CA SB865

Deletes specified term lengths for members appointed by the Speaker of the Assembly to the Student Aid Commission, California Exposition and State Fair, High-Speed Rail Authority, and Employment Training Panel, making them serve at the pleasure of the Speaker instead.

Creates the Infrastructure Stabilization Fund to receive transfers of estimated infrastructure amounts from the General Fund for fiscal years 2019–20 through 2021–22, with continuous appropriations for infrastructure purposes.

Establishes the State Infrastructure and Maintenance Fund for state capital outlay, lease payments, and deferred maintenance, receiving transfers from the Infrastructure Stabilization Fund or other appropriations.

Creates the Rail Infrastructure Account in the State Transportation Fund to fund the Rail Modernization Improvement Program for eligible shared-use rail corridor projects, with distributions split 50-50 with the Housing Rehabilitation Loan Fund when infrastructure amounts exceed $415,000,000.

Adds provisions to the Housing Rehabilitation Loan Fund allowing transfers from the Infrastructure Stabilization Fund to be used exclusively for infrastructure within the Multifamily Housing Program.