Community block funds: State Infrastructure Revolving Fund Program.

Under the Bergeson-Peace Infrastructure and Economic Development Bank Act, the California Infrastructure and Economic Development Bank is authorized to make secured loans and to undertake related activities for the purpose of financing projects, as defined, that relate to infrastructure improvements. The act provides for the establishment of the State Infrastructure Revolving Account in the California Infrastructure and Economic Development Bank Fund, and continuously appropriates the money in the fund to the bank for expenditure for purposes of the act. This bill would, pursuant to certain definitions, authorize the bank to expend account funds, provided to this state by the federal economic stimulus plan, for purposes of the federal Community Block Grant Fund Program to create credit enhancements or to provide loan guarantees or low-interest loans to offset the State Infrastructure Revolving Fund Program's transaction costs, or to supplement the program. The bill would make an appropriation by providing for an additional expenditure from a continuously appropriated account.