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AB-1698 Infrastructure investment and financing.(2019-2020)

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Date Published: 02/23/2019 04:00 AM
AB1698:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 1698


Introduced by Assembly Member Wicks

February 22, 2019


An act relating to economic development.


LEGISLATIVE COUNSEL'S DIGEST


AB 1698, as introduced, Wicks. Infrastructure investment and financing.
The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the Infrastructure and Economic Development Bank within the Governor’s Office of Business and Economic Development. The act authorizes the bank to provide financial assistance for various types of projects that qualify as public development or economic development facilities and to finance transition costs of an electrical corporation, as provided.
This bill would state the intent of the Legislature to establish and provide initial funding for the Resilient Activities and Development Agency and the California Resourcient Infrastructure Corporation, as provided.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 It is the intent of the Legislature to establish and provide initial funding for both of the following:
(a) The Resilient Activities and Development Agency, to work with city planners, mayors, and other city and county leaders to develop projects, best practices, and qualified resilient infrastructure solutions to address California’s climate-related problems, specifically fires, droughts and other water shortages, flooding, clean water, clean energy, and sustainable agriculture.
(b) The California Resourcient Infrastructure Corporation, to provide infrastructure funding for the types of projects sourced and developed based on the qualifications developed by the Resilient Activities and Development Agency described in subdivision (a).