SB 769 California Senate · 2025-2026 Regular Session

The Golden State Infrastructure Corporation Act.

Summary

Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to make loans, issue bonds, and provide other financial assistance for various types of infrastructure and economic development projects. Existing law establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, to support the bank. This bill would enact the Golden State Infrastructure Corporation Act and would establish the Golden State Infrastructure Corporation, within the State Treasurer's Office, as a not-for-profit corporation for the purpose of administering the act and financing infrastructure projects. The bill would require the corporation to be governed by a board of directors, with a prescribed membership, and would require the business and affairs of the corporation to be managed by an executive director appointed by the Treasurer. This bill would prescribe the powers and duties of the corporation, including entering into financing transactions, borrowing money or issuing bonds, and setting and charging fees for obtaining financing from the corporation. Under the bill, the state would not in any way be liable for any obligation of the corporation, and the corporation would not be required to pay any taxes, except as provided. The bill would require the corporation, not later than January 1 of each year, to submit to the Governor, the Legislature, and the Legislative Analyst's Office a report for the preceding fiscal year containing information on the Golden State Infrastructure Corporation Fund, which the bill would create, and the corporation's activities, including specified information. This bill would authorize the corporation to extend financing to either an infrastructure company, a governmental entity, or a combination of those entities, as provided, if the board determines that the financing meets specified criteria. The bill would authorize the corporation, upon board approval, to issue revenue bonds, in a principal amount that the board determines to be necessary, convenient, or desirable to provide moneys for the corporation's purposes, which may include, among others, to provide financing to one or more governmental entities or infrastructure companies for infrastructure projects, as provided. The bill would prescribe requirements for issuing the bonds. The bill would require the board to approve operational policies prior to providing financing for any infrastructure project. The bill would, for purposes of the California Public Records Act, treat the corporation as a state agency, as defined. The bill would, however, exempt from disclosure under that act specified corporate financial records or critical infrastructure information, as defined, furnished to the corporation that have not previously been made public, and would authorize the board, notwithstanding the provisions of the Bagley-Keene Open Meeting Act, to meet in closed session to review or discuss corporate financial records or critical infrastructure information necessary for the board to consider whether to approve or modify a financing, or to discuss the performance of any financing, provided to an infrastructure company for an infrastructure project. This bill would provide that all moneys in the Golden State Infrastructure Corporation Fund are continuously appropriated for the support of the corporation, to be available for expenditure for the purposes stated in the bill. Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest. This bill would make legislative findings to that effect.

Issues: ✓ Transportation

Bill status passed both 4 of 5 stages cleared

Introduction

Feb 2025

Committee Review

Aug 2025

Senate Passage

May 2025

Assembly Passage

Aug 2026

Governor

Introduced Feb 21, 2025 Last action Aug 27, 2026

Maddy AI version diff · 6 comparisons

What changed between versions

08/30/26 - Enrolled → SB769 · 3 edits

MINOR

The diff reflects a change in document format rather than a change in law. The 'From' version is the formal enrolled bill with legislative formatting (page numbers, signature blocks, governor's receipt line), while the 'To' version is a web-published presentation of the same bill text from the California legislature website, including navigation elements and metadata. No substantive policy language was added, removed, or modified.

TECHNICAL

Formal enrolled document formatting removed: page numbers (e.g., ' - 2 - ', ' - 3 - '), Secretary of the Senate signature block, Chief Clerk of the Assembly line, Governor's receipt date and time line, and Private Secretary of the Governor attribution.

Website navigation and metadata elements added: site links (home, accessibility, FAQ, feedback, sitemap, login), bill search fields, version history list, status dates (Enrolled August 30 2026, Passed in Senate August 27 2026, Passed in Assembly August 26 2026, amendment dates), and a 'Date Published' timestamp.

The substantive bill text (Sections 16000 through the end of the visible portion) is reflowed for web display with different line breaks and spacing but contains no changes to legal language, definitions, thresholds, or policy provisions.

07/02/25 - Amended Assembly → 08/18/26 - Amended Assembly · 3 edits · Aug 18, 2026

MINOR

SB 769 adds a new definition for 'priority governmental entity' targeting lower-income areas and inserts a new section requiring the board to submit an equitable access report within five years of the effective date. The report must evaluate whether public agencies of varying economic conditions have fair access to financing, considering factors like median household income, poverty rate, and unemployment. These changes signal a policy shift toward ensuring the infrastructure corporation does not disproportionately favor wealthier jurisdictions.

Scope change

The bill now includes an explicit equity-oriented framework by defining 'priority governmental entity' (presumably for use in future eligibility or preference provisions) and mandating a five-year equitable access review, broadening the bill's focus from pure infrastructure financing to also addressing distributional fairness across jurisdictions of different economic means.

DEFINITION

New definition of 'priority governmental entity' added: a governmental entity whose boundaries are wholly within a geographic area with a median household income at or below 80 percent of the statewide median, or at or below the low-income threshold set by the California Department of Housing and Community Development.

