AB 1545 Summary

• Authorizes the California Infrastructure and Economic Development Bank to enter into development and financing agreements for economic development projects within the California-Mexico border region, defined as areas within 125 miles on each side of the border.

• Establishes a binational financing authority to facilitate economic development on both sides of the border, with participation from local governments, the North American Development Bank, and Mexican governmental entities.

• Creates a Binational Development Account within the California Infrastructure and Economic Development Bank Fund and authorizes the bank to issue bonds with proceeds deposited into this account.

• Requires the bank to develop guidelines for selection, review, and approval of border region projects and restricts use of state General Fund money for activities authorized under the binational financing provisions.

• Makes provisions operative only if the Executive Director determines sufficient funds are available and submits a letter to the Legislature confirming such availability.