BILL NUMBER: AB 700	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Blumenfield

                        FEBRUARY 17, 2011

   An act to amend Sections 63021 and 63021.5 of the Government Code,
relating to economic development.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 700, as introduced, Blumenfield. Infrastructure and Economic
Development Bank.
   The Bergeson-Peace Infrastructure and Economic Development Bank
Act establishes the Infrastructure and Economic Development Bank
within the Business, Transportation and Housing Agency. The act
provides that bank is governed and its corporate powers are exercised
by a board of directors of which the Secretary of Business,
Transportation and Housing or his or her designee shall serve as
chair.
   This bill would delete the provisions establishing the bank within
the Business, Transportation and Housing Agency and providing that
the Secretary of Business, Transportation and Housing or his or her
designee shall serve as chair of the board of directors. It instead
would provide that the bank is within state government and that the
Director of Finance or his or her designee shall serve as chair of
the board of directors.
   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 63021 of the Government Code is amended to
read:
   63021.  (a) There is  within the Business, Transportation
and Housing Agency   in state government  the
Infrastructure and Economic Development Bank  ,  which shall
be responsible for administering this division.
   (b) The bank shall be under the direction of an executive director
appointed by the Governor, and who shall serve at the pleasure of
the Governor. The appointment shall be subject to confirmation by the
Senate.
  SEC. 2.  Section 63021.5 of the Government Code is amended to read:

   63021.5.  (a) The bank shall be governed and its corporate power
exercised by a board of directors that shall consist of the following
persons:
   (1) The Director of Finance or his or her designee  , 
 who shall serve as chair of the board  .
   (2) The Treasurer or his or her designee.
   (3) The Secretary of Business, Transportation and Housing or his
or her designee  , who shall serve as chair of the board
 .
   (4) An appointee of the Governor.
   (5) The Secretary of State and Consumer Services Agency or his or
her designee.
   (b) Any designated director shall serve at the pleasure of the
designating power.
   (c) Three of the members shall constitute a quorum and the
affirmative vote of three board members shall be necessary for any
action to be taken by the board.
   (d) A member of the board shall not participate in any bank action
or attempt to influence any decision or recommendation by any
employee of, or consultant to, the bank that involves a sponsor of
which he or she is a representative or in which the member or a
member of his or her immediate family has a personal financial
interest within the meaning of Section 87100. For purposes of this
section, "immediate family" means the spouse, children, and parents
of the member.
   (e) Except as provided in this subdivision, the members of the
board shall serve without compensation, but shall be reimbursed for
actual and necessary expenses incurred in the performance of their
duties to the extent that reimbursement for these expenses is not
otherwise provided or payable by another public agency, and shall
receive one hundred dollars ($100) for each full day of attending
meetings of the authority.