Today's Law As Amended

PDF |Add To My Favorites | print page

AB-2530 Bonds: transportation.(2017-2018)



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 prior to 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 for the purchase of providing school buses for public school children.
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.
SEC. 3.
 This act is an urgency statute necessary for the immediate preservation of the public peace, health, or safety within the meaning of Article IV of the Constitution and shall go into immediate effect. The facts constituting the necessity are:
In order to make necessary amendments to the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century as quickly as possible to prevent certain further expenditures of state bond funds for a high-speed rail project that differs in both cost and substance from the project approved by voters in 2008, and to obtain voter approval to redirect certain net proceeds of future bonds under that act to the purchase of providing school buses for public school children, it is necessary that this act take effect immediately.