| Old | New | Differences | |
|---|---|---|---|
| 1 | - | ||
| 1 | + | Amended IN Senate August 12, 2019 Amended IN Assembly May 16, 2019 CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 1212Introduced by Assembly Member LevineFebruary 21, 2019 An act to amend Section 7514.2 of the Government Code, relating to public employees retirement. LEGISLATIVE COUNSEL'S DIGESTAB 1212, as amended, Levine. Public employees retirement: pension fund management: in-state infrastructure.The California Constitution confers upon the retirement boards of public retirement systems plenary authority and fiduciary responsibility for the investment of moneys of those systems. Existing law authorizes the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board of the State Teachers Retirement System, and the board of retirement or the board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937, consistent with their fiduciary duties and investment standards, to prioritize investment in an in-state infrastructure project over a comparable out-of-state infrastructure project. This bill would require a state agency, as defined, agency that is responsible for infrastructure projects to produce a list of priority infrastructure projects for funding consideration by the retirement boards, as described above, and to provide it to them. The bill would require a state agency also to provide further project information to a board upon request. The bill would define a state agency for these purposes as the Department of Transportation and the Department of Water Resources.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 7514.2 of the Government Code is amended to read:7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A)The Business, Consumer Services, and Housing Agency.(B)(A) The Department of Transportation.(C)(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 2 | 2 | ||
| 3 | - | ||
| 3 | + | Amended IN Senate August 12, 2019 Amended IN Assembly May 16, 2019 CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 1212Introduced by Assembly Member LevineFebruary 21, 2019 An act to amend Section 7514.2 of the Government Code, relating to public employees retirement. LEGISLATIVE COUNSEL'S DIGESTAB 1212, as amended, Levine. Public employees retirement: pension fund management: in-state infrastructure.The California Constitution confers upon the retirement boards of public retirement systems plenary authority and fiduciary responsibility for the investment of moneys of those systems. Existing law authorizes the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board of the State Teachers Retirement System, and the board of retirement or the board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937, consistent with their fiduciary duties and investment standards, to prioritize investment in an in-state infrastructure project over a comparable out-of-state infrastructure project. This bill would require a state agency, as defined, agency that is responsible for infrastructure projects to produce a list of priority infrastructure projects for funding consideration by the retirement boards, as described above, and to provide it to them. The bill would require a state agency also to provide further project information to a board upon request. The bill would define a state agency for these purposes as the Department of Transportation and the Department of Water Resources.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO | |
| 4 | 4 | ||
| 5 | - | ||
| 5 | + | Amended IN Senate August 12, 2019 Amended IN Assembly May 16, 2019 | |
| 6 | 6 | ||
| 7 | - | Enrolled September 12, 2019 | |
| 8 | - | Passed IN Senate September 05, 2019 | |
| 9 | - | Passed IN Assembly September 09, 2019 | |
| 10 | 7 | Amended IN Senate August 12, 2019 | |
| 11 | 8 | Amended IN Assembly May 16, 2019 | |
| 12 | 9 | ||
| 13 | 10 | CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION | |
| 14 | 11 | ||
| 15 | 12 | Assembly Bill | |
| 16 | 13 | ||
| 17 | 14 | No. 1212 | |
| 18 | 15 | ||
| 19 | 16 | Introduced by Assembly Member LevineFebruary 21, 2019 | |
| 20 | 17 | ||
| 21 | 18 | Introduced by Assembly Member Levine | |
| 22 | 19 | February 21, 2019 | |
| 23 | 20 | ||
| 24 | 21 | An act to amend Section 7514.2 of the Government Code, relating to public employees retirement. | |
| 25 | 22 | ||
| 26 | 23 | LEGISLATIVE COUNSEL'S DIGEST | |
| 27 | 24 | ||
| 28 | 25 | ## LEGISLATIVE COUNSEL'S DIGEST | |
| 29 | 26 | ||
| 30 | - | AB 1212, Levine. Public employees retirement: pension fund management: in-state infrastructure. | |
| 27 | + | AB 1212, as amended, Levine. Public employees retirement: pension fund management: in-state infrastructure. | |
| 31 | 28 | ||
| 32 | - | The California Constitution confers upon the retirement boards of public retirement systems plenary authority and fiduciary responsibility for the investment of moneys of those systems. Existing law authorizes the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board of the State Teachers Retirement System, and the board of retirement or the board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937, consistent with their fiduciary duties and investment standards, to prioritize investment in an in-state infrastructure project over a comparable out-of-state infrastructure project. This bill would require a state agency that is responsible for infrastructure projects to produce a list of priority infrastructure projects for funding consideration by the retirement boards, as described above, and to provide it to them. The bill would require a state agency also to provide further project information to a board upon request. The bill would define a state agency for these purposes as the Department of Transportation and the Department of Water Resources. | |
| 29 | + | The California Constitution confers upon the retirement boards of public retirement systems plenary authority and fiduciary responsibility for the investment of moneys of those systems. Existing law authorizes the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board of the State Teachers Retirement System, and the board of retirement or the board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937, consistent with their fiduciary duties and investment standards, to prioritize investment in an in-state infrastructure project over a comparable out-of-state infrastructure project. This bill would require a state agency, as defined, agency that is responsible for infrastructure projects to produce a list of priority infrastructure projects for funding consideration by the retirement boards, as described above, and to provide it to them. The bill would require a state agency also to provide further project information to a board upon request. The bill would define a state agency for these purposes as the Department of Transportation and the Department of Water Resources. | |
| 33 | 30 | ||
