SECTIONS 63043-63047

63043.  Notwithstanding any other provision of this division,Article 3 (commencing with Section 63040) and Article 4 (commencingwith Section 63042), shall not apply to any conduit financing foreconomic development facilities by the bank directly for the benefitof a participating party.63044.  The bank shall consider a project for conduit financing foreconomic development facilities upon filing of an application withthe bank by an appropriate participating party, on the terms andconditions the bank shall determine. The bank shall establishprocedures for the expeditious review of applications for theissuance or approval of bonds to finance economic developmentfacilities.63045.  In order to provide or arrange for the financing of economicdevelopment facilities, the bank may: (a) Issue taxable revenue bonds pursuant to Chapter 5 (commencingwith Section 63070) to provide financing for economic developmentprojects compatible with the public interest as specified in Section63046. (b) Issue taxable revenue bonds pursuant to Chapter 5 (commencingwith Section 63070) to provide financing for the revolving loan fundsand economic development projects of small business developmentcorporations, local economic development corporations, communitydevelopment corporations, and nonprofit organizations, whichrevolving loan funds and economic development projects shall becompatible with the public interest. (c) Issue tax-exempt revenue bonds pursuant to Chapter 5(commencing with Section 63070) to provide financing for economicdevelopment facilities as permitted by federal law and in accordancewith applicable California law relating to the distribution of stateallocations for private activity bonds. Projects so financed shall becompatible with the public interest as specified in Section 63046. (d) Issue tax-exempt revenue bonds pursuant to Chapter 5(commencing with Section 63070) for economic development facilitiesof public sector and nonprofit organizations qualifying for exemptionunder federal law.63046.  No financing shall be made by the bank under this articleunless the bank shall have first determined that the financing orassistance meets the following public interest criteria: (a) The financing, loan, grant, or other assistance is for aproject or a use in the State of California. (b) Those seeking funds or other assistance are capable of meetingobligations incurred under relevant agreements. (c) In the case of loans or bonds, payments to be made underapplicable financing documents are adequate to pay the currentexpenses of the bank in connection with the financing and to makepayments on the bonds. (d) The proposed financing is appropriate for the specificproject.63047.  (a) Any loan entered into pursuant to this article maycontain provisions for payment of a penalty if any recipient of fundsunder this article leaves this state prior to the completion of thefull term of the loan. (b) Projects that the board determines will produce long-termemployment creation or retention shall receive first priority forfinancing. (c) Any recipient of funds under this article that utilizes thefunds for construction purposes, shall certify that the contractorsare properly licensed by the Contractors' State License Board. (d) The bank shall require that the proposed economic developmentfacilities be consistent with any existing local or regionalcomprehensive plan. (e) The bank shall develop a policy regarding financing companiesthat move within this state so as to minimize any displacement ofjobs. (f) In addition to any other methods the bank may use to identifyeconomic development projects, the bank shall utilize existing localeconomic development networks to identify these projects and preparea plan, in consultation with local economic development networks andtheir organizations and representatives, to implement this policy.