CA AB1447

Establishes the Rural California Infrastructure Program under the Infrastructure and Economic Development Bank (I-Bank) to make competitive grant awards to eligible local agencies for rural infrastructure projects.

Defines eligible local agencies as special districts, independent fire districts, or counties with populations under 300,000, and defines rural infrastructure projects as disaster preparedness/mitigation, disaster recovery, or historic/cultural preservation projects.

Requires the State Controller to transfer $1,000,000,000 to the Rural California Infrastructure Account within the I-Bank Fund on January 1, 2022, with funds continuously appropriated for program purposes.

Mandates that at least 70 percent of grant funds support disaster preparedness, mitigation, and recovery projects, prioritizes geographic equity in awards, and requires awards to fund no more than 50 percent of total project costs.

Requires the I-Bank to submit annual reports to the Governor and Legislature detailing account balances, number of projects funded, and jobs created or retained through the program.