Bill Text: CA SB1158 | 2019-2020 | Regular Session | Introduced

California Senate Bill 1158 (Prior Session Legislation)

Introduced

Bill Title: Infrastructure and Economic Development Bank.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-03-18 - March 23 hearing postponed by committee. [SB1158 Detail]

Download: California-2019-SB1158-Introduced.html

CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Senate Bill

No. 1158

Introduced by Senator Hueso

February 20, 2020

An act to amend Section 63021.5 of the Government Code, relating to economic development.

LEGISLATIVE COUNSEL'S DIGEST

SB 1158, as introduced, Hueso. Infrastructure and Economic Development Bank.

Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, establishes the Infrastructure and Economic Development Bank (I-Bank) within the Governor’s Office of Business and Economic Development. The act requires the I-Bank to be governed and its corporate power exercised by a board of directors consisting of 5 specified members, including the Treasurer or the Treasurer’s designee, and requires 3 affirmative member votes for the board to take any action. The act prohibits the members from receiving compensation for their service on the board, subject to specified exceptions, including that the act requires a member to receive $100 for each full day of attending meetings of the authority.

This bill would, instead, require 4 affirmative member votes for the board to take any action and would require the members to receive $150 for each full day of attending meetings of the board.

Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

Section 63021.5 of the Government Code is amended to read:

63021.5.

(a) The bank shall be governed and its corporate power exercised by a board of directors that shall consist of the following persons:

(1) The ~~Director of Finance or his or her~~ Commissioner of Business Oversight or the commissioner’s designee.

(2) The Treasurer or ~~his or her~~ the Treasurer’s designee.

(3) The Director of the Governor’s Office of Business and Economic Development or ~~his or her~~ the director’s designee, who shall serve as chair of the board.

(4) An appointee of the Governor.

(5) The Secretary of Transportation or ~~his or her~~ the secretary’s designee.

(b) Any designated director shall serve at the pleasure of the designating power.

(c) Three of the members shall constitute a ~~quorum~~ quorum, and the affirmative vote of ~~three~~ four board members shall be necessary for any action to be taken by the board.

(d) A member of the board shall not participate in any bank action or attempt to influence any decision or recommendation by any employee of, or consultant to, the bank that involves a sponsor of which ~~he or she~~ the member is a representative or in which the member or a member of ~~his or her~~ the member’s immediate family has a personal financial interest within the meaning of Section 87100. For purposes of this section, “immediate family” means the spouse, children, and parents of the member.

(e) Except as provided in this subdivision, the members of the board shall serve without compensation, but shall be reimbursed for actual and necessary expenses incurred in the performance of their duties to the extent that reimbursement for these expenses is not otherwise provided or payable by another public agency, and shall receive ~~one hundred dollars ($100)~~ one hundred fifty dollars ($150) for each full day of attending meetings of the ~~authority.~~ board.