BILL NUMBER: AB 2348	ENROLLED
	BILL TEXT

	PASSED THE SENATE  AUGUST 25, 2016
	PASSED THE ASSEMBLY  JUNE 1, 2016
	AMENDED IN ASSEMBLY  MAY 27, 2016
	AMENDED IN ASSEMBLY  APRIL 28, 2016

INTRODUCED BY   Assembly Member Levine
   (Coauthors: Assembly Members Bonta, Dahle, Eggman, Gomez,
Gonzalez, and Nazarian)

                        FEBRUARY 18, 2016

   An act to add Section 13314 to the Government Code, relating to
state government, and making an appropriation therefor.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2348, Levine. Department of Finance: infrastructure investment.

   Existing law creates the Department of Finance and provides that
the department has general powers of supervision over all matters
concerning the financial and business policies of the state.
   The Public Employees' Retirement Law (PERL) creates the Public
Employees' Retirement System (PERS) and provides a defined benefit to
its members based on age at retirement, service credit, and final
compensation. PERL vests management and control of PERS in the Board
of Administration of the Public Employees' Retirement System,
including the exclusive control of the investment of the retirement
fund, and requires the board and its officers and employees to
discharge their duties with respect to this system solely in the
interest of the participants and beneficiaries.
   This bill would authorize the Department of Finance to identify
infrastructure projects in the state for which the department will
guarantee a rate of return on investment for an investment made in
that infrastructure project by the Public Employees' Retirement
System. The bill would create the Reinvesting in California Special
Fund as a continuously appropriated fund and would require the moneys
in the fund to be used to pay the rate of return on investment. The
bill would require the rate of return on investment to be subject to
the availability of moneys in the fund. The bill would also state the
intent of the Legislature to identify special funds to be
transferred into the fund for the purposes of these provisions. By
creating a new continuously appropriated fund, this bill would make
an appropriation.
   Appropriation: yes.


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

  SECTION 1.  Section 13314 is added to the Government Code, to read:

   13314.  (a) The Department of Finance may, subject to subdivision
(c), evaluate and identify infrastructure projects in the state for
which the department shall guarantee a rate of return on investment
for an investment made in that infrastructure project by the Public
Employees' Retirement System.
   (b) There is hereby established in the State Treasury the
Reinvesting in California Special Fund. Notwithstanding Section
13340, all moneys in the Reinvesting in California Special Fund shall
be continuously appropriated without regard to fiscal years. The
moneys in the fund shall be used to pay the rate of return on
investment provided for in subdivision (a).
   (c) The rate of return on investment in subdivision (a) shall be
subject to the availability of moneys in the Reinvesting in
California Special Fund.
   (d) No General Fund moneys shall be deposited into the fund. It is
the intent of the Legislature to, through the Budget Act or other
measure, identify and deposit into the fund special fund moneys,
including trust fund moneys that are otherwise legally available for
these purposes.