BILL NUMBER: AB 507	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MAY 5, 2009

INTRODUCED BY   Assembly Member Arambula

                        FEBRUARY 24, 2009

   An act to amend Section 63040 of the Government Code, relating to
economic development.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 507, as amended, Arambula. Infrastructure and Economic
Development Bank Act.
   The Bergeson-Peace Infrastructure and Economic Development Bank
Act requires the California Infrastructure and Economic Development
Bank to establish criteria, priorities, and guidelines for the
selection of projects to receive assistance from the bank, to be
based on a minimum of specified factors.
    This bill would require a project selected to receive assistance
from the bank to additionally have economic development benefits and
meet land use criteria  , as determined by the bank 
.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


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

  SECTION 1.  Section 63040 of the Government Code is amended to
read:
   63040.  (a) Following consultation with appropriate state and
local agencies, the bank shall establish criteria, priorities, and
guidelines for the selection of projects to receive assistance from
the bank. Projects shall comply with the criteria, priorities, and
guidelines adopted by the bank and comply with the requirements of
subdivision (b).
   (b) The bank  may   shall only  select a
project to receive assistance pursuant to this section  only
 if the project meets both of the following criteria:
   (1) (A) The project has economic development benefits.
   (B) For purposes of this paragraph, a project has economic
development benefits if  the bank determines  the
project would  provide for, but is not limited to, the
creation or retention of jobs,   provide for some
quantitative level of economic benefit, including, but not limited
to, the creation or retention of jobs,  growth of the property
tax base, growth of sales tax revenues, or as otherwise determined by
the bank.
   (2) The project meets land use criteria  , as determined
by the bank  .
   (c) The criteria, priorities, and guidelines shall, at a minimum,
be based upon the following:
   (1) The State Environmental Goals and Policy Report, or its
successor, approved pursuant to Article 5 (commencing with Section
65041) of Chapter 1.5 of Division 1 of Title 7.
   (2) If the sponsor is a state agency, board, commission, or
department, the Capital and Infrastructure Project Planning Report,
prepared by the Director of Finance pursuant to Article 2 (commencing
with Section 13100) of Chapter 2 of Part 3 of Division 3 of Title 2.

   (d) When the bank establishes or makes changes to the criteria,
priorities, and guidelines, the bank shall notify the Governor, the
fiscal and policy committees of the Legislature that exercise
legislative oversight of the bank, and appropriate state and local
agencies.
   (e) The resolution required in Section 63041 shall have been
adopted prior to the project's selection by the bank.