SB 1228, as introduced, Hueso. Infrastructure and Economic Development Bank.
Existing law creates the Infrastructure and Economic Development Bank within the Governor’s Office of Business and Economic Development. Existing law requires the bank to be governed, and its corporate power exercised, by a board of directors, as specified.
This bill would make technical, nonsubstantive changes to this law.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 63021.5 of the Government Code is
2amended to read:
(a) The bank shall be governed and its corporate
4power exercised by a board of directors that shall consist of the
5following persons:
6(1) The Director of Finance or his or her designee.
7(2) The Treasurer or his or her designee.
8(3) The Director of the Governor’s Office of Business and
9Economic Development or his or her designee, who shall serve as
10chair of the board.
11(4) An appointee of the Governor.
P2 1(5) The Secretary of Transportation or his or her designee.
2(b) Any designated director shall serve at the pleasure of the
3designating power.
4(c) Three of the members shall constitute a quorum and the
5affirmative vote of three board members shall be necessary for
6any action to be taken by the board.
7(d) A member of the board shall not participate in any bank
8action or attempt to influence any decision or recommendation by
9any employee of, or consultant to, the bank that involves a sponsor
10of which he or she is a representative or in which the member or
11a member of his or her immediate family has a personal financial
12interest within the meaning of Section 87100. For purposes of this
13section, “immediate family” means the spouse, children, and
14parents of the member.
15(e) Except as provided in this subdivision,begin delete theend delete
members of the
16board shall serve without compensation, but shall be reimbursed
17for actual and necessary expenses incurred inbegin delete the performance ofend delete
18begin insert performingend insert their duties to the extent that reimbursement for these
19expenses is not otherwise provided or payable by another public
20agency, and shall receive one hundred dollars ($100) for each full
21day of attending meetings of the authority.
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