§ 63041.5. — 63041.5. (Added by Stats. 1999, Ch. 84, Sec. 5.)

California § 63041.5.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 1.
• Title 6.7.: DIVISION 1. THE BERGESON-PEACE INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK ACT
• Ch. 2.: CHAPTER 2. California Infrastructure and Economic Development Bank
• Art. 3.: ARTICLE 3. Local Resolution Applying for Bank Financing

Text

(a)
It is the intent of the Legislature to provide a one-time appropriation for financial assistance to local government to meet capital outlay and infrastructure needs.
(b)
From the funds appropriated in Item 2920-111-0001 of the Budget Act of 1999, the sum of four hundred twenty-five million dollars ($425,000,000) shall be available for financial assistance, including, but not limited to, leveraged revolving fund loans, to local government sponsors for public development facilities, as specified in subdivision (q) of Section 63010 of the Government Code.
(c)
From the funds appropriated in Item 2920-111-0001 of the Budget Act of 1999 and in Item 2920-111-0001 of the Budget Act of 1998 (Chapter 324 of the Statutes of 1998), the California Infrastructure and Economic Development Bank shall make no single loan in excess of 10 percent of the combined amount of these appropriations to the bank unless approved by unanimous consent of the membership of the Board of Directors of the California Infrastructure and Economic Development Bank and the Director of Finance provides a 30-day written notice to the Chairperson and Vice-Chairperson of the Joint Legislative Budget Committee.

Legislative History

Added by Stats. 1999, Ch. 84, Sec. 5. Effective July 12, 1999.