Bill Text: CA AB435 | 2019-2020 | Regular Session | Amended
Bill Title: High-speed rail bonds: water.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2020-02-03 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB435 Detail]
Download: California-2019-AB435-Amended.html
|
Amended
IN
Assembly
March 19, 2019 |
CALIFORNIA LEGISLATURE—
2019–2020 REGULAR SESSION
| Assembly Bill | No. 435 |
| Introduced by Assembly Member Fong |
February 11, 2019 |
LEGISLATIVE COUNSEL'S DIGEST
AB 435, as amended, Fong.
State Board of Education. High-speed rail bonds: water.
The California High-Speed Rail Act creates the High-Speed Rail Authority to develop and implement a high-speed rail system in the state. 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, general election, provides for the issuance of $9 billion in general obligation bonds for high-speed rail purposes and $950 million 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, except as specifically provided with respect to an existing appropriation for high-speed rail purposes for early improvement projects in the Phase I 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 before 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 the Department of Water Resources for central valley water
infrastructure projects. The bill would make no changes to the authorization under the bond act for issuance of $950 million for rail purposes other than high-speed rail. These provisions would become effective only upon approval by the voters at the next statewide general election.
Existing law establishes the State Board of Education to consist of 10 members appointed by the Governor with the advice and consent of
This bill would make a nonsubstantive change to that provision.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NOBill Text
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 before 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, upon appropriation by the Legislature, to be made available to the Department of Water Resources for central valley water infrastructure projects.
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 general election.There is established in the state government a State Board of Education, consisting of 10 members, who are appointed by the Governor with the advice and consent of two-thirds of the Senate.
