Bill > SB769

This bill establishes the Golden State Infrastructure Corporation (GSIC), a not-for-profit corporation within the State Treasurer's Office, to finance infrastructure projects in California. The corporation will be governed by a five-member board of directors, including the Treasurer, Controller, Director of the Governor's Office of Business and Economic Development, and two gubernatorial appointees with extensive infrastructure and financing experience. The GSIC will have broad powers to provide financing to infrastructure companies and governmental entities, including making loans, issuing revenue bonds, providing credit enhancements, and setting fees to offset administrative costs. The corporation can finance a wide range of infrastructure projects, from transportation and energy facilities to environmental remediation and educational structures. Importantly, the state will not be liable for the corporation's obligations, and the corporation will be exempt from most taxes. The bill creates a Golden State Infrastructure Corporation Fund to support its operations, which will be continuously appropriated without fiscal year restrictions. The legislation also includes provisions for financial transparency, requiring annual reports to the Governor and Legislature detailing the corporation's activities, financial statements, and the economic impact of its infrastructure investments. To protect sensitive financial information, the bill allows the board to hold closed sessions when discussing corporate financial records and permits certain records to be exempt from public disclosure.

Budget and Finance, Business and Industry, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB769