Bill Text: CA AB2508 | 2017-2018 | Regular Session | Introduced

California Assembly Bill 2508 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Property tax bills: debt and financial data of the county.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-04-23 - In committee: Set, first hearing. Hearing canceled at the request of author. [AB2508 Detail]

Download: California-2017-AB2508-Introduced.html

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill

No. 2508

Introduced by Assembly Member Brough

February 14, 2018

An act to amend Section 5872 of the Government Code, relating to local government.

LEGISLATIVE COUNSEL'S DIGEST

AB 2508, as introduced, Brough. Conduit financing providers: audits.

Existing law authorizes specified local government entities to issue conduit revenue bonds. Existing law requires that if an audit of a conduit financing provider’s accounts and records is otherwise required by law, that audit must include specified information, and requires any audit of that nature to be made publicly available. Existing law requires a conduit financing provider to annually conduct an audit of its accounts and records and report the results of that audit to the Controller, subject to certain standards.

This bill would make nonsubstantive changes to the provision described above relating to audits of the accounts and records of conduit financing providers.

Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

Section 5872 of the Government Code is amended to read:

5872.

(a) When an audit of a conduit financing provider’s accounts and records is required by law, in addition to any other requirements, the audit shall include all of the following:

(1) A disclosure of fees imposed on borrowers by, or on behalf of, the conduit financing provider.

(2) A disclosure of expenditures related to those fees made by by, or on behalf of of, the conduit financing provider.

(3) The dollar amount and nature of these fees and expenses.

(4) A disclosure of the amount of bonds authorized but unsold at the end of the time period covered by the audit.

(5) A disclosure of the amount of debt the conduit financing provider has issued during the period covered by the audit and the amount of debt still outstanding at the end of the time period covered by the audit.

(b) An audit of a conduit financing provider’s accounts and records shall be made publicly available pursuant to the California Public Records Act (Article 1 (commencing with Section 6250) of Chapter 3.5 of Division 7).

(c) Notwithstanding any other reporting periods permitted pursuant to subdivision (f) of Section 6505, Section 26909, or any other provision of law, a conduit financing provider shall annually conduct an audit of its accounts and records and report the results of that audit to the Controller. The minimum requirements of the annual audit and report shall be prescribed by the Controller and conform to generally accepted auditing standards.