CA AB2348

Authorizes the Department of Finance to identify state infrastructure projects and guarantee a rate of return on investment for Public Employees' Retirement System (PERS) investments in those projects.

Establishes the Reinvesting in California Special Fund as a continuously appropriated fund in the State Treasury to pay the guaranteed rates of return on PERS infrastructure investments.

Makes the guaranteed rate of return subject to the availability of moneys in the Reinvesting in California Special Fund.

Prohibits General Fund moneys from being deposited into the fund and expresses legislative intent to identify special funds and trust fund moneys to be transferred into the fund.