Chris Holden
- Democratic
- Assemblymember
- District 41
Author
The Bergeson-Peace Infrastructure and Economic Development Bank Act authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to, among other things, make loans, issue bonds, and provide other financial assistance for various types of projects that qualify as public development or economic development facilities. The act defines "public development facilities" for these purposes to mean real and personal property, structures, conveyances, equipment, thoroughfares, buildings, and supporting components thereof, excluding any housing, that are directly related to providing, among other things, housing-related infrastructure, as specified. The act defines "economic development facilities" for these purposes to mean real and personal property, structures, buildings, equipment, and supporting components thereof that are used to provide industrial, recreational, research, commercial, utility, goods movement, or service enterprise facilities, community, educational, cultural, or social welfare facilities and any parts or combinations thereof, and all necessary facilities or infrastructure, excluding any housing. Existing law establishes the California Infrastructure and Economic Development Bank Fund and continuously appropriates the money in the fund to the bank for purposes of the act. This bill would authorize economic development facilities and public development facilities to include housing if the housing meets certain financing requirements and limits, as specified. Existing law authorizes the bank, in order to provide or arrange for the financing of economic development facilities to, among other actions, issue tax-exempt revenue bonds, in accordance with certain conditions. This bill would prohibit the proceeds of private activity bonds issued by the bank under any state allocation from being used to finance any housing. Existing law requires the bank, with respect to financing economic development facilities, to utilize existing local economic development networks to identify projects and to prepare a plan, in consultation with local economic development networks and organizations and representatives, as specified. This bill would require housing financed pursuant to these provisions to meet specified conditions. The bill, among other conditions, would provide that any housing financed as part of an economic development facility be required for the operation of the facility, would prohibit funds from the Infrastructure State Revolving Loan Program from being used to finance any housing component of an economic development facility, and would limit housing finance costs from representing more than a certain percentage of the overall project costs financed by the bank. The bill, with respect to public development facilities, would also require any housing financed to meet specified conditions, including prohibiting tax-exempt revenue bonds issued by the bank from financing any housing component of a public development facility, and prohibiting funds from the Infrastructure State Revolving Loan Program from being used to finance any housing component of a public development facility. By authorizing an additional type of expenditure from the California Infrastructure and Economic Development Bank Fund, the bill would make an appropriation.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 356, Statutes of 2021.
Enrolled and presented to the Governor at 4 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 67. Noes 0. Page 2748.).
Assembly Rule 77 suspended. (Ayes 57. Noes 14. Page 2703.)
Read third time. Passed. Ordered to the Assembly. (Ayes 38. Noes 0. Page 2284.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 3 pursuant to Assembly Rule 77.
From committee: Do pass. (Ayes 7. Noes 0.) (August 26).
Read second time. Ordered to third reading.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (July 8). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on HOUSING. (Ayes 12. Noes 0.) (June 30). Re-referred to Com. on HOUSING.
Referred to Coms. on B., P. & E.D. and HOUSING.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 65. Noes 1. Page 1544.)
Read third time and amended. Ordered to third reading. (Page 1464.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 13. Noes 3.) (May 12).
Received by the Desk April 30 pursuant to Joint Rule 61(a)(2).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 1.) (April 29). Re-referred to Com. on APPR.
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on H. & C.D. (Ayes 7. Noes 0.) (April 13).
From committee chair, with author's amendments: Amend, and re-refer to Com. on J.,E.D., & E. Read second time and amended.
Referred to Coms. on J.,E.D., & E. and H. & C.D.
Read first time.
From printer. May be heard in committee March 22.
Introduced. To print.
| Bill Text Versions | Format |
|---|---|
| AB1297 | HTML |
| 02/19/21 - Introduced | |
| 03/30/21 - Amended Assembly | |
| 04/14/21 - Amended Assembly | |
| 05/20/21 - Amended Assembly | |
| 08/17/21 - Amended Senate | |
| 09/07/21 - Enrolled | |
| 09/28/21 - Chaptered |
| Document | Format |
|---|---|
| 04/12/21- Assembly Jobs, Economic Development, and the Economy | |
| 04/27/21- Assembly Housing and Community Development | |
| 04/28/21- Assembly Housing and Community Development | |
| 05/10/21- Assembly Appropriations | |
| 05/14/21- ASSEMBLY FLOOR ANALYSIS | |
| 05/20/21- ASSEMBLY FLOOR ANALYSIS | |
| 06/29/21- Senate Business, Professions and Economic Development | |
| 07/05/21- Senate Housing | |
| 08/20/21- Senate Appropriations | |
| 08/28/21- Sen. Floor Analyses | |
| 09/01/21- ASSEMBLY FLOOR ANALYSIS |
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