Bill Text: CA SB607 | 2025-2026 | Regular Session | Amended

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

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Bill Title: Golden Gate Bridge, Highway and Transportation District: contributions and loans.

Sponsorship: Partisan Bill (Democrat 5)

Status: (Engrossed) 2026-07-02 - Read second time and amended. Ordered to second reading. [SB607 Detail]

Download: California-2025-SB607-Amended.html

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Amended  IN  Senate  September 12, 2025

Amended  IN  Senate  May 28, 2025

Amended  IN  Senate  May 13, 2025

Amended  IN  Senate  May 01, 2025

Amended  IN  Senate  March 24, 2025

CALIFORNIA LEGISLATURE— 2025–2026 REGULAR SESSION

Senate Bill

No. 607

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Introduced by Senator Wiener
(Principal coauthor: Assembly Member Wicks)(Coauthor: Assembly Member Ahrens) Solache)

February 20, 2025

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An act to add Chapter 12 (commencing with Section 11899) to Part 1 of Division 3 of Title 2 of the Government Code, relating to environmental quality. the California Science and Health Research Bond Act, 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

SB 607, as amended, Wiener. California Environmental Quality Act:Infrastructure Projects. California Science and Health Research Bond Act.

Existing law establishes various grant and loan programs for research, including, among others, the California Institute for Regenerative Medicine, California Firefighter Cancer Prevention and Research Program, and the Public Interest Research, Development, and Demonstration Program.

This bill would establish the California Foundation for Science and Health Research within the Government Operations Agency. The bill would create the California Foundation for Science and Health Research Fund, upon appropriation by the Legislature, and require the moneys in the fund to be used by the foundation to award grants and make loans to public or private research companies, universities, institutes, and organizations for scientific research and development, in specific areas of research, including, but not limited to, biomedical, behavioral, and climate research.

This bill would create the California Foundation for Science and Health Research Council, as specified. The bill would require the council to, among other things, develop the strategic objectives and priorities of the foundation and determine the research projects that will be funded by the California Foundation for Science and Health Research Fund, as specified. The bill would require a majority vote by the appointed members for the council for the approval of funding for any research project or proposal presented for funding. The bill would authorize the council to establish one or more scientific peer review panels consisting of experts in specified fields of research for the purposes of reviewing and prioritizing proposals on the basis of the track record of the investigators, scientific merit of the proposal, and potential benefit to the health and well-being of the population, natural resources, and environment of the state.

This bill would require all research and development funded by the California Foundation for Science and Health Research Fund to be conducted under established standards of open scientific exchange, peer review, and public oversight. The bill would require the funds to be awarded on the basis of the research priorities established for the foundation by the council and the scientific merit of the proposed research, as determined by an open, competitive, scientific peer review process that ensures objectivity, consistency, and high quality.

This bill would enact the California Science and Health Research Bond Act, which, if approved by the voters, would authorize the issuance of bonds in the amount of $23,000,000,000, pursuant to the State General Obligation Bond Law, to finance grants and loans to fund research and construct, operate, and maintain facilities for research.

The bill would provide for the submission of the bond act to the voters at the next statewide general election.

Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest.

This bill would make legislative findings to that effect.

The California Environmental Quality Act (CEQA) requires a lead agency, as defined, to prepare, or cause to be prepared, and certify the completion of an environmental impact report on a project that it proposes to carry out or approve that may have a significant effect on the environment or to adopt a negative declaration if it finds that the project will not have that effect. CEQA also requires a lead agency to prepare a mitigated negative declaration for a project that may have a significant effect on the environment if revisions in the project would avoid or mitigate that effect and there is no substantial evidence that the project, as revised, would have a significant effect on the environment.

Existing law, the Sacramento-San Joaquin Delta Reform Act of 2009, declares that the Sacramento-San Joaquin Delta is a critically important natural resource for California and the nation and it serves as both the hub of the California water system and the most valuable estuary and wetland ecosystem on the west coast of North and South America.

This bill would state the intent of the Legislature that, among other things, no revisions shall be made to CEQA for purposes of the Delta Conveyance Project.

