§ 63047. — 63047. (Amended by Stats. 2021, Ch. 356, Sec. 3.)

California § 63047.

• 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. 5.: ARTICLE 5. Financing Economic Development Facilities

Text

(a)
Any loan entered into pursuant to this article may contain provisions for payment of a penalty if any recipient of funds under this article leaves this state prior to the completion of the full term of the loan.
(b)
Projects that the board determines will produce long-term employment creation or retention shall receive first priority for financing.
(c)
Any recipient of funds under this article that utilizes the funds for construction purposes, shall certify that the contractors are properly licensed by the Contractors’ State License Board.
(d)
The bank shall require that the proposed economic development facilities be consistent with any existing local or regional comprehensive plan.
(e)
The bank shall develop a policy regarding financing companies that move within this state so as to minimize any displacement of jobs.
(f)
In addition to any other methods the bank may use to identify economic development projects, the bank shall utilize existing local economic development networks to identify these projects and prepare a plan, in consultation with local economic development networks and their organizations and representatives, to implement this policy.
(g)
Any housing financed pursuant to this article shall meet all of the following
conditions:
(1)
Any housing financed as part of an economic development facility shall be required for the operation of the facility.
(2)
No funds from the Infrastructure State Revolving Loan Program shall be used to finance any housing component of an economic development facility.
(3)
The proceeds of private activity bonds issued by the bank under any state allocation shall not be used to finance any housing. Projects so financed shall be compatible with the public interest as specified in Section
63046.
(4)
Any housing financed as part of an economic development project shall be incidental to the overall project and the cost of the housing component shall not represent more than 20 percent of the overall project costs financed by the bank.

Legislative History

Amended by Stats. 2021, Ch. 356, Sec. 3. (AB 1297) Effective January 1, 2022.