| 34 | 31 | The California Constitution confers upon the retirement boards of public retirement systems plenary authority and fiduciary responsibility for the investment of moneys of those systems. Existing law authorizes the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board of the State Teachers Retirement System, and the board of retirement or the board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937, consistent with their fiduciary duties and investment standards, to prioritize investment in an in-state infrastructure project over a comparable out-of-state infrastructure project. | |
| 35 | 32 | ||
| 36 | - | This bill would require a state agency that is responsible for infrastructure projects to produce a list of priority infrastructure projects for funding consideration by the retirement boards, as described above, and to provide it to them. The bill would require a state agency also to provide further project information to a board upon request. The bill would define a state agency for these purposes as the Department of Transportation and the Department of Water Resources. | |
| 33 | + | This bill would require a state agency, as defined, agency that is responsible for infrastructure projects to produce a list of priority infrastructure projects for funding consideration by the retirement boards, as described above, and to provide it to them. The bill would require a state agency also to provide further project information to a board upon request. The bill would define a state agency for these purposes as the Department of Transportation and the Department of Water Resources. | |
| 37 | 34 | ||
| 38 | 35 | ## Digest Key | |
| 39 | 36 | ||
| 40 | 37 | ## Bill Text | |
| 41 | 38 | ||
| 42 | - | The people of the State of California do enact as follows:SECTION 1. Section 7514.2 of the Government Code is amended to read:7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A) The Department of Transportation.(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 39 | + | The people of the State of California do enact as follows:SECTION 1. Section 7514.2 of the Government Code is amended to read:7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A)The Business, Consumer Services, and Housing Agency.(B)(A) The Department of Transportation.(C)(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 43 | 40 | ||
| 44 | 41 | The people of the State of California do enact as follows: | |
| 45 | 42 | ||
| 46 | 43 | ## The people of the State of California do enact as follows: | |
| 47 | 44 | ||
| 48 | - | SECTION 1. Section 7514.2 of the Government Code is amended to read:7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A) The Department of Transportation.(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 45 | + | SECTION 1. Section 7514.2 of the Government Code is amended to read:7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A)The Business, Consumer Services, and Housing Agency.(B)(A) The Department of Transportation.(C)(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 49 | 46 | ||
| 50 | 47 | SECTION 1. Section 7514.2 of the Government Code is amended to read: | |
| 51 | 48 | ||
| 52 | 49 | ### SECTION 1. | |
| 53 | 50 | ||
| 54 | - | 7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A) The Department of Transportation.(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 51 | + | 7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A)The Business, Consumer Services, and Housing Agency.(B)(A) The Department of Transportation.(C)(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 55 | 52 | ||
| 56 | - | 7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A) The Department of Transportation.(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 53 | + | 7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A)The Business, Consumer Services, and Housing Agency.(B)(A) The Department of Transportation.(C)(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 57 | 54 | ||
| 58 | - | 7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A) The Department of Transportation.(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 55 | + | 7514.2. (a) As used in this section, the following definitions shall apply:(1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3).(2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities.(3) State agency means:(A)The Business, Consumer Services, and Housing Agency.(B)(A) The Department of Transportation.(C)(B) The Department of Water Resources.(b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return.(d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. | |
| 59 | 56 | ||
| 60 | 57 | ||
| 61 | 58 | ||
| 62 | 59 | 7514.2. (a) As used in this section, the following definitions shall apply: | |
| 63 | 60 | ||
| 64 | 61 | (1) Board means the Board of Administration of the Public Employees Retirement System, the Teachers Retirement Board, or the board of retirement or board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937 (Chapter 3 (commencing with Section 31450) of Part 3 of Division 4 of Title 3). | |
| 65 | 62 | ||
| 66 | 63 | (2) Infrastructure includes, but is not limited to, telecommunications, power, transportation, ports, petrochemical, and utilities. | |
| 67 | 64 | ||
| 68 | 65 | (3) State agency means: | |
| 69 | 66 | ||
| 67 | + | (A)The Business, Consumer Services, and Housing Agency. | |
| 68 | + | ||
| 69 | + | ||
| 70 | + | ||
| 71 | + | (B) | |
| 72 | + | ||
| 73 | + | ||
| 74 | + | ||
| 70 | 75 | (A) The Department of Transportation. | |
| 76 | + | ||
| 77 | + | (C) | |
| 78 | + | ||
| 79 | + | ||
| 71 | 80 | ||
| 72 | 81 | (B) The Department of Water Resources. | |
| 73 | 82 | ||
| 74 | 83 | (b) A board may, subject to and consistent with its fiduciary duties and the standard for prudent investment set forth in Section 20190 of this code, Section 22203 of the Education Code, and Section 17 of Article XVI of the California Constitution, prioritize investment in an in-state infrastructure project over a comparable out-of-state project. A state agency that is responsible for infrastructure projects shall produce a list of priority infrastructure projects for funding consideration by the boards and provide it to them. The state agency shall provide further project information to a board upon request to help that board determine if investment is suitable. | |
| 75 | 84 | ||
| 76 | 85 | (c) The Legislature encourages each board to prioritize investment in in-state infrastructure projects over alternative out-of-state infrastructure projects if the investments in the in-state projects are consistent with the boards fiduciary duties to minimize the risk of loss and to maximize the rate of return. | |
| 77 | 86 | ||
| 78 | 87 | (d) Nothing in this section shall require a board to take action that is inconsistent with its plenary authority and fiduciary responsibilities, as described in Section 17 of Article XVI of the California Constitution. |