Bill Text: CA AB1768 | 2015-2016 | Regular Session | Amended
Bill Title: Bonds: transportation.
Spectrum: Partisan Bill (Republican 12-0)
Status: (Failed) 2016-11-30 - From committee without further action. [AB1768 Detail]
Download: California-2015-AB1768-Amended.html
BILL NUMBER: AB 1768 AMENDED
BILL TEXT
AMENDED IN ASSEMBLY FEBRUARY 25, 2016
INTRODUCED BY Assembly Member Gallagher
(Principal coauthor: Assembly Member Wilk)
(Coauthors: Assembly Members Achadjian, Travis Allen,
Baker, Brough, Harper, Jones, Kim, Obernolte, and
Patterson)
( Coauthor: Senator Bates
)
FEBRUARY 3, 2016
An act to add Section 2704.096 to the Streets and Highways Code,
relating to bond proceeds, and declaring the urgency thereof, to take
effect immediately.
LEGISLATIVE COUNSEL'S DIGEST
AB 1768, as amended, Gallagher. Bonds: transportation.
Existing law, the Safe, Reliable High-Speed Passenger Train Bond
Act for the 21st Century, approved by the voters as Proposition 1A at
the November 4, 2008, statewide general election, provides for the
issuance of $9 billion in general obligation bonds for high-speed
rail purposes and $950,000,000 for other related rail purposes.
Article XVI of the California Constitution requires measures
authorizing general obligation bonds to specify the single object or
work to be funded by the bonds and further requires a bond act to be
approved by a 2/3 vote of each house of the Legislature and a
majority of the voters.
This bill would provide that no further bonds shall be sold for
high-speed rail purposes pursuant to the Safe, Reliable High-Speed
Passenger Train Bond Act for the 21st Century, expect
except as specifically provided with respect to
an existing appropriation for high-speed rail purposes for early
improvement projects in the Phase 1 blended system. The bill, subject
to the above exception, would require redirection of the unspent
proceeds received from outstanding bonds issued and sold for other
high-speed rail purposes prior to the effective date of these
provisions, upon appropriation, for use in retiring the debt incurred
from the issuance and sale of those outstanding bonds. The bill,
subject to the above exception, would also require the net proceeds
of other bonds subsequently issued and sold under the high-speed rail
portion of the bond act to be made available, upon appropriation, to
fund projects in the state highway operation and protection
program. State Highway Operation and Protection
Program. The bill would make no changes to the authorization
under the bond act for issuance of $950,000,000 for rail purposes
other than high-speed rail. These provisions would become effective
only upon approval by the voters at the next statewide election.
This bill would declare that it is to take effect immediately as
an urgency statute.
Vote: 2/3. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 2704.096 is added to the Streets and Highways
Code, to read:
2704.096. (a) (1) Notwithstanding any other provision of this
chapter, and except as provided in paragraph (2), no further bonds
shall be issued and sold for purposes of Section 2704.06 on and after
the effective date of this section.
(2) This section shall not apply to bonds issued and sold for
purposes of Section 2704.06 with respect to the appropriation in Item
2665-104-6043 of Section 2.00 of the Budget Act of 2012, as added by
Section 3 of Chapter 152 of the Statutes of 2012.
(b) Notwithstanding any other provision of this chapter, and
except as otherwise provided in paragraph (2) of subdivision (a), the
unspent proceeds received from outstanding bonds issued and sold
pursuant to Section 2704.06 prior to the effective date of this
section shall, upon appropriation by the Legislature, be redirected
from high-speed rail purposes for use in retiring the debt incurred
from the issuance and sale of those outstanding bonds.
(c) Notwithstanding any other provision of this chapter, the
remaining unissued bonds, as of the effective date of this section,
that were previously authorized pursuant to Section 2704.06, except
as otherwise provided in paragraph (2) of subdivision (a), are hereby
authorized to be issued and sold, with the net proceeds to be made
available, upon appropriation by the Legislature, to fund projects in
the state highway operation and protection program.
State Highway Operation and Protection Program.
SEC. 2. Section 1 of this act would modify the single object or
work of a general obligation bond act previously submitted to the
voters by the Legislature pursuant to Section 1 of Article XVI of the
California Constitution, and subsequently approved by the voters as
Proposition 1A at the November 4, 2008, statewide general election.
Accordingly, Section 1 of this act shall become effective only upon
approval by the voters. The Secretary of State shall submit Section 1
of this act to the voters on the ballot of the next statewide
election.
SEC. 3. This act is an urgency statute necessary for the immediate
preservation of the public peace, health, or safety within the
meaning of Article IV of the Constitution and shall go into immediate
effect. The facts constituting the necessity are:
In order to provide for the submission of modifications of a
general obligation bond act to the voters as quickly as possible, it
is necessary for this act to take effect immediately.
