The Golden State Infrastructure Corporation Act.

Senator Caballero's Golden State Infrastructure Corporation Act establishes a new not-for-profit entity within the State Treasurer's Office to finance infrastructure development across California. The corporation will provide loans, issue bonds, and offer other financing mechanisms to both government agencies and private infrastructure companies.

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

The legislation creates the Golden State Infrastructure Corporation Fund as a continuously appropriated source of capital for the corporation's activities. The corporation can issue revenue bonds, make direct loans, provide credit enhancements, and structure other financing arrangements. While the corporation will be subject to public records laws, certain confidential financial information and critical infrastructure details will be exempt from disclosure. The board may hold closed sessions to review sensitive financing matters.

Projects that create or retain long-term employment will receive priority consideration. The corporation must submit annual reports to the Governor, Legislature and Legislative Analyst detailing its financing activities, administrative costs, and economic impacts. While operating as a state agency, the corporation's obligations will not constitute state debt or liability.