Digest Key

Vote: MAJORITY2/3   Appropriation: NO   Fiscal Committee: NOYES   Local Program: NO  

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Bill Text

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

SECTION 1.

 The People of California find and declare the following:

(a) Since World War II, the United States has been a global leader in scientific and health research and innovation. Through the financial support of governmental agencies including, but not limited to, the National Science Foundation (NSF), the National Institutes of Health (NIH), the United States Food and Drug Administration (FDA), the federal Centers for Disease Control and Prevention (CDC), and the National Oceanic and Atmospheric Administration (NOAA), the scientific and health communities have been able to create life-enhancing scientific, biomedical, and public health discoveries.

(b) Americans have benefited enormously from that research with improved health, cures for diseases, vaccines, and improved air quality and environment. The United States economy has benefited greatly from that research as well.

(c) California produces an astonishing share of the top scientific research on the planet. It is estimated that $3 of every $10 in federal research investments are drawn to California. The state accounts for about 47 percent of United States biotechnology research and development spending and generates about 53 percent of the nation’s biotechnology revenues. Nearly one-half of all venture capital in the United States is invested in California. That success is driven in large part by the state’s world-class universities and research institutions. The University of California is the top research institution in the world for United States patent generation. Every dollar invested in science funding generates more than $2 in economic activity.

(d) Despite the benefits to the country and the state, the Trump Administration has repeatedly sought major budget cuts to federal science agencies, including the NSF, the NIH, the CDC, the NOAA, the FDA, the National Weather Service, and the National Aeronautics and Space Administration. The Trump administration has sought to scale back or eliminate specific programs, for example, in climate science, environmental research, and pandemic preparedness.

(e) The Trump administration has disrupted lifesaving medical research by freezing federal grants and proposing deep cuts to health and science agencies. These actions have stalled work on heart disease, Alzheimer’s disease, HIV/AIDS, health disparities for at-risk communities, and cancer, and have raised fears that political interference could undermine the United States’s and California’s role as leaders in scientific research innovation.

(f) The Trump administration’s interference with scientific advisory panels and public health guidance has raised serious concerns within the research community. Critics argue that these actions have undermined the United States’ scientific capacity and has threatened the United States’ and California’s continued leadership in biomedical, environmental, and public health research.

(g) Federal research funding has been integral in supporting the work of public and private research institutions in California. For example, federal funding supports a significant part of the University of California’s (UC) and California State University’s (CSU) research operations. Federal grants pay for faculty research and the salaries of graduate and postdoctoral student researchers. Federal research grants totaled more than $5,000,000,000 to the University of California in the 2023–24 fiscal year. Public and private university research has led to the founding of thousands of startups, driving economic expansion and technological innovation. Federal funding reductions limit research opportunities and may impede California’s competitiveness and economic progress.

(h) The Trump administration has now directed its antiscience and punitive agenda squarely against California. In July 2025, the University of California, Los Angeles (UCLA) received notice that the federal government, through its control of the NSF, NIH, and the United States Department of Energy, is suspending certain research funding to UCLA. This is not only a loss to the researchers who rely on critical grants. It is a loss for Americans across the nation whose work, health, and future depend on the groundbreaking work done in California.

(i) As of late August 2025, the Trump administration has frozen or suspended approximately $584,000,000 in federal research grants to UCLA. The Trump administration has demanded $1,000,000,000 in fine payments to unfreeze federal funding. According to UC leaders and California officials, a $1,000,000,000 payment to the Trump administration would “completely devastate” the UC system. A prolonged funding impasse could jeopardize thousands of critical research projects in medicine, engineering, and biosciences. Programs at risk include life-saving research in cancer treatment, disease diagnostics, chronic diseases, climate science, and earthquake preparedness.

(j) Because the federal government has been one of the largest funders of scientific research in California, foundations, nonprofits, and corporations cannot make up the gap alone. Unless the people of California rise up, much of this critical work may come to a halt.

