Bill Text: CA SB1228 | 2013-2014 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Trade Corridors Improvement Fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-09-29 - Chaptered by Secretary of State. Chapter 787, Statutes of 2014. [SB1228 Detail]

Download: California-2013-SB1228-Introduced.html

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BILL NUMBER: SB 1228	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Hueso

                        FEBRUARY 20, 2014

   An act to amend Section 63021.5 of the Government Code, relating
to the Infrastructure and Economic Development Bank.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1228, as introduced, Hueso. Infrastructure and Economic
Development Bank.
   Existing law creates the Infrastructure and Economic Development
Bank within the Governor's Office of Business and Economic
Development. Existing law requires the bank to be governed, and its
corporate power exercised, by a board of directors, as specified.
   This bill would make technical, nonsubstantive changes to this
law.
   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 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 designee.
   (2) The Treasurer or his or her designee.
   (3) The Director of the Governor's Office of Business and Economic
Development or his or her designee, who shall serve as chair of the
board.
   (4) An appointee of the Governor.
   (5) The Secretary of Transportation or his or her designee.
   (b) Any designated director shall serve at the pleasure of the
designating power.
   (c) Three of the members shall constitute a quorum and the
affirmative vote of three 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 is a representative or in which the member or a
member of his or her 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   performing  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) for each full day of attending meetings of the
authority.