The Rural California Infrastructure Act.

Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, establishes the Infrastructure and Economic Development Bank (I-Bank) and authorizes it to, among other things, issue bonds, make loans, and provide other financial assistance to various types of projects that constitute economic development facilities or public development facilities. The act establishes in the State Treasury the California Infrastructure and Economic Development Bank Fund (I-Bank Fund) for the purpose of implementing the objectives and provisions of the act and continuously appropriates moneys in the fund, except as prescribed. This bill, the Rural California Infrastructure Act, would authorize the I-Bank to establish the Rural California Infrastructure Program for the purpose of making competitive grant awards to eligible local agencies for rural infrastructure projects, as prescribed. The act would require the Controller to transfer a sum of $1,000,000,000 to the Rural California Infrastructure Account in the I-Bank Fund, which the bill would create and continuously appropriate for purposes of the act. By requiring the Controller to transfer moneys from the General Fund to the Rural California Infrastructure Account for purposes of the program, the bill would make an appropriation. The act would require the I-Bank to submit a specified report to the Governor and the Legislature regarding program activity in any fiscal year that the account receives funding or in which the I-Bank administers the program.