(k) The people of California propose this ballot measure to create the California Foundation for Science and Health Research (the “Foundation”) to award grants and make loans to public and private universities, research companies, institutes, and health care organizations in California for scientific and health care research and development.

(l) Through the Foundation, funding would be distributed to UC, CSU, other California universities, and public and private entities engaged in critical science and health research. It would provide funding for staff, equipment, and facilities needed to carry out scientific research in fields including, but not limited to, public health, mental health, heart disease, cancer treatment, diabetes, Alzheimer’s disease, strokes, child and adult leukemia, infectious diseases, and HIV/AIDS. Priority would be given to established research projects where the federal government has canceled funding. The measure would require annual audits.

(m) This measure will help preserve California’s position as a global leader in scientific innovation. This measure would allow important research to continue regardless of what happens at the federal level. This measure will ensure that California is not left behind.

(n) This measure will help sustain and grow the workforce of the state, with runoff economic benefits that will ensure a thriving future for Californians. This measure will support thousands of students and researchers at California universities in good-paying union jobs in growing industries. Supporting good-paying jobs in science, technology, engineering, and mathematics will help keep California economically competitive and generate billions of dollars each year in economic growth.

(o) There is some science that only public institutions will take on, for example cancer drug trials that combine drugs from different pharmaceutical companies, or as yet, unproven technologies in renewable energy. This measure would continue funding scientific research that looks beyond the profit motive for the greater good.

(p) California’s university and college system is a model for universities everywhere, involving students closely in practical, life-saving research. Cuts to federal funding threaten our students’ ability to learn the research skills they need to succeed. This measure will preserve California’s university and college system as a pathway to the middle class for California students.

(q) Too many Californians are driven into homelessness by drug abuse and mental health issues. This measure will help address this problem by continuing to fund critical research on promising mental health and addiction treatments.

(r) This measure contains strict fiscal accountability and transparency standards, including annual independent audits and public disclosure of all funding to ensure that Legislative allocations and bond funding is spent effectively, efficiently, and as promised.

SEC. 2.

 Chapter 12 (commencing with Section 11899) is added to Part 1 of Division 3 of Title 2 of the Government Code, to read:

CHAPTER  12. California Science and Health Research Bond Act

Article  1. California Foundation for Science and Health Research

11899.

 As used in this chapter, the following terms have the following meaning:

(a) “Act” means the California Science and Health Research Bond Act constituting this chapter.

(b) “Committee” means the California Foundation for Science and Health Research Finance Committee created pursuant to subdivision (a) of Section 11899.16.

(c) “Council” means the California Foundation for Science and Health Research Finance Council created pursuant to subdivision (a) of Section 11899.3.

(d) “Foundation” means the California Foundation for Science and Health Research established pursuant to subdivision (a) of Section 11899.1.

(e) “Fund” means the California Foundation for Science and Health Research Fund created pursuant to Section 11899.2.

(f) “Interim debt” means any interim loans pursuant to Sections 11899.20 and 11899.21, bond anticipation notes or commercial paper notes issued to make deposits into the fund, and which will be paid from the proceeds of bonds issued pursuant to Article 2 (commencing with Section 11899.10).

11899.1.

 (a) The California Foundation for Science and Health Research is established within the Government Operations Agency.

(b) The foundation’s role is to facilitate scientific research by awarding grants and making loans to public or private research companies, universities, institutes, and organizations for scientific research and development and to construct facilities for research and development, including, but not limited to, any of the following fields:

(1) Biomedical, including finding cures for high mortality diseases, including, but not limited to, cancer, Alzheimer’s disease, heart disease, strokes, child and adult leukemia, infectious diseases, and HIV/AIDS.

(2) Detecting and responding to new and emerging health threats.

(3) Disease prevention, including, but not limited to, cancer, Alzheimer’s disease, heart disease, strokes, child and adult leukemia, infectious diseases, and HIV/AIDS.

(4) Promoting healthy and safe behaviors, communities, and environment.

(5) Wildfire prevention.

(6) Addiction and substance use.

(7) Behavioral.

