CaliforniaThe Golden State Infrastructure Corporation Act.
What it does
Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to make loans, issue bonds, and provide other financial assistance for various types of infrastructure and economic development projects. Existing law establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, to support the bank.
More detail
This bill would enact the Golden State Infrastructure Corporation Act and would establish the Golden State Infrastructure Corporation, within the State Treasurer's Office, as a not-for-profit corporation for the purpose of administering the act and financing infrastructure projects. The bill would require the corporation to be governed by a board of directors, with a prescribed membership, and would require the business and affairs of the corporation to be managed by an executive director appointed by the Treasurer.
This bill would prescribe the powers and duties of the corporation, including entering into financing transactions, borrowing money or issuing bonds, and setting and charging fees for obtaining financing from the corporation. Under the bill, the state would not in any way be liable for any obligation of the corporation, and the corporation would not be required to pay any taxes, except as provided. The bill would require the corporation, not later than January 1 of each year, to submit to the Governor, the Legislature, and the Legislative Analyst's Office a report for the preceding fiscal year containing information on the Golden State Infrastructure Corporation Fund, which the bill would create, and the corporation's activities, including specified information.
This bill would authorize the corporation to extend financing to either an infrastructure company, a governmental entity, or a combination of those entities, as provided, if the board determines that the financing meets specified criteria. The bill would authorize the corporation, upon board approval, to issue revenue bonds, in a principal amount that the board determines to be necessary, convenient, or desirable to provide moneys for the corporation's purposes, which may include, among others, to provide financing to one or more governmental entities or infrastructure companies for infrastructure projects, as provided. The bill would prescribe requirements for issuing the bonds.
The bill would require the board to approve operational policies prior to providing financing for any infrastructure project. The bill would, for purposes of the California Public Records Act, treat the corporation as a state agency, as defined. The bill would, however, exempt from disclosure under that act specified corporate financial records or critical infrastructure information, as defined, furnished to the corporation that have not previously been made public, and would authorize the board, notwithstanding the provisions of the Bagley-Keene Open Meeting Act, to meet in closed session to review or discuss corporate financial records or critical infrastructure information necessary for the board to consider whether to approve or modify a financing, or to discuss the performance of any financing, provided to an infrastructure company for an infrastructure project.
This bill would provide that all moneys in the Golden State Infrastructure Corporation Fund are continuously appropriated for the support of the corporation, to be available for expenditure for the purposes stated in the bill.
Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest.
This bill would make legislative findings to that effect.
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 18In Senate. Consideration of Governor's veto pending.Latest
- Sep 18Vetoed by the Governor Gavin Newsom.Major
- Sep 2Enrolled and presented to the Governor at 3 p.m.To Governor
- Aug 27Assembly amendments concurred in. (Ayes 35. Noes 4. Page 5943.) Ordered to engrossing and enrolling.Major
- Vote recorded Unfinished Business SB769 Caballero et al. Concurrence. Result: pass.Upper
- Aug 26In Senate. Concurrence in Assembly amendments pending.
- Vote recorded SB 769 Caballero Senate Third Reading By SOLACHE. Result: pass.Lower
- Aug 26Read third time. Passed. (Ayes 64. Noes 5. Page 6615.) Ordered to the Senate.Passed Assembly
- Aug 18Ordered to third reading.Minor
- Aug 18Read third time and amended.Major
- Aug 4Ordered to third reading.Minor
- Aug 4From inactive file.
- Aug 3Notice of intention to remove from inactive file given by Assembly Member Aguiar-Curry.
- 2025
- Sep 4Ordered to inactive file on request of Assembly Member Aguiar-Curry.
- Sep 2Read second time. Ordered to third reading.Minor
- Aug 29From committee: Do pass. (Ayes 11. Noes 1.) (August 29).Minor
- Vote recorded Do pass. Result: pass.Lower
- Aug 20August 20 set for first hearing. Placed on APPR. suspense file.
- Jul 8From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (July 8). Re-referred to Com. on APPR.Minor
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Jul 8Coauthors revised.
- Jul 2From committee with author's amendments. Read second time and amended. Re-referred to Com. on E.D., G., & H.I.Major
- Jul 2From committee: Do pass and re-refer to Com. on E.D., G., & H.I. (Ayes 10. Noes 0.) (July 1). Re-referred to Com. on E.D., G., & H.I.Minor
- Jul 1
- Vote recorded Do pass and be re-referred to the Committee on [Economic Development, Growth, and Household Impact]. Result: pass.Lower
- Jun 20June 24 set for first hearing canceled at the request of author.
- Jun 16Re-referred to Coms. on JUD. and E.D., G., & H.I. pursuant to Assembly Rule 96.Minor
- Jun 5Referred to Coms. on E.D., G., & H.I. and JUD.Minor
- May 28In Assembly. Read first time. Held at Desk.Minor
- Vote recorded 3rd Reading. Result: pass.Upper
- May 28Read third time. Passed. (Ayes 35. Noes 2. Page 1290.) Ordered to the Assembly.Passed Senate
- May 23Read second time. Ordered to third reading.Minor
- Vote recorded Do pass. Result: pass.Upper
- May 23From committee: Do pass. (Ayes 6. Noes 0. Page 1212.) (May 23).Minor
- May 20Set for hearing May 23.
- May 19May 19 hearing: Placed on APPR. suspense file.
- Vote recorded Placed on suspense file. Result: pass.Upper
- May 9Set for hearing May 19.
- May 7May 12 hearing postponed by committee.
- May 6Set for hearing May 12.
- May 1Read second time and amended. Re-referred to Com. on APPR.Major
- Apr 30From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 13. Noes 0. Page 943.) (April 29).Major
- Apr 29
- Vote recorded Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations]. Result: pass.Upper
- Apr 21From committee: Do pass and re-refer to Com. on JUD. (Ayes 10. Noes 0. Page 809.) (April 21). Re-referred to Com. on JUD.Minor
- Vote recorded Do pass, but first be re-referred to the Committee on [Judiciary]. Result: pass.Upper
- Apr 10From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. P. & E.D.Major
- Apr 8Set for hearing April 29 in JUD. pending receipt.
- Mar 18Set for hearing April 21.
- Mar 12Referred to Coms. on B. P. & E.D. and JUD.Minor
- Feb 24Read first time.Minor
- Feb 24From printer. May be acted upon on or after March 24.
- Feb 21Introduced. To Com. on RLS. for assignment. To print.Introduced