REQUIREMENT

New Section 16030 requires the board to submit a report within five years of the effective date evaluating equitable access to financing from the infrastructure corporation fund. The report must consider median household income, per capita tax base, bond ratings, poverty rate, and unemployment rate relative to the state average, and must include recommendations for changes in state law and to the corporation's assessment policies, procedures, and outreach practices.

TECHNICAL

The legislative counsel's digest was revised to explicitly name the 'Golden State Infrastructure Corporation Fund' in the reporting section and to clean up garbled overlapping text regarding the California Public Records Act treatment of the corporation as a state agency.

05/01/25 - Amended Senate → 07/02/25 - Amended Assembly · 5 edits · Jul 2, 2025

MODERATE

The Assembly amendment to SB 769 makes three substantive policy changes: (1) it restructures the transparency provisions so the Golden State Infrastructure Corporation is explicitly treated as a state agency under the California Public Records Act, with narrower exemptions limited to corporate financial records and critical infrastructure information not previously made public; (2) it narrows personal liability immunity from covering directors, officers, and employees to only directors; and (3) Assembly Members Petrie-Norris and Solache were added as coauthors. The remaining changes are formatting and line renumbering.

Scope change

The transparency framework was significantly restructured: the corporation is now explicitly a state agency subject to the Public Records Act by default, with specific carve-outs for sensitive financial and critical infrastructure information, rather than being broadly exempt from disclosure. Personal liability protection was narrowed to directors only.

ENFORCEMENT

The bill now explicitly treats the corporation as a state agency under the California Public Records Act, making it subject to public records requests by default. Previously, the bill broadly exempted records related to financing from disclosure without establishing the corporation's status as a state agency.

The board's authority to meet in closed session is now specifically tied to reviewing or discussing corporate financial records or critical infrastructure information necessary for financing decisions, rather than the broader prior language about considering whether to approve or modify a financing.

DEFINITION

New narrower exemptions replace the old broad exemption: only 'corporate financial records or critical infrastructure information' that have not previously been made public are exempt from disclosure, rather than all records related to potential or actual provision of financing.

REQUIREMENT

Personal liability immunity was narrowed from covering 'Directors, officers, and employees' of the corporation to only 'Directors of the corporation,' removing protection for officers and employees.

SCOPE

Assembly Members Petrie-Norris and Solache were added as coauthors, indicating Assembly sponsorship of the bill.

Floor votes · Senate May 28, 2025 · Assembly Aug 26, 2026

How they voted

35–2

Passed · 3 other

Total votes 40

May 28, 2025

D Democratic30

28 Yea 2

93% Yea

R Republican10

7 Yea 2 Nay 1

70% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Aug 27, 2026

Upper · Passed

Assembly amendments concurred in. (Ayes 34. Noes 4.) Ordered to engrossing and enrolling.

upper

Aug 26, 2026

Introduced

In Senate. Concurrence in Assembly amendments pending.

upper

Aug 26, 2026

Lower · Passed

Read third time. Passed. Ordered to the Senate.

lower

Aug 18, 2026

Lower · Passed

Read third time and amended.

lower

Aug 29, 2025

Lower · Passed

From committee: Do pass. (Ayes 11. Noes 1.) (August 29).

lower

Jul 8, 2025

Lower · Passed

From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (July 8). Re-referred to Com. on APPR.

lower

Jul 2, 2025

Lower · Passed

From committee with author's amendments. Read second time and amended. Re-referred to Com. on E.D., G., & H.I.

lower

Jul 2, 2025

Lower · Passed

From committee: Do pass and re-refer to Com. on E.D., G., & H.I. (Ayes 10. Noes 0.) (July 1). Re-referred to Com. on E.D., G., & H.I.

lower

Jun 16, 2025

Committee

Re-referred to Coms. on JUD. and E.D., G., & H.I. pursuant to Assembly Rule 96.

lower

Jun 5, 2025

Committee

Referred to Coms. on E.D., G., & H.I. and JUD.

lower

May 28, 2025

Upper · Passed

Read third time. Passed. (Ayes 35. Noes 2. Page 1290.) Ordered to the Assembly.

upper

May 23, 2025

Upper · Passed

From committee: Do pass. (Ayes 6. Noes 0. Page 1212.) (May 23).

upper

May 7, 2025

Upper · Passed

May 12 hearing postponed by committee.

upper

May 1, 2025

Upper · Passed

Read second time and amended. Re-referred to Com. on APPR.

upper

Apr 30, 2025

Upper · Passed

From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 13. Noes 0. Page 943.) (April 29).

upper

Apr 21, 2025

Upper · Passed

From committee: Do pass and re-refer to Com. on JUD. (Ayes 10. Noes 0. Page 809.) (April 21). Re-referred to Com. on JUD.

upper

Apr 10, 2025

Upper · Passed

From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. P. & E.D.

upper

Mar 12, 2025

Committee

Referred to Coms. on B. P. & E.D. and JUD.

upper

Feb 21, 2025

Introduced

Introduced. To Com. on RLS. for assignment. To print.

upper

1 primary · 2 co-sponsors