Bill Text: CA AB2328 | 2015-2016 | Regular Session | Introduced

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Bill Title: Infrastructure financing.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2016-11-30 - Died at Desk. [AB2328 Detail]

Download: California-2015-AB2328-Introduced.html

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BILL NUMBER: AB 2328	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Gipson

                        FEBRUARY 18, 2016

   An act to amend Section 63072 of the Government Code, relating to
infrastructure financing.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2328, as introduced, Gipson. Infrastructure financing.
   Under the Bergeson-Peace Infrastructure and Economic Development
Bank Act, the California Infrastructure and Economic Development Bank
is established within the Governor's Office of Business and Economic
Development with a board of directors having specified duties. The
act authorizes the bank to, among other things, issue revenue bonds
for the purpose of financing projects, as defined, that relate to
infrastructure improvements or to authorize a special purpose trust
to issue bonds for the purpose of making loans to a sponsor to be
used by a sponsor to pay for the cost of a project. That act allows
the bank to give final approval for those actions upon terms it deems
necessary or desirable.
   This bill would make a nonsubstantive change to that latter
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 1.  Section 63072 of the Government Code is amended to
read:
   63072.  (a) The bank may give final approval for the issuance of
the bonds or of the authorization of a special purpose trust upon
terms  it   the bank  deems necessary or
desirable.
   (b) The executive director may establish the terms and conditions
for the issuance of the bonds or of the authorization of a special
purpose trust and take any other action necessary or desirable for
the issuance of the bonds or of a special purpose trust authorized by
the bank.
   (c) Any action under this section shall be at the discretion of
the bank.