The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the California Infrastructure and Economic Development Bank (I-Bank) . Among other things, the act authorizes I-Bank to make loans, issue bonds, and provide financial assistance to economic development or public development facilities.
This bill, the California Manufacturing Competitiveness Act of 2020, would require I-Bank to establish the California Manufacturing Competitiveness Loan and Loan Guarantee Program for the purpose of attracting, retaining, and expanding manufacturing facilities, and would require I-Bank to establish guidelines for the implementation and oversight of the program. The bill would prohibit I-Bank from commencing the program until it adopts a resolution finding that there is sufficient funding in the account to cover the costs of implementing the program. The bill would require I-Bank to provide for the development and administration of the program application and evaluation process, and would require program applicants to demonstrate satisfaction of specified requirements. The bill would also require each applicant to pay a nonrefundable application fee.
The bill would create the Manufacturing Program Account within the California Infrastructure and Economic Development Bank Fund, and would provide that the moneys in the account be made available to I-Bank, upon appropriation by the Legislature, for specified purposes. The bill would authorize moneys in the account to be allocated to a lending institution or financial company that will act as trustee of the funds, with the approval of the Department of Finance.
The bill would require the commission, beginning October 1, 2021, and annually thereafter, to post on its internet website or provide to the Legislature, as specified, a report on the program's activities and impact on the manufacturing industry, and on the state's economy generally.
The bill would further provide that the above described provisions will be implemented only to the extent that sufficient moneys are available to I-Bank to implement the California Manufacturing Competitiveness Loan and Loan Guarantee Program. The bill would provide that its provisions only remain in effect until January 1, 2026, and as of that date are repealed.

Statutes affected:
AB 3307: 51298.5 GOV
02/21/20 - Introduced: 51298.5 GOV
05/04/20 - Amended Assembly: 63050 GOV, 51298.5 GOV
AB3307: 51298.5 GOV