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CA SB100

Bill

Status

Engrossed

4/11/2019

Primary Sponsor

Budget and Fiscal Review

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Origin

Senate

2019-2020 Session

AI Summary

  • Creates the Climate Catalyst Revolving Loan Fund within the State Treasury to provide low-interest financing for climate projects, administered by the California Infrastructure and Economic Development Bank.

  • Defines "climate catalyst projects" as buildings, infrastructure, equipment, or activities within California that further climate goals, reduce climate risk, and implement low-carbon technology.

  • Requires the Strategic Growth Council to advise the Legislature annually beginning in 2020 on priority categories of climate projects and requires the bank to submit annual reports on fund activities to the Legislature and Governor.

  • Increases the total outstanding bond authority for the Infrastructure and Economic Development Bank from $15 billion combined ($5 billion for public development facilities and $10 billion for rate reduction bonds) to $15 billion total for both types.

  • Expands the bank board's authority to establish small business finance programs directly, in conjunction with financial institutions, or through special purpose entities, in addition to existing contracting arrangements.

Legislative Description

Bergeson-Peace Infrastructure and Economic Development Bank.

Last Action

From committee with author's amendments. Read second time and amended. Re-referred to Com. on BUDGET.

6/22/2020

Committee Referrals

Budget5/2/2019
Budget and Fiscal Review1/24/2019
Rules1/10/2019

Full Bill Text

No bill text available