Bill Text: CA AB411 | 2021-2022 | Regular Session | Amended
Bill Title: Veterans Housing and Homeless Prevention Bond Act of 2022.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Engrossed - Dead) 2022-08-11 - In committee: Held under submission. [AB411 Detail]
Download: California-2021-AB411-Amended.html
|
Amended
IN
Assembly
January 24, 2022 |
|
Amended
IN
Assembly
March 01, 2021 |
CALIFORNIA LEGISLATURE—
2021–2022 REGULAR SESSION
Assembly Bill
No. 411
| Introduced by Assembly (Coauthors: Assembly Members Daly, Ramos, Wicks, and Boerner Horvath) |
February 03, 2021 |
An act to add Article 5aa (commencing with Section 998.700) to Chapter 6 of Division 4 of the Military and Veterans Code, relating to veterans’ housing, by providing the funds necessary therefor through an election for the issuance and sale of bonds of the State of California and for the handling and disposition of those funds.
LEGISLATIVE COUNSEL'S DIGEST
AB 411, as amended, Irwin.
Veterans Housing and Homeless Prevention Bond Act of 2022.
Existing law, the Veterans Housing and Homeless Prevention Bond Act of 2014 (the 2014 bond act), authorizes the issuance of bonds in the amount of $600,000,000, as specified, for expenditure by the California Housing Finance Agency, the Department of Housing and Community Development, and the Department of Veterans Affairs to provide housing to veterans and their families pursuant to the Veterans Housing and Homeless Prevention Act of 2014 (VHHPA).
This bill would enact the Veterans Housing and Homeless Prevention Bond Act of 2022 to authorize the issuance of bonds in an amount not to exceed $600,000,000 to provide additional funding for the VHHPA. The bill would provide for the handling and disposition of the funds in the same manner as the 2014 bond act.
The bill would provide for the submission of
the bond act to the voters at the June 7, 2022, March 5, 2024, statewide primary election.
Digest Key
Vote: 2/3 Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Article 5aa (commencing with Section 998.700) is added to Chapter 6 of Division 4 of the Military and Veterans Code, to read:Article 5aa. The Veterans Housing and Homeless Prevention Bond Act of 2022
998.700.
This article shall be known, and may be cited, as the Veterans Housing and Homeless Prevention Bond Act of 2022.998.701.
(a) The State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), as amended from time to time, except as otherwise provided herein, is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued by this article, and the provisions of that law are included in this article as though set out in full in this article. All references in this article to “herein” refer both to this article and that law.(b) For purposes of the State General Obligation Bond Law, the Department of Veterans Affairs is designated the
board. The Department of Veterans Affairs shall carry out the board duties in
consultation with the California Housing Finance Agency and the Department of Housing and Community Development.
998.702.
As used herein, the following terms shall have the following meanings:(a) “Board” means the Department of Veterans Affairs.
(b) “Bond” means a veterans’ bond, a state general obligation bond, issued pursuant to this article adopting the provisions of the State General Obligation Bond Law.
(c) “Bond act” means this article authorizing the issuance of state general obligation bonds and adopting the State General Obligation Bond Law, as amended from time to time, by reference.
(d) “Committee” means the
Housing for Veterans Finance Committee, established pursuant to Section 998.547.
(e) “Fund” means the Housing for Veterans Fund, established pursuant to Section 998.544.
998.703.
(a) Bonds in the total amount of six hundred million dollars ($600,000,000), not including the amount of any refunding bonds issued pursuant to Section 998.713, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in subdivision (b) and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds, when sold, issued, and delivered, shall be and constitute a valid and binding obligation of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal of, and interest on, the bonds as the principal and interest become due and payable.(b) The proceeds of bonds issued and sold pursuant to this section, exclusive of refunding bonds issued pursuant to Section 998.713, shall be made available to the board for the purposes of creating a fund to provide housing to veterans and their families pursuant to the Veterans Housing and Homeless Prevention Act of 2014 (Article 3.2 (commencing with Section 987.001)), and any subsequent statutory enactment that amends that act or enacts or amends any successor act for the purpose of providing housing to veterans and their families.
(c) The Legislature may, from time to time, by majority vote, amend the provisions of this act for the purpose of improving program efficiency, effectiveness, and accountability, or for the purpose of furthering overall program goals.
(d) The proceeds of bonds issued and sold pursuant to this article, not including the proceeds of any refunding bonds issued pursuant to Section 998.713, shall be deposited in the Housing for Veterans Fund, established by Section 998.544.
998.704.
The bonds authorized by this article shall be prepared, executed, issued, sold, paid, and redeemed as provided in the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), as amended from time to time, and all of the provisions of that law, except subdivisions (a) and (b) of Section 16727 of the Government Code, shall apply to the bonds and to this article and are hereby incorporated in this article as though set forth in full in this article.998.705.
The Housing for Veterans Finance Committee, as established and authorized pursuant to Section 998.547, shall act for the purpose of authorizing the issuance and sale pursuant to the State General Obligation Bond Law of the bonds authorized by this article.998.706.
The committee shall determine whether or not it is necessary or desirable to issue bonds authorized pursuant to this article in order to carry out the actions specified in Section 998.703 and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out those actions progressively, and it is not necessary that all of the bonds authorized to be issued be sold at any one time.998.707.
There shall be collected each year and in the same manner and at the same time as other state revenue is collected, in addition to the ordinary revenues of the state, a sum in an amount required to pay the principal of, and interest on, the bonds each year. It is the duty of all officers charged by law with any duty in regard to the collection of the revenue to do and perform each and every act that is necessary to collect that additional sum.998.708.
Notwithstanding Section 13340 of the Government Code, there is hereby appropriated from the General Fund in the State Treasury, for the purposes of this article, an amount that will equal the total of the following:(a) The sum annually necessary to pay the principal of, and interest on, bonds issued and sold pursuant to this article, as the principal and interest become due and payable.
(b) The sum necessary to carry out Section 998.709, appropriated without regard to fiscal years.
