California Infrastructure and Economic Development Bank: local assistance program.

The Bergeson-Peace Infrastructure and Economic Development Bank Act generally sets forth the duties and authority of the California Infrastructure and Economic Development Bank in administering various programs for economic development activities in the state. This bill would require the bank to establish a local assistance program to provide technical support to small and rural communities in the state in obtaining financing for local infrastructure projects, as defined, subject to specified criteria. The bill would create the Technical Assistance Account in the California Infrastructure Bank Fund, require funds to support program activities related to assisting communities in obtaining the proceeds of bonds to be deposited in the account, and continuously appropriate the moneys in the account to the bank for purposes of the program, as specified. The State General Obligation Bond Law generally sets forth the authorized uses of proceeds of bonds issued under its provisions, including, among other things, the costs of construction or acquisition of capital assets, and the costs of a state agency with responsibility for administering the bond program. This bill would include among the costs of a state agency with responsibility for administering a bond program, the cost of outreach and technical assistance directly related to construction or acquisition of capital assets.