(8) Climate, including climate change and its impact on human health.

(9) Weather.

(10) Ocean.

(11) Coastal and marine ecosystems and resources.

(12) Emerging technologies.

(13) Safety, efficacy, and security of drugs, biological products, medical devices, our nation’s food supply, and cosmetics.

11899.2.

 (a) (1) Upon appropriation by the Legislature, funds shall be deposited into the California Foundation for Science and Health Research Fund, which is hereby created in the State Treasury.

(2) The California Foundation for Science and Health Research Fund may be funded by both private and public funds, including private donations.

(b) The proceeds of interim debt and bonds issued and sold pursuant to Article 2 (commencing with Section 11899.10) shall be deposited into the State Treasury to the credit of the California Foundation for Science and Health Research Fund, except as stated in Section 11899.13.

(c) Moneys in the fund shall be used by the foundation to award public and private grants and make loans to public or private research companies, universities, institutes, and organizations for scientific research and development, including, but not limited to, research in any of the fields described in subdivision (b) of Section 11899.1.

(d) (1) All research and development funded by the fund shall be conducted under established standards of open scientific exchange, peer review, and public oversight.

(2) All grants or loans provided under this section shall be awarded or made available to researchers or projects located within this state, except that funding for research collaboratives between California and out-of-state researchers shall be permitted.

(3) All grants or loans provided under this section shall be awarded based on both of the following:

(A) Consistency with the research priorities established for the foundation by the California Foundation for Science and Health Research Council as described in subdivision (a) of Section 11899.3.

(B) The scientific merit of the proposed research, as determined by an open, competitive, scientific peer review process that ensures objectivity, consistency, and high quality, as described in subdivision (e) of Section 11899.3.

(4) The foundation shall prioritize funding research that replaces funding cuts by the federal government.

(5) To be eligible for funding, all research projects submitted for potential funding shall be reviewed and approved by an institutional review board that meets the requirements of applicable laws and regulations.

(e) The Secretary of Government Operations shall oversee the process of appointing the director of the foundation and shall set the level of salaries, bonuses, and benefits for the director. The task of hiring and determining the salaries, bonuses, and benefits of additional personnel may be delegated by the Secretary to the director, subject to approval and oversight by the Secretary.

(f) Not more than three percent of the moneys in the fund shall be used for administrative costs. Administrative costs include, but are not limited to, all of the following:

(1) Salaries, bonuses, and benefits paid or incurred with respect to the hiring or retention of a director of the foundation and other officers and administrative staff that shall work on behalf of the foundation under the supervision of the director.

(2) Legal and accounting fees and expenses.

(3) All costs associated with the establishment and operation of the foundation, including, but not limited to, office rent, overhead, information technology and data systems, office supplies and equipment, clerical services, utilities, telephone, travel, repairs and maintenance, program audits, and other general costs of operating the foundation.

(g) All intellectual property assets developed using funds authorized for, or made available to, the foundation shall be treated pursuant to state and federal law.

11899.3.

 (a) There is hereby established the California Foundation for Science and Health Research Council that shall do all of the following:

(1) Develop the strategic objectives and research priorities of the foundation.

(2) Actively participate in the overall management of the foundation.

(3) Determine which research projects will be funded by the fund based on the research priorities established for the foundation pursuant to paragraph (1) and the technical merits of the proposals, as determined by scientific peer review panels created pursuant to subdivision (e).

(4) Determine which state agency will oversee a research project funded by the fund, including, but not limited to:

(A) Office of Emergency Services.

(B) Natural Resources Agency.

(C) California Health and Human Services Agency.

(b) (1) The council shall consist of 10 to 13 members appointed by the Secretary of Government Operations.

(A) A majority of members of the council shall be scientists, including at least one member who is a graduate-level researcher and at least one member who is a postdoctoral scholar, with current or past research experience in the fields described in subdivision (b) of Section 11899.1.

(B) At least two members of the council shall be members of the public.

(C) One representative designated by the President of the University of California, if the president chooses to designate a representative.

