section 63050 of the Government Code, relating to economic development.

LEGISLATIVE COUNSEL’S DIGEST

AB 1861, as introduced, Kim. California Infrastructure and Economic Development Bank Fund.

The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, except as specified, in the State Treasury for the purpose of implementing the act.

This bill would make nonsubstantive changes to these provisions.

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 63050 of the Government Code is
amended to read:

63050.  

(a)  begin delete There is hereby created in the State Treasury the end delete
begin insert The end insert begin insert end insert California Infrastructure and Economic Development Bank
Fund begin insert is hereby created in the State Treasury end insert for the purpose of
implementing the objectives and provisions of this division. Within
the fund there shall also be established a Sponsor Revenue Bond
Account, a Participating Party Revenue Bond Account, a State
Infrastructure Revolving Account, and additional accounts and
subaccounts that the bank may establish from time to time.

(b) Notwithstanding Section 13340 and except as provided in
subdivision (c), all moneys in the begin delete infrastructure bank fund end delete begin insert end insert
begin insert California Infrastructure and Economic Development Bank Fund end insert
are continuously appropriated without regard to fiscal years for
the support of the bank and shall be available for expenditure for
the purposes stated in this division.

(c) Moneys in the begin delete infrastructure bank fund end delete begin insert California
Infrastructure and Economic Development Bank Fund end insert shall be
available for expenditure for general administration only upon
appropriation by the Legislature. This subdivision shall not limit
the authority of the bank to expend funds directly related to the
servicing of approved debt. Moneys in the fund shall be available
for the purpose of general administration of the authority only
upon appropriation by the Legislature, but not more than 5 percent
of any bond proceeds administered by the authority may be
expended to cover the costs of issuance, as that terminology is
defined under Section 147 (G) of the Internal Revenue Code.

(d) Notwithstanding any other provision of this division, not
more than 15 percent of the financing annually approved by the
executive director that utilizes state funds from the begin delete infrastructure
bank fund end delete begin insert California Infrastructure and Economic Development
Bank Fund end insert may be expended upon educational facilities,
environmental mitigation measures, and parks and recreational
facilities.

(e) The executive director may transfer funds between the
begin delete infrastructure bank fund end delete begin insert end insert begin insert California Infrastructure and Economic
Development Bank Fund end insert and the begin delete guarantee trust fund end delete begin insert Guarantee
Trust Fund end insert when appropriate to accomplish the financing
objectives of this division.