Infrastructure financing.

(1) 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 be governed by a specified board of directors. The act makes findings and declarations, 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. (2) Existing law authorizes the Governor's Office of Business and Economic Development and its director to expend funds relating to the Economic Adjustment Assistance Grant funded through the United States Economic Development Administration. This bill would repeal these provisions, and would specify that, effective June 30, 2014, those funds are transferred to the Valley Economic Development Corporation pursuant to the terms and conditions agreed to by the United States Economic Development Administration, the Governor's Office of Business and Economic Development, and the Valley Economic Development Center, Inc., on June 17, 2014.