Infrastructure and Economic Development Bank.

Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, establishes the Infrastructure and Economic Development Bank (I-Bank) within the Governor's Office of Business and Economic Development. The act requires the I-Bank to be governed and its corporate power exercised by a board of directors consisting of 5 specified members, including the Treasurer or the Treasurer's designee, and requires 3 affirmative member votes for the board to take any action. The act prohibits the members from receiving compensation for their service on the board, subject to specified exceptions, including that the act requires a member to receive $100 for each full day of attending meetings of the authority. This bill would, instead, require 4 affirmative member votes for the board to take any action and would require the members to receive $150 for each full day of attending meetings of the board.