(1)The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the Infrastructure and Economic Development Bank within the Business, Transportation and Housing Agency. The act provides that bank is governed and its corporate powers are exercised by a board of directors of which the Secretary of Business, Transportation and Housing or his or her designee shall serve as chair.

This bill would delete the provisions establishing the bank within the Business, Transportation and Housing Agency and providing that the Secretary of Business, Transportation and Housing or his or her designee shall serve as chair of the board of directors. It instead would provide that the bank is within state government and that the Director of Finance or his or her designee shall serve as chair of the board of directors.

(2)The act sets forth the duties and authority of the bank and the board generally, including the financing of infrastructure and economic development projects in the state.

This bill would authorize the bank to serve as a facilitator for the development of infrastructure projects that serve regional economic and community development activities. It would require the bank to maintain an Internet Web site that includes information about its programs.

This bill would require the board to adopt a set of 2-year goals and measurable objectives, subject to specified criteria, and to annually adopt a work plan to support the bank in meeting those goals and measurable objectives.

(3)The act provides that the bank is under the direction of an executive director appointed by the Governor, and sets forth the duties and authority of the executive director to perform certain acts in administering and directing the day-to-day operations of the bank, if authorized by the board.

This bill would instead provide that the bank is under the direction of a chief executive officer appointed by the Governor, with these same duties and authority, and additionally provide that the chief executive officer may enter into any interagency agreement with another state agency for the performance of certain administrative functions, if authorized by the board.