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AB-1323 California Infrastructure and Economic Development Bank.(2021-2022)

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Date Published: 02/20/2021 04:00 AM
AB1323:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

Assembly Bill
No. 1323


Introduced by Assembly Member Chiu

February 19, 2021


An act to amend Section 63042 of the Government Code, relating to local finance.


LEGISLATIVE COUNSEL'S DIGEST


AB 1323, as introduced, Chiu. California Infrastructure and Economic Development Bank.
Existing law establishes the Infrastructure and Economic Development Bank within the Governor’s Office of Business and Economic Development. Existing law authorizes the bank to finance a project for the financing of transition costs and the acquisition of transition property upon the request of an electrical company.
This bill would make nonsubstantive changes to that provision.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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


SECTION 1.

 Section 63042 of the Government Code is amended to read:

63042.
 Notwithstanding any other provision of this division, a project for the financing of transition costs and the acquisition of transition property upon the request of an electrical corporation shall be deemed to be in the public interest and eligible for financing by the bank, and Article 3 (commencing with Section 63040) and Article 5 (commencing with Section 63043) shall not apply to the project or financing. The bank shall consider a project for financing transition costs and the acquisition of transition property upon filing of an application by an appropriate participating party, on the terms and conditions the bank shall determine. The bank shall establish procedures for the expeditious review of applications from electrical corporations for the issuance or approval of rate reduction bonds. The review may be concurrent with the Public Utilities Commission’s processing of an application for the pertinent financing order, so as to allow for the issuance of rate reduction bonds as quickly as feasible after the issuance of the pertinent financing order by the Public Utilities Commission. commission. Notwithstanding any other provision of this division, the bank shall have no authority to not alter or modify any term or condition related to the transition costs or the transition property as set forth in the pertinent financing order, and shall have no authority over any matter that is subject to the approval of the Public Utilities Commission commission under Article 5.5 (commencing with Section 840) of Chapter 4 of Part 1 of Division 1 of the Public Utilities Code.