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IBank urges removal of sunset on Climate Catalyst program and PRA exemption to protect federal funds and private partnerships
Summary
IBank told the Senate subcommittee that extending its Climate Catalyst Revolving Loan Fund and a Public Records Act exemption is necessary to avoid jeopardizing hundreds of millions in federal funds and to preserve private counterpart confidentiality for public‑private finance activities.
Scott Wu, executive director of the California Infrastructure and Economic Development Bank (IBank), told the Senate Budget Subcommittee No. 4 that the governor's budget requests both removal of the sunset date for the Climate Catalyst Revolving Loan Fund and elimination of the current sunset on IBank's PRA exemption for trade secrets and sensitive business information.
Wu said extending the Climate Catalyst program is necessary to avoid putting nearly $450 million in awarded federal funds at risk and to allow the bank to reinvest repaid program…
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