Today's Law As Amended

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SB-528 California Infrastructure and Economic Development Bank.(2019-2020)



SECTION 1.

 Section 63021.2 is added to the Government Code, to read:

63021.2.
 (a) A task force is hereby established in state government to study the workability, potential costs, and estimated timeframe to transition the California Infrastructure and Economic Development Bank (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.
(b) The task force shall be composed of the following members:
(1) The Director of the Governor’s Office of Business and Economic Development.
(2) The executive director of the I-Bank or the director’s designee.
(3) The Commissioner of Business Oversight or the commissioner’s designee.
(4) The Director of Finance or the director’s designee.
(5) The Treasurer or the Treasurer’s designee.
(6) The Senate Committee on Rules shall appoint two individuals who have a background in relevant state and federal banking regulations, bank formation and management, state and local government infrastructure needs, or bond financing.
(7) The Speaker of the Assembly shall appoint two individuals who have a background in relevant state and federal banking regulations, bank formation and management, state and local government infrastructure needs, or bond financing.
(c) The task force shall choose its chair from among its membership.
(d) The task force shall convene its initial meeting on or before February 1, 2020, and shall meet no fewer than three times before voting on its final report.
(e) A quorum is necessary only for the task force to conduct meetings at which the draft report and final report are to be voted on. A majority plus one of the members serving on and appointed to the task force at the time the meeting is convened shall constitute a quorum.
(f) The task force shall include all of the following in its final report:
(1) 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.
(2) Estimated staffing needs to perform the identified tasks.
(3) Estimated costs to perform the identified tasks.
(4) A list of any assumptions made in connection with paragraphs (1) to (3), inclusive.
(5) A source or sources of funding to cover the estimated costs.
(6) A recommendation for whether, and, if applicable, when, the legislative and executive branches should move forward to initiate the performance of the identified tasks.
(g) Appointed task force members shall be reimbursed solely for their actual travel costs to attend meetings. Costs associated with state government officials attending meetings shall be paid by the respective government entities.
(h) The task force may consult with individuals from the public and private sectors when developing the report described in subdivision (f). Individuals consulted shall not be eligible for compensation or reimbursement.
(i) The task force shall submit a final report to the Legislature, in accordance with Section 9795, no later than January 1, 2021.