CA AB147

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

Allows the bank to establish and participate in a binational financing authority to facilitate economic development in border communities, with potential participation from local governments and the North American Development Bank.

Authorizes the bank to issue taxable or tax-exempt revenue bonds with proceeds deposited in a newly created Binational Development Account within the bank's fund.

Requires the bank to develop guidelines for selection, review, and approval of border region projects and restricts use of state General Fund moneys for activities under this article.

Provisions become operative only if the Executive Director determines sufficient funds are available and submits a letter to the Legislature to that effect; bill takes effect immediately as an urgency statute.