California Infrastructure and Economic Development Bank.

The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the California Infrastructure and Economic Development Bank (I-Bank) in the Governor's Office of Business and Economic Development under the direction of an executive director appointed by the Governor, subject to confirmation by the Senate, and governed by a board of directors composed of specified persons. Existing law, among other things, authorizes the I-Bank to make loans, issue bonds, and provide financial assistance for various types of projects that qualify as economic development or public development facilities. The act prohibits the bank from being chartered as a depository institution. This bill would establish a task force, composed of specified members, including the Director of the Governor's Office of Business and Economic Development, to study the workability, potential costs, and estimated timeframe to transition the I-Bank into a depository institution to accept deposits from state and local governments and to lend money to local governments for their infrastructure needs. The bill would require the task force to submit a report to the Legislature no later than January 1, 2021, composed of specified elements, including a list and description of each task that must be performed to transition the I-Bank into a state-chartered depository institution, the identities of which entity or entities will be responsible for performing each task, an estimated timeline to complete each task, and an indication of which tasks, if any, are predicated on the completion of other tasks.