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 expand California's infrastructure development capabilities. The proposed corporation would operate as an independent, not-for-profit organization authorized to provide loans, issue bonds, and facilitate other financing mechanisms for infrastructure projects throughout the state.

The corporation would be governed by a five-member board of directors, including the State Treasurer as chair, the State Controller, the Director of the Governor's Office of Business and Economic Development, and two gubernatorial appointees with expertise in real estate financing and development. An executive director appointed by the Treasurer would manage daily operations and implement board policies.

The legislation grants the corporation broad financing powers, including the ability to issue revenue bonds, make direct loans, and provide credit enhancements for both public and private infrastructure projects. While the corporation could access tax-exempt and taxable financing options, the state would bear no liability for its obligations. The bill creates a continuously appropriated Golden State Infrastructure Corporation Fund to support operations and requires annual reporting to the Governor, Legislature, and Legislative Analyst's Office on the corporation's activities and impacts.

To facilitate private sector participation, the bill exempts certain financial records from public disclosure requirements and permits closed board sessions when considering private infrastructure company financing. The corporation must prioritize projects that demonstrate potential for long-term employment creation or retention, while maintaining strict criteria for evaluating financing proposals based on project viability and public benefit.