CA SB 769
vetoedThe Golden State Infrastructure Corporation Act.
California · 2025-2026 Regular Session · upper
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Quick answers
Did CA SB 769 pass?
No. CA SB 769 passed the legislature but was vetoed. Latest recorded action (2026-09-18): In Senate. Consideration of Governor's veto pending.
What is CA SB 769 about?
Existing law, 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, issue bonds, and provide other financial assistance for various types of infrastructure and economic development projects. Existing law establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, to support the bank. This bill would enact the Golden State Infrastructure Corporation Act and would establish the Golden State Infrastructure Corporation, within the State Treasurer's Office, as a not-for-profit corporation for the purpose of administering the act and financing infrastructure projects. The bill would require the corporation to be governed by a board of directors, with a prescribed membership, and would require the business and affairs of the corporation to be managed by an executive director appointed by the Treasurer. This bill would prescribe the powers and duties of the corporation, including entering into financing transactions, borrowing money or issuing bonds, and setting and charging fees for obtaining financing from the corporation. Under the bill, the state would not in any way be liable for any obligation of the corporation, and the corporation would not be required to pay any taxes, except as provided. The bill would require the corporation, not later than January 1 of each year, to submit to the Governor, the Legislature, and the Legislative Analyst's Office a report for the preceding fiscal year containing information on the Golden State Infrastructure Corporation Fund, which the bill would create, and the corporation's activities, including specified information. This bill would authorize the corporation to extend financing to either an infrastructure company, a governmental entity, or a combination of those entities, as provided, if the board determines that the financing meets specified criteria. The bill would authorize the corporation, upon board approval, to issue revenue bonds, in a principal amount that the board determines to be necessary, convenient, or desirable to provide moneys for the corporation's purposes, which may include, among others, to provide financing to one or more governmental entities or infrastructure companies for infrastructure projects, as provided. The bill would prescribe requirements for issuing the bonds. The bill would require the board to approve operational policies prior to providing financing for any infrastructure project. The bill would, for purposes of the California Public Records Act, treat the corporation as a state agency, as defined. The bill would, however, exempt from disclosure under that act specified corporate financial records or critical infrastructure information, as defined, furnished to the corporation that have not previously been made public, and would authorize the board, notwithstanding the provisions of the Bagley-Keene Open Meeting Act, to meet in closed session to review or discuss corporate financial records or critical infrastructure information necessary for the board to consider whether to approve or modify a financing, or to discuss the performance of any financing, provided to an infrastructure company for an infrastructure project. This bill would provide that all moneys in the Golden State Infrastructure Corporation Fund are continuously appropriated for the support of the corporation, to be available for expenditure for the purposes stated in the bill. Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest. This bill would make legislative findings to that effect.
Who sponsors CA SB 769?
Caballero is the primary sponsor of CA SB 769, joined by 2 cosponsors.
Description
Existing law, 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, issue bonds, and provide other financial assistance for various types of infrastructure and economic development projects. Existing law establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, to support the bank. This bill would enact the Golden State Infrastructure Corporation Act and would establish the Golden State Infrastructure Corporation, within the State Treasurer's Office, as a not-for-profit corporation for the purpose of administering the act and financing infrastructure projects. The bill would require the corporation to be governed by a board of directors, with a prescribed membership, and would require the business and affairs of the corporation to be managed by an executive director appointed by the Treasurer. This bill would prescribe the powers and duties of the corporation, including entering into financing transactions, borrowing money or issuing bonds, and setting and charging fees for obtaining financing from the corporation. Under the bill, the state would not in any way be liable for any obligation of the corporation, and the corporation would not be required to pay any taxes, except as provided. The bill would require the corporation, not later than January 1 of each year, to submit to the Governor, the Legislature, and the Legislative Analyst's Office a report for the preceding fiscal year containing information on the Golden State Infrastructure Corporation Fund, which the bill would create, and the corporation's activities, including specified information. This bill would authorize the corporation to extend financing to either an infrastructure company, a governmental entity, or a combination of those entities, as provided, if the board determines that the financing meets specified criteria. The bill would authorize the corporation, upon board approval, to issue revenue bonds, in a principal amount that the board determines to be necessary, convenient, or desirable to provide moneys for the corporation's purposes, which may include, among others, to provide financing to one or more governmental entities or infrastructure companies for infrastructure projects, as provided. The bill would prescribe requirements for issuing the bonds. The bill would require the board to approve operational policies prior to providing financing for any infrastructure project. The bill would, for purposes of the California Public Records Act, treat the corporation as a state agency, as defined. The bill would, however, exempt from disclosure under that act specified corporate financial records or critical infrastructure information, as defined, furnished to the corporation that have not previously been made public, and would authorize the board, notwithstanding the provisions of the Bagley-Keene Open Meeting Act, to meet in closed session to review or discuss corporate financial records or critical infrastructure information necessary for the board to consider whether to approve or modify a financing, or to discuss the performance of any financing, provided to an infrastructure company for an infrastructure project. This bill would provide that all moneys in the Golden State Infrastructure Corporation Fund are continuously appropriated for the support of the corporation, to be available for expenditure for the purposes stated in the bill. Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest. This bill would make legislative findings to that effect.
