Today's Law As Amended

PDF |Add To My Favorites | print page

AB-2348 Department of Finance: infrastructure investment.(2015-2016)



SECTION 1.

 Section 13314 is added to the Government Code, to read:

13314.
 (a) The Department of Finance may, subject to subdivision (c), evaluate and identify infrastructure projects in the state for which the department shall guarantee a rate of return on investment for an investment made in that infrastructure project by the Public Employees’ Retirement System.
(b) There is hereby established in the State Treasury the Reinvesting in California Special Fund. Notwithstanding Section 13340, all moneys in the Reinvesting in California Special Fund shall be continuously appropriated without regard to fiscal years. The moneys in the fund shall be used to pay the rate of return on investment provided for in subdivision (a).
(c) The rate of return on investment in subdivision (a) shall be subject to the availability of moneys in the Reinvesting in California Special Fund.
(d) No General Fund moneys shall be deposited into the fund. It is the intent of the Legislature to, through the Budget Act or other measure, identify and deposit into the fund special fund moneys, including trust fund moneys that are otherwise legally available for these purposes.