Bill Text: CA AB1647 | 2013-2014 | Regular Session | Amended

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Bill Title: Bonds: school districts and community college districts.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2014-08-25 - Read second time. Ordered to third reading. Re-referred to Com. on RLS. pursuant to Senate Rule 29.10(c). [AB1647 Detail]

Download: California-2013-AB1647-Amended.html

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BILL NUMBER: AB 1647	AMENDED
	BILL TEXT

	AMENDED IN SENATE  AUGUST 22, 2014
	AMENDED IN ASSEMBLY  MARCH 28, 2014

INTRODUCED BY   Assembly Member  Bigelow   Wilk


                        FEBRUARY 11, 2014

   An act to  repeal Sections 3029 and 4401.5 of the Food and
Agricultural Code,    amend Section 15144.3 of the
Education Code,  relating to  fairs.  
bonds. 


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1647, as amended,  Bigelow   Wilk  .
 Fairs: Department of Food and Agriculture.  
Bonds: school districts and community college districts.  
   Existing law authorizes the governing board of any school district
or community college district to order an election and submit to the
electors of the district the question whether the bonds of the
district should be issued and sold to raise money for specified
purposes. 
   Existing law requires the ratio of total debt service to principal
for each bond series to not exceed 4 to 1. Existing law requires
each bond that allows for the compounding of interest, including, but
not limited to, a capital appreciation bond, maturing more than 10
years after its date of issuance to be subject to redemption before
its fixed maturity date, as specified, beginning no later than the
10th anniversary of the date the bond was issued. Existing law
requires, if the sale includes bonds that allow for the compounding
of interest, including, but not limited to, capital appreciation
bonds, the agenda item to identify that bonds that allow for the
compounding of interest are proposed and require the governing board
of the school district or community college district to be presented
with specified information concerning the bonds. Existing law
requires a school district or community college district that intends
to issue bonds that allow for the compounding of interest,
including, but not limited to, capital appreciation bonds, to comply
with certain requirements.  
   This bill would exempt a school district or community college
district whose electors approved the issuance of a note in an
election held on or before January 1, 2014, and began issuing a note
pursuant to that authority on or before January 1, 2014, from, among
other requirements, the requirements specified in the previous
paragraph.  
   (1) Existing law requires that each state, district, county, or
citrus fruit fair that receives state funds make an annual report to
the Department of Food and Agriculture regarding the total number of
credential and courtesy pass admissions issued and honored at the
fair.  
   This bill would delete this requirement.  
   (2) Existing law requires the Secretary of Food and Agriculture to
expend up to $100,000 in any fiscal year for exhibits at a
state-supported fair that demonstrate the process of production and
use of food and fiber from the producer to the consumer in this
state. Existing law requires the secretary to annually provide for a
conference of fair judges to aid the department in prescribing
regulations for the judging of exhibits and for the premiums paid for
all classes, sections, and types of exhibits, and authorizes the
secretary to expend up to $15,000 in any fiscal year for these
purposes.  
   This bill would eliminate these provisions. 
   Vote: majority. Appropriation: no. Fiscal committee:  yes
  no  . State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

   SECTION 1.    Section 15144.3 of the  
Education Code   is amended to read: 
   15144.3.   A   (a)     A
   school district or community college district with a
note issued before December 31, 2013, pursuant to Section 15150 may
seek from the state board or the Chancellor of the California
Community Colleges, as applicable, a one-time waiver from one or more
of the requirements of Sections  2, 3, 5, and 6 of 
 15144.1, 15144.2, and 15146 and Section 53508.5 of the 
 Government Code, as they were enacted by  Assembly Bill 182
of the 2013-14 Regular Session, if both of the following are
satisfied: 
   (a) 
    (1)  The proceeds of the issuance subject to the waiver
will be used only for the purpose of paying the note. 
   (b) 
    (2)  The school district or community college district
has provided to the state board or the Chancellor of the California
Community Colleges, as applicable, an analysis from a financial
adviser unaffiliated with the school district, the community college
district, or the underwriter used by the school district or community
college district, showing the total overall costs of the proposed
bond, how the issuance is the most cost-effective method, and the
reasons why the school district or community college district is
unable to meet those requirements of Sections  2, 3, 5, and 6
of   15144.1, 15144.2, and 15146 and Section 53508.5 of
the Government Code, as they were enacted by  Assembly Bill 182
of the 2013-14 Regular Session that are the subject of the waiver.

   (b) A school district or a community college district whose
electors approved the issuance of a note in an election held on or
before January 1, 2014, and began issuing a note pursuant to that
authority on or before January 1, 2014, shall not be subject to the
requirements provided in Sections 15144.1, 15144.2, and 15146 and
Section 53508.5 of the Government Code, as they were enacted by
Assembly Bill 182 of the 2013-14 Regular Session.  
  SECTION 1.    Section 3029 of the Food and
Agricultural Code is repealed.  
  SEC. 2.    Section 4401.5 of the Food and
Agricultural Code is repealed.