- Introduced
- 2025-02-21
- Latest action
- 2026-09-18 — In Senate. Consideration of Governor's veto pending.
- Bill type
- bill,appropriation
- Last updated
- —
Subjects
Sponsors
- Caballeroauthor
- Petrie-Norriscoauthor
- Solachecoauthor
Committees
Not provided by source.
Action timeline
Newest first
2026-09-18
In Senate. Consideration of Governor's veto pending.
2026-09-18
Vetoed by the Governor.
executive-veto
2026-09-02
Enrolled and presented to the Governor at 3 p.m.
executive-receipt
2026-08-27
Assembly amendments concurred in. (Ayes 34. Noes 4.) Ordered to engrossing and enrolling.
2026-08-26
Read third time. Passed. Ordered to the Senate.
passage,reading-1,reading-3
2026-08-26
In Senate. Concurrence in Assembly amendments pending.
2026-08-26
Read third time. Passed. (Ayes 64. Noes 5. Page 6615.) Ordered to the Senate.
passage,reading-1,reading-3
2026-08-18
Read third time and amended.
amendment-passage,reading-1,reading-3
2026-08-18
Ordered to third reading.
reading-1,reading-3
2026-08-04
Ordered to third reading.
reading-1,reading-3
2026-08-04
From inactive file.
2026-08-03
Notice of intention to remove from inactive file given by Assembly Member Aguiar-Curry.
2025-09-04
Ordered to inactive file on request of Assembly Member Aguiar-Curry.
2025-09-02
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2025-08-29
From committee: Do pass. (Ayes 11. Noes 1.) (August 29).
committee-passage,committee-passage-favorable
2025-08-20
August 20 set for first hearing. Placed on APPR. suspense file.
2025-07-08
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (July 8). Re-referred to Com. on APPR.
committee-passage,committee-passage-favorable,referral-committee
2025-07-08
Coauthors revised.
2025-07-02
From committee: Do pass and re-refer to Com. on E.D., G., & H.I. (Ayes 10. Noes 0.) (July 1). Re-referred to Com. on E.D., G., & H.I.
committee-passage,committee-passage-favorable,referral-committee
2025-07-02
From committee with author's amendments. Read second time and amended. Re-referred to Com. on E.D., G., & H.I.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2025-06-20
June 24 set for first hearing canceled at the request of author.
2025-06-16
Re-referred to Coms. on JUD. and E.D., G., & H.I. pursuant to Assembly Rule 96.
referral-committee
2025-06-05
Referred to Coms. on E.D., G., & H.I. and JUD.
referral-committee
2025-05-28
In Assembly. Read first time. Held at Desk.
reading-1
2025-05-28
Read third time. Passed. (Ayes 35. Noes 2. Page 1290.) Ordered to the Assembly.
passage,reading-1,reading-3
2025-05-23
From committee: Do pass. (Ayes 6. Noes 0. Page 1212.) (May 23).
committee-passage,committee-passage-favorable
2025-05-23
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2025-05-20
Set for hearing May 23.
2025-05-19
May 19 hearing: Placed on APPR. suspense file.
2025-05-09
Set for hearing May 19.
2025-05-07
May 12 hearing postponed by committee.
2025-05-06
Set for hearing May 12.
2025-05-01
Read second time and amended. Re-referred to Com. on APPR.
amendment-passage,reading-1,reading-2,referral-committee
2025-04-30
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 13. Noes 0. Page 943.) (April 29).
amendment-passage,committee-passage,committee-passage-favorable,referral-committee
2025-04-21
From committee: Do pass and re-refer to Com. on JUD. (Ayes 10. Noes 0. Page 809.) (April 21). Re-referred to Com. on JUD.
committee-passage,committee-passage-favorable,referral-committee
2025-04-10
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. P. & E.D.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2025-04-08
Set for hearing April 29 in JUD. pending receipt.