(D) One representative designated by the Chancellor of the California State University, if the chancellor chooses to designate a representative.

(2) (A) Individuals and organizations may submit nominations for membership to the Secretary of Government Operations.

(B) The Secretary of Government Operations may solicit nominations from relevant organizations and individuals.

(c) (1) The members of the council shall serve four-year terms. A member shall serve a maximum of two terms.

(2) If a vacancy occurs within a term, the Secretary of Government Operations shall appoint a replacement member within 45 days to serve the remainder of the term.

(3) A vacancy affecting the proportional representation shall be filled before grants are approved.

(4) When a term expires, the Secretary of Government Operations shall appoint a member within 30 days. A member shall serve until their replacement is appointed.

(d) (1) A vote of a majority of the members of the council shall be required for the approval of funding of any research project or proposal presented for funding.

(2) The council shall contain the proportional representation of appointees described in paragraph (1) of subdivision (b) when the council approves the funding of research grants.

(e) (1) The council may establish one or more scientific peer review panels consisting of experts in the fields described in subdivision (b) of Section 11899.1 for the purposes of reviewing and prioritizing proposals on the basis of the track record of the researchers and investigators, scientific merit of the proposal, and potential benefits to the health and well-being of the population, natural resources, and environment of the state.

(2) An expert on a scientific review panel shall not have a collaborative or commercial relationship with any applicant of a proposal for funding that the expert is reviewing and prioritizing pursuant to paragraph (1).

(f) Council members shall serve without compensation, but may receive reimbursement for travel and necessary expenses actually incurred in the performance of their duties.

11899.4.

 (a) The foundation shall issue an annual report that sets forth the foundation’s activities, grants awarded, grants in progress, research accomplishments, and future program directions. The annual report shall be published on the foundation’s internet website.

(b) Each annual report shall include, but not be limited to, all of the following:

(1) The number and dollar amounts of research and facilities grants.

(2) The grantees for the prior year.

(3) The foundation’s administrative expenses.

(4) An assessment of the availability of funding for research from sources other than the foundation.

(5) A summary of research findings, including promising new research areas.

(6) An assessment of the relationship between the foundation’s grants and the overall strategy of its research program.

(7) A report of the foundation’s strategic research and financial plans.

11899.5.

 The foundation shall annually commission an independent financial audit of its activities from a certified public accounting firm, which shall be provided to the Controller, who shall review the audit and annually issue a public report of that review. The Controller shall hold a public meeting with appropriate notice and a formal public comment period. The Controller shall evaluate public comments and shall include appropriate summaries in the annual report.

11899.6.

 (a) The Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1) shall apply to all meetings of the foundation, except as otherwise provided in this section. The foundation shall disclose all awarded grants in public meetings, shall award all grants, loans, and contracts in public meetings, and shall adopt all governance, scientific, medical, and regulatory standards in public meetings.

(b) The foundation may conduct closed sessions as permitted by the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1) under Section 11126. In addition, the foundation may conduct closed sessions when it meets to consider or discuss any of the following:

(1) Matters involving information relating to patients or medical or scientific research subjects, the disclosure of which would constitute an unwarranted invasion of personal privacy.

(2) Matters involving confidential intellectual property or a work product, whether patentable or not, including, but not limited to, any formula, plan, pattern, process, tool, mechanism, compound, procedure, production data, or compilation of information that is not patented, that is known only to certain individuals who are using it to fabricate, produce, or compound an article of trade or a service having commercial value, and that gives its user an opportunity to obtain a business advantage over competitors who do not know it or use it.

(3) Matters involving scientific data, analyses, or other research products not yet formally published in academic literature.

(4) Matters concerning the appointment, employment, performance, compensation, or dismissal of foundation officers and employees. Action on compensation of the foundation’s officers and employees shall only be taken in open session.

(5) Matters believed to pose a security risk to the people of California.

Article  2. California Foundation for Science and Health Research Bonds

11899.10.

