SECTIONS 63050-63056 - California Statutes

GOVERNMENT CODE

SECTION 63050-63056

63050. (a) There is hereby created in the State Treasury the
California Infrastructure and Economic Development Bank Fund for the
purpose of implementing the objectives and provisions of this
division. Within the fund there shall also be established a Sponsor
Revenue Bond Account, a Participating Party Revenue Bond Account, a
State Infrastructure Revolving Account, and additional accounts and
subaccounts that the bank may establish from time to time.
(b) Notwithstanding Section 13340 and except as provided in
subdivision (c), all moneys in the infrastructure bank fund are
continuously appropriated without regard to fiscal years for the
support of the bank and shall be available for expenditure for the
purposes stated in this division.
(c) Moneys in the infrastructure bank fund shall be available for
expenditure for general administration only upon appropriation by the
Legislature. This subdivision shall not limit the authority of the
bank to expend funds directly related to the servicing of approved
debt. Moneys in the fund shall be available for the purpose of
general administration of the authority only upon appropriation by
the Legislature, but not more than 5 percent of any bond proceeds
administered by the authority may be expended to cover the costs of
issuance, as that terminology is defined under Section 147 (G) of the
Internal Revenue Code.
(d) Notwithstanding any other provision of this division, not more
than 15 percent of the financing annually approved by the executive
director that utilizes state funds from the infrastructure bank fund
may be expended upon educational facilities, environmental mitigation
measures, and parks and recreational facilities.
(e) The executive director may transfer funds between the
infrastructure bank fund and the guarantee trust fund when
appropriate to accomplish the financing objectives of this division.

63052. (a) The bank may pledge any or all of the moneys in the fund
as security for payment of the principal of, and interest on, any
particular issuance of bonds issued pursuant to this chapter. The
bank may use any or all of the moneys in the fund, including the
grant account, to retain or purchase for retention or sale,
subordinated bonds issued by the bank, by a special purpose trust, or
by a sponsor pursuant to this chapter. For these purposes, or as
necessary or convenient to the accomplishment of any other purpose of
the bank, the bank may divide the fund into separate accounts or
subaccounts. All moneys accruing to the bank pursuant to this
division from any sources shall be deposited in the fund.
(b) Subject to priorities that may be created by the pledge of
particular moneys in the infrastructure bank fund to secure any
issuance of revenue bonds of the bank, a special purpose trust, or a
sponsor, and subject further to reasonable costs that may be incurred
by the bank in administering the program authorized by this
division, all moneys in the infrastructure bank fund derived from any
source, shall be held in trust for the security and payment of
revenue bonds of the bank, a special purpose trust, or a sponsor and
shall not be used or pledged for any other purpose so long as the
revenue bonds are outstanding and unpaid.
(c) Pursuant to any agreements with the holders of revenue bonds
pledging any particular assets, revenues, or moneys, the bank may
create separate accounts or subaccounts in the infrastructure bank
fund to manage these assets, revenues, or moneys in the manner set
forth in the agreements.
(d) The bank may, from time to time, direct the Treasurer to
invest moneys in the infrastructure bank fund that are not required
for its current needs, including proceeds from the sale of any bonds,
in any eligible securities specified in Section 16430 as the bank
shall designate. The bank may direct the Treasurer to deposit moneys
in interest-bearing accounts in any bank in this state or in any
savings and loan association in this state. The bank may
alternatively require the transfer of moneys in the infrastructure
bank fund to the Surplus Money Investment Fund for investment
pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of
Part 2 of Division 4 of Title 2. Notwithstanding Section 16305.7,
all interest or other increment resulting from the investment or
deposit of moneys from the infrastructure bank fund shall be
deposited in the infrastructure bank fund. Moneys in the
infrastructure bank fund shall not be subject to transfer to any
other funds pursuant to any provision of Part 2 (commencing with
Section 16300) of Division 4 of Title 2, except to the Surplus Money
Investment Fund.
(e) Subject to any agreement with holders of particular bonds, in
furtherance of Section 51373 of the Health and Safety Code, and to
the extent permitted by law, the bank may also invest moneys of the
infrastructure bank fund, including, but not limited to, proceeds of
any of its bonds or refunding bonds, in obligations of financial
institutions as are permitted by board resolution. The bank may
alternatively require the transfer of moneys in the infrastructure
bank fund to the Surplus Money Investment Fund for investment
pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of
Part 2 of Division 4 of Title 2.
(f) Subject to any agreement with the holders of particular bonds,
all interest or other increment resulting from the investment or
deposit shall be deposited in the infrastructure bank fund,
notwithstanding Section 16305.7. Moneys in the infrastructure bank
fund shall not be subject to transfer to any other fund pursuant to
Part 2 (commencing with Section 16300) of Division 4 of Title 2,
excepting the Surplus Money Investment Fund.
(g) The infrastructure bank fund shall be organized as a public
enterprise fund.
(h) The bank shall cause all moneys in the infrastructure bank
fund that are in excess of current requirements to be invested and
reinvested, from time to time.

63053. (a) The bank may administer and distribute among its
accounts and subaccounts, at its discretion, the proceeds from any
general obligation bonds issued in accordance with the State General
Obligation Bond Law (Chapter 4 (commencing with Section 16720) of
Part 3 of Division 4 of Title 2).
(b) The assets of the infrastructure bank fund shall be available
for the payment of the salaries and other expenses charged against it
in accordance with this division.

63054. All expenses incurred in carrying out the purposes of this
division shall be payable solely from funds provided pursuant to this
division, and no liability or obligation shall be imposed upon the
state and none shall be incurred by the agency beyond the extent to
which money shall have been provided pursuant to this division.

63055. (a) Moneys in the infrastructure bank fund received from the
proceeds of bonds issued pursuant to this division may not be
transferred to any other fund except as necessary to pay the expenses
of operating the program authorized by this division, nor shall the
bank utilize any moneys under the direction and control of the
California Housing Finance Agency, including, but not limited to,
moneys in the California Housing Loan Insurance Fund and the Housing
Finance Fund, other than moneys in the infrastructure bank fund to
satisfy liabilities arising from projects authorized by this
division.
(b) The infrastructure bank fund, on behalf of the bank, may
borrow or receive moneys from the bank or from any federal, state, or
local agency or private entity, in order to create reserves in the
infrastructure bank fund as provided in this division and as
authorized by resolution of the board.

63056. Notwithstanding Chapter 2 (commencing with Section 12850) of
Part 2.5 of Division 3 of Title 2 and Article 2 (commencing with
Section 13320) of Chapter 3 of Part 3 of Division 3 of Title 2,
expenditures of the infrastructure bank fund shall not be subject to
the supervision or approval of any other officer or division of state
government, with the exception of the Legislature. However, the bank'
s budget shall be prepared and reviewed not later than November 1 of
each year and the agency shall submit to the Legislature a report of
its activities for the prior fiscal year. However, the bank's budget
regarding the infrastructure bank fund shall be prepared and reviewed
in accordance with Section 50913, and, not later than November 1 of
each year, the agency shall submit to the Legislature a report of its
activities for the prior fiscal year. The bank's operating budget
shall be subject to review and appropriation in the annual Budget
Act.