2025-03-18
Set for hearing April 21.
2025-03-12
Referred to Coms. on B. P. & E.D. and JUD.
referral-committee
2025-02-24
From printer. May be acted upon on or after March 24.
2025-02-24
Read first time.
reading-1
2025-02-21
Introduced. To Com. on RLS. for assignment. To print.
introduction,referral-committee
Versions
- 02/21/25 - Introduced — 2025-02-21Compare
- 04/10/25 - Amended Senate — 2025-04-10Compare
- 05/01/25 - Amended Senate — 2025-05-01Compare
- 07/02/25 - Amended Assembly — 2025-07-02Compare
- 08/18/26 - Amended Assembly — 2026-08-18Compare
- 08/30/26 - Enrolled — 2026-08-30Compare
- (document, no version)Compare
- SB769Compare
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Votes
Do pass, but first be re-referred to the Committee on [Judiciary]
2025-04-21 · pass · 10-0
Member-level votes (11)
- Arreguín: yes
- Archuleta: yes
- Weber Pierson: yes
- Grayson: yes
- Richardson: yes
- Ashby: yes
- Smallwood-Cuevas: yes
- Strickland: yes
- Umberg: yes
- Niello: yes
- Choi: other
Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations]
2025-04-29 · pass · 13-0
Member-level votes (13)
- Arreguín: yes
- Niello: yes
- Allen: yes
- Durazo: yes
- Laird: yes
- Valladares: yes
- Wahab: yes
- Stern: yes
- Caballero: yes
- Weber Pierson: yes
- Ashby: yes
- Umberg: yes
- Wiener: yes
Placed on suspense file
2025-05-19 · pass · 5-0
Member-level votes (7)
- Wahab: yes
- Grayson: yes
- Caballero: yes
- Seyarto: yes
- Richardson: yes
- Cabaldon: other
- Dahle: other
Do pass
2025-05-23 · pass · 6-0
Member-level votes (7)
- Caballero: yes
- Seyarto: yes
- Wahab: yes
- Cabaldon: yes
- Richardson: yes
- Grayson: yes
- Dahle: other
3rd Reading
2025-05-28 · pass · 35-2
Member-level votes (40)
- McNerney: yes
- Cabaldon: yes
- Allen: yes
- Padilla: yes
- Cervantes: yes
- Gonzalez: yes
- Smallwood-Cuevas: yes
- Laird: yes
- Becker: yes
- Rubio: yes
- Strickland: yes
- Umberg: yes
- Caballero: yes
- Arreguín: yes
- Wahab: yes
- Weber Pierson: yes
- Archuleta: yes
- McGuire: yes
- Richardson: yes
- Blakespear: yes
- Cortese: yes
- Hurtado: yes
- Valladares: yes
- Alvarado-Gil: yes
- Grove: yes
- Dahle: yes
- Durazo: yes
- Niello: yes
- Ashby: yes
- Grayson: yes
- Wiener: yes
- Stern: yes
- Pérez: yes
- Seyarto: yes
- Menjivar: yes
- Choi: no
- Jones: no
- Limón: other
- Reyes: other
- Ochoa Bogh: other
Do pass and be re-referred to the Committee on [Economic Development, Growth, and Household Impact]
2025-07-01 · pass · 10-0
Member-level votes (12)
- Connolly: yes
- Zbur: yes
- Harabedian: yes
- Kalra: yes
- Dixon: yes
- Pacheco: yes
- Papan: yes
- Stefani: yes
- Bryan: yes
- Bauer-Kahan: yes
- Macedo: other
- Sanchez: other
Do pass and be re-referred to the Committee on [Appropriations]
2025-07-08 · pass · 6-0
Member-level votes (8)
- Wallis: yes
- Stefani: yes
- Solache: yes
- Petrie-Norris: yes
- Patel: yes
- Soria: yes
- Castillo: other
- Bonta: other
Do pass.
2025-08-29 · pass · 11-1
Member-level votes (15)
- Elhawary: yes
- Pellerin: yes
- Fong: yes
- Pacheco: yes
- Calderon: yes
- Arambula: yes
- Mark González: yes
- Wicks: yes
- Caloza: yes
- Ahrens: yes
- Solache: yes
- Tangipa: no
- Sanchez: other
- Ta: other
- Dixon: other
Related bills
No related bills recorded for this bill.
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