 The proceeds of bonds, excluding those issued in accordance with Section 11899.23, issued and sold pursuant to this article shall be deposited into the California Foundation for Science and Health Research Fund. All moneys in the fund, notwithstanding Section 13340, are hereby continuously appropriated without respect to fiscal years for the purposes of this chapter.

11899.11.

 The sum of ____ dollars ($____) shall be available for grants and loans to fund the construction and acquisition of facilities for research as provided in this chapter.

11899.12.

 (a) The sum of ____ dollars ($____) shall be available for all of the following:

(1) Grants and loans to fund research and operate and maintain facilities for research as provided in this chapter.

(2) Paying general administrative costs of the foundation, not to exceed 3 percent of the net proceeds of each sale of bonds.

(3) Paying the annual administration costs of the interim debt or bonds after December 31 of the fifth full calendar year after this article takes effect.

(4) Paying the costs of issuing interim debt, paying the annual administration costs of the interim debt until and including December 31 of the fifth full calendar year after this article takes effect, and paying interest on interim debt, if that interim debt is incurred or issued on or before December 31 of the fifth full calendar year after this article takes effect.

(5) Paying the costs of issuing bonds, paying the annual administration costs of the bonds until and including December 31 of the fifth full calendar year after this article takes effect, and paying interest on bonds that accrues on or before December 31 of the fifth full calendar year after this article takes effect, except that this limitation does not apply to premium and accrued interest as provided in Section 11899.22.

(6) Moneys in the fund or other proceeds of the sale of bonds authorized by this article may be used to pay principal of or redemption premium on any interim debt issued before the issuance of bonds authorized by this article. Moneys deposited into the fund from the proceeds of interim debt may be used to pay general administrative costs of the foundation without regard to the 3-percent limit set forth in paragraph (2), so long as the 3-percent limit is satisfied for each issue of bonds.

(b) Repayment of principal and interest on any loans made by the foundation pursuant to this article shall be deposited into the fund and used to make additional grants and loans for the purposes of this act or for paying continuing costs of the annual administration of outstanding bonds.

(c) Costs allowable under this section include costs incidentally but directly related to construction or acquisition, including, but not limited to, planning, engineering, construction management, architectural, and other design work, environmental impact reports and assessments, required mitigation expenses, appraisals, legal expenses, site acquisitions, and necessary easements.

11899.13.

 The proceeds of interim debt and bonds issued and sold pursuant to this article shall be deposited into the State Treasury to the credit of the California Foundation for Science and Health Research Fund, except to the extent that proceeds of the issuance of bonds are used directly to repay interim debt.

11899.14.

 (a) Bonds in the total amount of twenty-three billion dollars ($23,000,000,000), not including the amount of any refunding bonds issued in accordance with Section 11899.23, may be issued and sold for the purposes expressed in this article and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5. 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 the principal of, and interest on, the bonds as the principal and interest become due and payable.

(b) The Treasurer shall issue and sell the bonds authorized in subdivision (a) in the amount determined by the committee to be necessary or desirable pursuant to Section 11899.15. The bonds shall be issued and sold upon the terms and conditions specified in a resolution to be adopted by the committee pursuant to Section 16731.

11899.15.

 (a) 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), as amended from time to time, and all of the provisions of that law apply to the bonds and to this article and are hereby incorporated in this article as though set forth in full in this article, except that subdivisions (a) and (b) of Section 16727 shall not apply.

(b) For purposes of this article, the references to “committee” in the State General Obligation Bond Law shall mean the California Foundation for Science and Health Research Finance Committee created in Section 11899.16, and the references to “board” in the State General Obligation Bond Law shall mean the California Foundation for Science and Health Research.

11899.16.

 (a) Solely for the purpose of authorizing the issuance and sale, pursuant to the State General Obligation Bond Law, of the bonds and interim debt authorized by this article, the California Foundation for Science and Health Research Finance Committee is hereby created.

(b) (1) The committee consists of all of the following:

(A) The Treasurer.

(B) The Controller.

(C) The Director of Finance.

(D) The Director of the California Foundation for Science and Health Research.

