Bill Text: CA AB786 | 2011-2012 | Regular Session | Introduced

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Bill Title: State finance: debt reduction.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-02-01 - Died at Desk. [AB786 Detail]

Download: California-2011-AB786-Introduced.html

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BILL NUMBER: AB 786	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Harkey

                        FEBRUARY 17, 2011

   An act relating to state finance.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 786, as introduced, Harkey. State finance: debt reduction.
   The California Constitution authorizes the Legislature to create
debt authorized by law and subject to the approval of the voters,
according to specified criteria. The Legislature may, at any time
after the approval of such a law, reduce the amount of the
indebtedness authorized to an amount not less than the amount
contracted at the time of the reduction, or repeal the law if no debt
has been contracted pursuant to that law.
   This bill would declare the intent of the Legislature with respect
to laws authorizing indebtedness under these provisions, to enact
legislation to reduce the amount of indebtedness authorized by
specified laws to the amount contracted at the time of the reduction,
and to repeal specified laws authorizing indebtedness when no debt
has been contracted pursuant to their provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


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

  SECTION 1.   With respect to laws authorizing indebtedness approved
by the people pursuant to Section 1 of Article XVI of the California
Constitution, and as authorized by that section, it is the intent of
the Legislature to enact legislation to reduce the amount of
indebtedness authorized by specified laws to the amount contracted at
the time of the reduction, and to repeal specified laws authorizing
indebtedness when no debt has been contracted pursuant to their
provisions.