BILL NUMBER: AB 1410INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Bass FEBRUARY 27, 2009 An act to add Chapter 7 (commencing with Section 63095) to Division 1 of Title 6.7 of the Government Code, relating to community block funds, and making an appropriation therefor. LEGISLATIVE COUNSEL'S DIGEST AB 1410, as introduced, Bass. Community block funds: State Infrastructure Revolving Fund Program. Under the Bergeson-Peace Infrastructure and Economic Development Bank Act, the California Infrastructure and Economic Development Bank is authorized to make secured loans and to undertake related activities for the purpose of financing projects, as defined, that relate to infrastructure improvements. The act provides for the establishment of the State Infrastructure Revolving Account in the California Infrastructure and Economic Development Bank Fund, and continuously appropriates the money in the fund to the bank for expenditure for purposes of the act. This bill would, pursuant to certain definitions, authorize the bank to expend account funds, provided to this state by the federal economic stimulus plan, for purposes of the federal Community Block Grant Fund Program to create credit enhancements or to provide loan guarantees or low-interest loans to offset the State Infrastructure Revolving Fund Program's transaction costs, or to supplement the program. The bill would make an appropriation by providing for an additional expenditure from a continuously appropriated account. Vote: 2/3. Appropriation: yes. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Chapter 7 (commencing with Section 63095) is added to Division 1 of Title 6.7 of the Government Code, to read: CHAPTER 7. COMMUNITY BLOCK GRANT FUNDS 63095. For purposes of this chapter, the following definitions shall apply: (a) "Account" means the State Infrastructure Revolving Account created pursuant to Section 63050. (b) "Bank" means the California Infrastructure and Economic Development Bank. (c) "Community Block Grant Fund Program" means the federal Community Services Block Grant Program (42 U.S.C. Sec. 9902 et seq.). (d) "Federal Economic Stimulus Plan" means the federal American Recovery and Reinvestment Act of 2009 (P.L. ____). (e) "State Infrastructure Revolving Fund Program" means the program that may be funded from the account to provide low-cost financing to public agencies for infrastructure projects. 63096. The bank may expend the funds transferred to the account, that are provided to this state by the federal economic stimulus plan, for purposes of the Community Block Grant Fund Program, to create credit enhancements or to provide loan guarantees or low-interest loans, to offset the programs's transaction costs or to supplement the program.