(E) Two members of the California Foundation for Science and Health Research Council, chosen by the Secretary of Government Operations, or their designated representatives.

(2) The Treasurer shall serve as chairperson of the committee. A majority of the committee may act for the committee.

11899.17.

 (a) The committee, by resolution, shall determine whether or not it is necessary or desirable to issue and sell bonds authorized pursuant to this article in order to carry out the actions specified in this article 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. The bonds may bear interest, which is includable in gross income for federal income tax purposes if the committee determines that the treatment is necessary in order to provide funds for the purposes of the act.

(b) An interest-only floating rate bond structure will be implemented for interim debt and bonds until at least December 31 of the fifth full calendar year after this article takes effect, with all interest to be paid from proceeds from the sale of interim debt or bonds, to minimize debt service payable from the General Fund during the initial period of basic research and development, if the committee determines, with the advice of the Treasurer, that this structure will result in the lowest achievable borrowing costs for the state during that five-year period considering the objective of avoiding any bond debt service payments, by the General Fund, during that period. Upon the initial determination, the committee may delegate, by resolution, to the Treasurer the authority in connection with issuance of bonds as it may determine, including, but not limited to, the authority to do both of the following:

(1) Implement and continue the bond financing structure established by this article, including during any time following the initial five-year period.

(2) Determine that an alternative financing plan would result in significant lower borrowing costs for the state consistent with the objectives related to the General Fund and to implement that alternative financing plan.

11899.18.

 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 becoming due 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.

11899.19.

 Notwithstanding Section 13340, there is hereby continuously appropriated from the General Fund in the State Treasury, for the purposes of this article and without regard to fiscal years, an amount that equals the total of both 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 11899.20.

11899.20.

 The foundation may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312, for the purposes of carrying out this article less any amount withdrawn pursuant to Section 11899.21 and not yet returned to the General Fund. The amount of the request shall not exceed the amount of the unsold bonds that the committee, by resolution, has authorized to be sold for the purpose of carrying out this article, excluding any refunding bonds authorized pursuant to Section 11899.23, less any amount loaned pursuant to this section and not yet repaid and any amount withdrawn from the General Fund pursuant to Section 11899.21 and not yet returned to the General Fund. The foundation shall execute any documents required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited into the fund to be allocated by the foundation in accordance with this article.

11899.21.

 For the purposes of carrying out this article, the Director of Finance may authorize the withdrawal from the General Fund of an amount, not to exceed the amount of the unsold bonds that have been authorized by the committee, to be sold for the purpose of carrying out this article, excluding any refunding bonds authorized pursuant to Section 11899.23, less any amount loaned pursuant to Section 11899.20 and not yet repaid, and any amount withdrawn from the General Fund pursuant to this section and not yet returned to the General Fund. Any amount withdrawn shall be deposited into the fund. Any moneys made available under this section shall be returned to the General Fund, with interest at the rate earned by the moneys in the Pooled Money Investment Account, from proceeds received from the sale of bonds for the purpose of carrying out this article.

11899.22.

 All moneys deposited into the fund that are derived from premium and accrued interest on bonds sold pursuant to this article shall be reserved in the fund and shall be available for transfer to the General Fund as a credit to expenditures for bond interest, except those amounts derived from premium may be reserved and used to pay the cost of bond issuance before any transfer to the General Fund.

11899.23.

 The bonds issued and sold pursuant to this article may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 4, which is a part of the State General Obligation Bond Law. Approval by the voters of the state for the issuance of the bonds described in this article includes the approval of the issuance of any bonds issued to refund any bonds originally issued under this article or any previously issued refunding bonds. Any bond refunded with the proceeds of refunding bonds as authorized by this section may be legally defeased to the extent permitted by law in the manner and to the extent set forth in the resolution, as amended from time to time, authorizing that refunded bond.

11899.24.

