BILL NUMBER:  AB 2348
  VETOED	DATE: 09/27/2016




To the Members of the California State Assembly:

I am returning Assembly Bill 2348 without my signature.

This bill authorizes the Department of Finance to identify
infrastructure projects for
investment by the Public Employees' Retirement System and then
guarantee those investments a certain rate of return.

This bill makes the state a guarantor of PERS investments. In the
event that any such investment fails to meet the expected return, the
state General Fund would be forced to make up the difference. That's
not prudent.

Sincerely,



Edmund G. Brown Jr.