AB 2671, as introduced, Bloom. The California Infrastructure and Economic Development Bank.
Existing law provides that the California Infrastructure and Economic Development Bank shall not make any financing unless it has determined that the financing or assistance meets specified criteria.
This bill would make a technical, nonsubstantive change to that provision.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 63046 of the Government Code is
2amended to read:
begin deleteNo financing end deletebegin insertFinancing end insertshallbegin insert notend insert be made by the bank
4under this article unless the bankbegin delete shall have firstend deletebegin insert hasend insert determined
5that the financing or assistance meets the following public interest
6criteria:
7(a) The financing, loan, grant, or other assistance is for a
project
8or a use in the State of California.
P2 1(b) Those seeking funds or other assistance are capable of
2meeting obligations incurred under relevant agreements.
3(c) In the case of loans or bonds, payments to be made under
4applicable financing documents are adequate to pay the current
5expenses of the bank in connection with the financing and to make
6payments on the bonds.
7(d) The proposed financing is appropriate for the specific project.
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