 Notwithstanding any provision of this article or the State General Obligation Bond Law, if the Treasurer sells bonds pursuant to this article that include a bond counsel opinion to the effect that the interest on the bonds is excluded from gross income for federal tax purposes, under designated conditions, or is otherwise entitled to any federal tax advantage, the Treasurer may maintain separate accounts for the investment of bond proceeds and for the investment of earnings on those proceeds. The Treasurer may use or direct the use of those proceeds or earnings to pay any rebate, penalty, or other payment required under federal law or to take any other action with respect to the investment and use of bond proceeds or earnings required or desirable under federal law to maintain the tax-exempt status of those bonds and to obtain any other advantage under federal law on behalf of the funds of this state.

11899.25.

 The proceeds from the sale of bonds authorized by this article are not “proceeds of taxes” as that term is used in Article XIII B of the California Constitution, and the disbursement of these proceeds is not subject to the limitations imposed by that article.

SEC. 3.

 Section 2 of this act shall take effect upon the approval by the voters of the California Science and Health Research Bond Act, as set forth in Section 2 of this act.

SEC. 4.

 Section 2 of this act shall be submitted to the voters at the next statewide election in accordance with provisions of the Government Code and the Elections Code governing the submission of a statewide measure to the voters.

SEC. 5.

 This act shall be broadly construed to accomplish its purposes. The statutory provisions of the act may be amended so long as those amendments are consistent with and further the intent of this act by a statute that is passed by a two-thirds vote of the members of each house of the Legislature and signed by the Governor.

SEC. 6.

 The provisions of this act are severable. If any portion, section, subdivision, paragraph, clause, sentence, phrase, word, or application of this act is for any reason held to be invalid by a decision of any court of competent jurisdiction, that decision shall not affect the validity of the remaining portions of this act. The people of the State of California hereby declare that they would have adopted this act and each and every portion, section, subdivision, paragraph, clause, sentence, phrase, word, and application not declared invalid or unconstitutional without regard to whether any portion of this act or application thereof would be subsequently declared invalid.

SEC. 7.

 (a) This act shall be liberally construed to effectuate its purposes.

(b) If this measure is approved by the voters but superseded in whole or in part by a conflicting measure approved by the voters at the same election, and the conflicting measure is later held to be invalid, this measure shall be self-executing and given full force and effect.

SEC. 8.

 The Legislature finds and declares that Section 2 of this act, which adds Section 11899.6 to the Government Code, imposes a limitation on the public’s right of access to the meetings of public bodies or the writings of public officials and agencies within the meaning of Section 3 of Article I of the California Constitution. Pursuant to that constitutional provision, the Legislature makes the following findings to demonstrate the interest protected by this limitation and the need for protecting that interest:

To protect the privacy rights and the intellectual property interests of individuals and the security of the public, it is necessary to restrict the public’s access to this information.

SECTION 1.

The Legislature finds and declares the following:

(a)The California Environmental Quality Act provides communities across California with important safeguards against projects like fossil fuel plants and warehouses that have caused real environmental harm to residents of the state. Too often, it has resulted in delays to essential projects that are key to solving the state’s housing crisis and to strategic development that is necessary to maintain California’s position as the fourth largest economy in the world.

(b)Over the last several years, the Legislature has enacted numerous provisions that streamline the California Environmental Quality Act, including, but not limited to, reforms to administrative records, court timelines, and the level of environmental review of projects in the areas of water, transportation, clean energy, and housing.

SEC. 2.

(a)(1)It is the intent of the Legislature to make necessary statutory changes to the California Environmental Quality Act to ensure the state meets its infrastructure needs and is more affordable for all Californians.

(2)Specifically, the Legislature intends to enact legislation as part of the 2025 state budget process that expedites projects such as those that provide housing, clean energy jobs, and critical transportation and lead to economic development for hardworking California families. It is the intent of the Legislature to make communities more wildfire safe and expedite the ability of local governments to provide clean drinking water to all residents. It is the intent of the Legislature to ensure that critical projects are not delayed or impeded by the numerous outdated requirements in the California Environmental Quality Act, without compromising environmental protections.

(b)It is the intent of the Legislature that no revisions shall be made to the California Environmental Quality Act for purposes of the Delta Conveyance Project.