| ASSEMBLYMEMBER IRA RUSKIN 21ST DISTRICT ASSEMBLY DISTRICT For Immediate Release: April 19, 2005 Contact: Peter Hartnett Phone: (916) 319-2021 |
| Ruskin’s Bill to Aid Charitable Organizations Gains Assembly Approval |
| Assemblymember Ira Ruskin (D-Redwood City) announced that his legislation to make it easier for charitable foundations to loan money for land conservation, environmental protection, healthcare and other civic purposes passed out the Assembly. The bill, Assembly Bill 865, will now be considered by the State Senate.
“My bill gives charitable foundations a greater ability to loan funds to non-profits to carry out their good works. At a time when public funds for environmental enhancement and protection are scarce, foundations must be able to provide loans for the public benefit,” Ruskin said. AB 865 creates an exemption in the California Finance Lenders Law for tax exempt foundations and charities that make loans for charitable, program-related purposes. Many charities and foundations in California make low- or no-interest loans to finance conservation land acquisitions or the construction of non-profit facilities. They may also provide bridge financing for other non-profit organizations. AB 865 is supported by the Packard Foundation, Peninsula Open Space Trust, Planning and Conservation League, Big Sur Land Trust, Second Harvest Food Bank, The Nature Conservancy, California Economic Development Lending Initiative and the Low Income Investment Fund. |
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| Capitol Office: State Capitol, P.O. Box 942849, Sacramento, CA 94249-0021 -- (916) 319-2021 -- Fax: (916) 319-2121 |