Bill Text: CA AB561 | 2011-2012 | Regular Session | Chaptered

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Bill Title: Ventura County Watershed Protection District:

Sponsorship: Partisan Bill (Republican 2)

Status: (Passed) 2011-08-04 - Chaptered by Secretary of State - Chapter 175, Statutes of 2011. [AB561 Detail]

Download: California-2011-AB561-Chaptered.html

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BILL NUMBER: AB 561	CHAPTERED
	BILL TEXT

	CHAPTER  175
	FILED WITH SECRETARY OF STATE  AUGUST 4, 2011
	APPROVED BY GOVERNOR  AUGUST 4, 2011
	PASSED THE SENATE  JULY 11, 2011
	PASSED THE ASSEMBLY  JULY 14, 2011
	AMENDED IN SENATE  JUNE 28, 2011
	AMENDED IN SENATE  JUNE 7, 2011
	AMENDED IN ASSEMBLY  APRIL 4, 2011

INTRODUCED BY   Assembly Members Gorell and Smyth

                        FEBRUARY 16, 2011

   An act to add Section 7.8 to the Ventura County Watershed
Protection Act (Chapter 44 of the Fourth Extraordinary Session of the
Statutes of 1944), relating to the Ventura County Watershed
Protection District.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 561, Gorell. Ventura County Watershed Protection District:
indebtedness.
   Existing law, the Ventura County Watershed Protection Act, creates
the Ventura County Watershed Protection District and grants to that
district authority that includes the control of floodwater and
stormwater. The act authorizes the district to borrow money and incur
indebtedness for various purposes, including financing flood control
and conservation projects and repairing or removing flood control
structures, in accordance with specified requirements.
   This bill would authorize the district to participate in state or
federal revolving loan programs for district purposes and to issue
securitized limited obligation notes pursuant to specified law, not
to exceed $13,000,000 in total notes outstanding.


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

  SECTION 1.  Section 7.8 is added to the Ventura County Watershed
Protection Act (Chapter 44 of the Fourth Extraordinary Session of the
Statutes of 1944), to read:
  Sec. 7.8.  Notwithstanding any other section of this act, and
consistent with Section 18 of Article XVI of the California
Constitution, the district may do either or both of the following:
   (a) Participate in state or federal revolving loan programs for
the purposes enumerated in Section 7.
   (b) Issue securitized limited obligation notes pursuant to Article
7.4 (commencing with Section 53835) of Chapter 4 of Part 1 of
Division 2 of Title 5 of the Government Code. Notwithstanding
subdivision (e) of Section 53838 of the Government Code, the total
amount of limited obligation notes outstanding at any one time for
all zones within the district shall not exceed the sum of thirteen
million dollars ($13,000,000).