AB 203 Advances - Your Taxes "invested" In Mexico

[Ayatollahgondola]

I guess the state is so flush with your future tax revenue that they can extend the use of it to mexico

LEGISLATIVE COUNSEL'S DIGEST


AB 311, as introduced, V. Manuel Pérez. Economic development
projects.
The Bergeson-Peace Infrastructure and Economic Development Bank
Act authorizes the California Infrastructure and Economic Development
Bank, governed by a board of directors, to make loans and provide
other assistance to public and private entities for various types of
economic development projects, among other things. The activities of
the bank under these provisions are funded from the California
Infrastructure and Economic Development Bank Fund, which is
continuously appropriated for these purposes.
This bill would authorize the board of directors to enter into
development and financing agreements for projects within the
California-Mexico border region, as defined. The bill would authorize
the bank to establish and participate in a binational financing
authority to facilitate and support the economic development of
communities within the border region. The bill would require the bank
to develop guidelines for the selection, review, and approval of
border region projects and authorize the bank to issue bonds, the
proceeds of which would be deposited in the Binational Development
Account, which the bill would create within the fund. By expanding
the purposes for which a continuously appropriated fund may be used,
the bill would make an appropriation. The bill would state that
certain provisions of this bill shall become operative only if the
Executive Director of the California Infrastructure and Economic
Development Bank determines that there are sufficient funds available
to implement those provisions and submits a letter to the
Legislature to that effect.
Vote: majority. Appropriation: yes. Fiscal committee: yes.
State-mandated local program: no.

e) (1) "Bonds" means bonds, including
structured, senior, and subordinated bonds or other securities;
loans; notes, including bond, revenue, tax
tax, or grant anticipation notes; commercial paper; floating
rate and variable maturity securities; and any other evidences of
indebtedness or ownership, including certificates of participation or
beneficial interest, asset backed certificates, or lease-purchase or
installment purchase agreements, whether taxable or excludable from
gross income for federal income taxation purposes.
(2) "Border region" means the area within 125 miles on each side
of the California-Mexico border, including areas along the
north-south and east-west transportation networks on both sides of
the border.