In 1994, California created the Bergeson-Peace Infrastructure and Economic Development Bank, more commonly known as Ibank. The IBank is California’s only general purpose financing authority. It helps finance public infrastructure and private development that promotes a healthy climate for jobs, contributes to a strong economy, and improves the quality of life in California communities.
The IBank is part of the GO-Biz office, which is short for the Governor’s Office of Business and Economic Development. The IBank is governed by a five-member board of directors. A full-time executive director runs day-to-day operations. The IBank issues a number of different bonds to finance its programs. There are also a number of different programs within the IBank, including the Infrastructure State Revolving Fund Program.
The IBank also issues loan guarantees in partnership with seven different collaborating financial development corporations, or FDCs, in California. According to the IBank, since its inception it has financed more than $55 billion in infrastructure and economic development projects in California.
You can find the full transcript of the audio in today’s podcast here.