Infrastructure financing.

The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the California Infrastructure and Economic Development Bank, within the Governor's Office of Business and Economic Development, to, among other things, be governed by a specified board of directors. The act makes findings and declarations in this regard, provides definitions, and authorizes the board to take various actions in connection with the bank, including the issuance of bonds, as specified. This bill, among other things, would revise the definition of economic development facilities to include facilities that are used to provide goods movement and would define goods movement-related infrastructure. The bill would revise the definition of port facilities to specifically reference airports, landports, waterports, and railports, and expand the definition of participating party to include an international governmental entity. The bill would make various technical changes. This bill would also enact the California Economic Development Infrastructure Finance Act of 2014 to create the California Infrastructure Finance Center to administer the provisions of this act, as specified, under the oversight of the bank. This bill would authorize the creation of California infrastructure development corporations, as specified, and establish requirements for those corporations to secure participation rights, as part of forming public-private partnerships with the bank in building infrastructure related to economic-related activities. Participation rights include a commitment by the state to use the California Infrastructure Development Corporation to deliver infrastructure projects. Participation rights also include the right of first refusal by the corporation to participate in public-private partnership projects (P3 projects) and if it should choose to participate, a preestablished minimum participation rate in financing each and all P3 projects. This bill would also provide an exemption from specified public contracting requirements for contracts entered into between the bank and these corporations. This bill would also establish conflict of interest provisions for persons implementing the act or participating in a California Infrastructure Development Corporation. This bill would make a violation of these provisions a felony, thereby creating a crime and a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.