CA AB962

Establishes state infrastructure financing for seaport projects through the Infrastructure and Economic Development Bank, allowing harbor agencies to submit applications for financial assistance with infrastructure development and equipment purchases.

Requires harbor agencies to adopt resolutions estimating state fiscal and economic impacts of proposed projects, including tax revenues, employment creation, public health savings, and job impacts, supported by independent economic impact reports using nationally recognized methodologies.

Authorizes the bank to approve project valuations if it determines the project is more likely than not to achieve the projected economic outcomes, and to adopt resolutions approving funding up to 75 percent of project valuation or 50 percent of project cost, whichever is less.

Requires the bank to consult with appropriate state and local agencies to establish criteria, priorities, and guidelines for project selection, and mandates consultation with the State Lands Commission for projects on state tidelands.

Specifies that funding is contingent on legislative appropriation, requires harbor agencies to reimburse the bank's administrative expenses, and establishes that permanent improvements to public trust tidelands become state trust assets once completed.