BILL NUMBER: AB 1861	INTRODUCED
	BILL TEXT


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)  There is hereby created in the State Treasury
the   The   California Infrastructure and
Economic Development Bank Fund  is hereby created in the State
Treasury  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  infrastructure bank fund
    California Infrastructure and Economic
Development Bank Fund  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  infrastructure bank fund  
California Infrastructure and Economic Development Bank Fund 
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  infrastructure
bank fund   California Infrastructure and Economic
Development Bank Fund  may be expended upon educational
facilities, environmental mitigation measures, and parks and
recreational facilities.
   (e) The executive director may transfer funds between the 
infrastructure bank fund     California
Infrastructure and Economic Development Bank Fund  and the
 guarantee trust fund   Guarantee Trust Fund
 when appropriate to accomplish the financing objectives of this
division.