BILL ANALYSIS Ó
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|SENATE RULES COMMITTEE | AB 2290|
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THIRD READING
Bill No: AB 2290
Author: John A. Pérez (D)
Amended: 8/4/14 in Senate
Vote: 21
SENATE GOVERNANCE & FINANCE COMMITTEE : 5-2, 6/25/14
AYES: Wolk, Beall, DeSaulnier, Hernandez, Liu
NOES: Knight, Walters
SENATE APPROPRIATIONS COMMITTEE : Senate Rule 28.8
ASSEMBLY FLOOR : 57-20, 5/15/14 - See last page for vote
SUBJECT : California Infrastructure and Economic Development
Bank
SOURCE : Author
DIGEST : This bill authorizes the California Infrastructure
and Economic Development Bank (I-Bank) to serve as the primary
state agency for applying to any federal infrastructure bank or
financing authority. Further, the bill expands the membership of
the board of directors from five to seven members and specifies
that legislative members will be nonvoting members and may
appoint a designee to serve in his/her place.
ANALYSIS : Existing law:
Establishes the I-Bank within the Governor's Office of Business
and Economic Development (GO-Biz) and authorizes it to undertake
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a variety of infrastructure related financial activities
including, but not limited to, the administration of a revolving
loan fund and the issuance of tax-exempt and taxable revenue
bonds.
Specifies that the I-Bank board of directors shall consist of
the following:
The Director of GO-Biz or a designee (chair);
The Director of Finance or a designee;
The Treasurer or a designee;
The Secretary of Transportation or a designee; and
A Governor's appointee.
This bill allows the Assembly Speaker and the Senate Rules
Committee to each appoint a non-voting legislative member to the
California Infrastructure and Economic Development Bank's board
of directors, expanding the membership from five to seven. The
bill specifies that legislative members can advise the board to
the extent that their advisory participation is not incompatible
with their duties as members of the Legislature.
This bill also designates the I-Bank as the primary state agency
for developing an application to any federal infrastructure bank
or financing authority, except where inconsistent with an
operating agreement between another state agency and a federal
agency.
Comments
According to the author, "This bill is intended to allow the
Legislature to participate in critical decisions affecting the
I-Bank. Given the I-Bank's integral role in issuing tax-exempt
and taxable revenue bonds, providing financing to public
agencies, and leveraging State and Federal funds, it is
important that the Legislature have input on how those decisions
are made."
Prior/Related legislation
AB 311 (V. Manuel Perez, 2013) expands the role of the
California Infrastructure and Economic Development Bank (I-Bank)
to include facilitating infrastructure and economic development
financing activities within the California and Mexico border
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region. AB 311 was held in Assembly Appropriations.
AB 1272 (Medina, 2013) expands the authority of the I-Bank to
participate in regional, national and international
organizations related to infrastructure financing and support
projects involving goods movement. AB 1272 was held in Assembly
Appropriations.
AB 1094 (John A. Pérez, 2011), adds two non-voting legislative
members of the Infrastructure Bank's board of directors. AB
1094 was amended to address school recycling. AB 1094 died in
the Senate Rules Committee.
AB 696 (Hueso, 2011) directs the I-Bank to establish a
methodology for determining the economic benefits of projects
under consideration and, as of January 1, 2013, restricts the
I-Bank to approve only those projects that provide economic
benefits and meet land use criteria. AB 696 was vetoed by
Governor Brown.
AB 700 (Blumenfield, 2011) requires the I-Bank to adopt two-year
goals and measurable objectives, consistent with state
infrastructure, economic development and environmental plans and
authorizes the I-Bank to pursue streamlined administrative
functions. AB 700 was vetoed by Governor Brown.
AB 893 (V. Manuel Pérez, 2011) directs the I-Bank to enhance
outreach and technical assistance to small and rural communities
to obtain financing for infrastructure projects. AB 893 died in
Senate Appropriations.
FISCAL EFFECT : Appropriation: No Fiscal Com.: Yes
Local: No
ASSEMBLY FLOOR : 57-20, 5/15/14
AYES: Achadjian, Alejo, Ammiano, Bloom, Bocanegra, Bonilla,
Bonta, Bradford, Brown, Buchanan, Ian Calderon, Campos, Chau,
Chesbro, Cooley, Dababneh, Daly, Dickinson, Eggman, Fong, Fox,
Frazier, Garcia, Gatto, Gomez, Gonzalez, Gordon, Gray, Hall,
Roger Hernández, Holden, Jones-Sawyer, Levine, Lowenthal,
Medina, Mullin, Muratsuchi, Nazarian, Pan, Perea, John A.
Pérez, V. Manuel Pérez, Quirk, Quirk-Silva, Rendon,
Ridley-Thomas, Rodriguez, Salas, Skinner, Stone, Ting, Weber,
Wieckowski, Wilk, Williams, Yamada, Atkins
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NOES: Allen, Bigelow, Chávez, Conway, Dahle, Donnelly, Beth
Gaines, Gorell, Grove, Hagman, Harkey, Jones, Linder, Logue,
Maienschein, Melendez, Nestande, Olsen, Patterson, Wagner
NO VOTE RECORDED: Mansoor, Waldron, Vacancy
AB:nl 8/6/14 Senate Floor Analyses
SUPPORT/OPPOSITION: NONE RECEIVED
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