California Assembly Bill AB1861 Introduced / Bill

 BILL NUMBER: AB 1861INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Kim FEBRUARY 10, 2016 An act to amend Section 63050 of the Government Code, relating to economic development. LEGISLATIVE COUNSEL'S DIGEST AB 1861, as introduced, Kim. California Infrastructure and Economic Development Bank Fund. The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, except as specified, in the State Treasury for the purpose of implementing the act. This bill would make nonsubstantive changes to these provisions. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 63050 of the Government Code is amended to read: 63050. (a)  There is hereby created in the State Treasury the   The   California Infrastructure and Economic Development Bank Fund  is hereby created in the State Treasury  for the purpose of implementing the objectives and provisions of this division. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time. (b) Notwithstanding Section 13340 and except as provided in subdivision (c), all moneys in the  infrastructure bank fund     California Infrastructure and Economic Development Bank Fund  are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this division. (c) Moneys in the  infrastructure bank fund   California Infrastructure and Economic Development Bank Fund  shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code. (d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the  infrastructure bank fund   California Infrastructure and Economic Development Bank Fund  may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities. (e) The executive director may transfer funds between the  infrastructure bank fund     California Infrastructure and Economic Development Bank Fund  and the  guarantee trust fund   Guarantee Trust Fund  when appropriate to accomplish the financing objectives of this division.