The Golden State Infrastructure Corporation Act.

Senator Caballero's Golden State Infrastructure Corporation Act establishes a new public financing entity within the State Treasurer's Office to accelerate infrastructure development across California. The not-for-profit corporation would provide loans, issue bonds, and extend other financing options to both public agencies and private companies for infrastructure projects.

The corporation would operate under a board of directors chaired by the State Treasurer and including the State Controller, the Director of Business and Economic Development, and two gubernatorial appointees with real estate financing and development expertise. An executive director appointed by the Treasurer would manage daily operations. The board must approve operational policies before any financing can be provided.

The act creates a continuously appropriated Infrastructure Corporation Fund to support the entity's operations and financing activities. The corporation can issue revenue bonds, make direct loans, provide credit enhancements, and structure other financing arrangements. While the corporation's bonds would be legal investments for public funds, they would not constitute state debt or obligations.

To protect sensitive financial information, certain corporation records related to private infrastructure company financing would be exempt from public disclosure requirements. The board could also meet in closed session when considering private financing proposals, though meetings about public agency projects would remain open. The corporation must submit annual reports to the Governor and Legislature detailing its activities, finances and project impacts.