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

Senate:
1st
Cmt
2nd
3rd
Pass
Assembly:
1st
Cmt
2nd
3rd
Pass
Pass
Veto
Bill Status
AB-2348
Levine (A)
-
Bonta (A) , Dahle (A) , Eggman (A) , Gomez (A) , Gonzalez (A) , Nazarian (A)
Department of Finance: infrastructure investment.
03/20/16
An act to add Section 13314 to the Government Code, relating to state government, and making an appropriation therefor.
Assembly
08/29/16
05/27/16

Type of Measure
Inactive Bill - Vetoed
Majority Vote Required
Appropriation
Fiscal Committee
Non-State-Mandated Local Program
Non-Urgency
Non-Tax levy
Last 5 History Actions
Date Action
09/27/16 Vetoed by Governor.
09/02/16 Enrolled and presented to the Governor at 12 p.m.
08/26/16 In Assembly. Ordered to Engrossing and Enrolling.
08/25/16 Read third time. Passed. Ordered to the Assembly. (Ayes 28. Noes 11. Page 5414.).
08/15/16 Read second time. Ordered to third reading.
Governor's Veto Message
To the Members of the California State Assembly:

I am returning Assembly Bill 2348 without my signature.

This bill authorizes the Department of Finance to identify infrastructure projects for
investment by the Public Employees' Retirement System and then guarantee those investments a certain rate of return.

This bill makes the state a guarantor of PERS investments. In the event that any such investment fails to meet the expected return, the state General Fund would be forced to make up the difference. That's not prudent.

Sincerely,



Edmund G. Brown Jr.