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AB-1196 California Coastal Act of 1976: Port of Newport Beach.(2017-2018)

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Date Published: 03/22/2018 09:00 PM
AB1196:v95#DOCUMENT

Amended  IN  Senate  March 22, 2018
Amended  IN  Senate  June 14, 2017
Amended  IN  Senate  May 25, 2017
Amended  IN  Assembly  March 30, 2017

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill No. 1196

Introduced by Assembly Member Harper
(Coauthors: Assembly Members Gallagher and Mathis)(Coauthor: Assembly Member Quirk-Silva)
(Coauthor: Senator Moorlach)

February 17, 2017

An act to amend Section 15144 of the Education Code, and to amend Section 53508.6 of the Government Code, relating to school bonds. 30700 of the Public Resources Code, relating to ports.


LEGISLATIVE COUNSEL'S DIGEST


AB 1196, as amended, Harper. School bonds: term of bonds: furnishing and equipping classrooms. California Coastal Act of 1976: Port of Newport Beach.
The California Coastal Act of 1976 establishes the California Coastal Commission and prescribes the membership and functions and duties of the commission with regard to the regulation and protection of coastal resources. The act specifies that after a port master plan for the Port of Hueneme, Long Beach, Los Angeles, or San Diego Unified Port District located within the coastal zone, as provided, is certified by the commission, the permit authority of the commission is thereafter delegated to the appropriate port governing body, except as specified. Existing law requires certain cities and counties to incorporate the master plan in its local coastal program.
This bill would additionally apply this port master plan provision to the Port of Newport Beach located within the coastal zone, except as provided. By imposing duties on local officials, this bill would impose a state-mandated local program.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above.

(1)Existing law authorizes the governing board of a school district or community college district to order an election and submit to the electors of the district whether the bonds of the district should be issued and sold, and sets forth requirements in that regard, including specifying that the term of a bond shall not exceed 25 years from the date of the bond or bond series.

This bill would specify that a bond issued for projects that include the furnishing and equipping of classrooms shall have a weighted average maturity that does not exceed 120% of the average reasonably expected economic life of the financed project.

(2)Existing law, additionally and alternatively to the authority described above, authorizes the issuance of bonds or refunding bonds by a school district or community college district secured by the levy of ad valorem taxes, and, pursuant to those provisions, authorizes a school district or community college district to issue bonds that do not allow for the compounding of interest and that have a maturity greater than 30 years, but no greater than 40 years, in accordance with specified requirements.

This bill, notwithstanding those provisions, would specify that a bond issued for projects that include the furnishing and equipping of classrooms shall have a weighted average maturity that does not exceed 120% of the average reasonably expected economic life of the financed project.

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NOYES   Local Program: NOYES  

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


SECTION 1.

 Section 30700 of the Public Resources Code is amended to read:

30700.
 For purposes of this division, notwithstanding any other provisions of this division except as specifically stated in this chapter, this chapter shall govern those portions of the Ports of Hueneme, Long Beach, Los Angeles, and Newport Beach, and the San Diego Unified Port District located within the coastal zone, but excluding any wetland, estuary, or existing recreation area indicated in Part IV of the coastal plan.

SEC. 2.

 If the Commission on State Mandates determines that this act contains costs mandated by the state, reimbursement to local agencies and school districts for those costs shall be made pursuant to Part 7 (commencing with Section 17500) of Division 4 of Title 2 of the Government Code.
SECTION 1.Section 15144 of the Education Code is amended to read:
15144.

(a)The number of years the whole or any part of the bonds are to run shall not exceed 25 years from the date of the bonds or the date of any series thereof.

(b)Notwithstanding subdivision (a), a bond issued for projects that include the furnishing and equipping of classrooms, including, but not limited to, purchasing electronic equipment, shall have a weighted average maturity that does not exceed 120 percent of the average reasonably expected economic life of the financed project.

SEC. 2.Section 53508.6 of the Government Code is amended to read:
53508.6.

(a)Notwithstanding any other law, a school district or community college district may, pursuant to this article, issue bonds that do not allow for the compounding of interest and that have a maturity greater than 30 years, but not greater than 40 years, if the school district or community college district does both of the following:

(1)Complies with the requirements of subdivisions (b) and (c) of Section 15146 of the Education Code.

(2)Makes a finding that the useful life of the facility financed with the bonds that do not allow for the compounding of interest and that have a maturity greater than 30 years, but not greater than 40 years, equals or exceeds the maturity date of those bonds.

(b)Notwithstanding subdivision (a), a bond issued for projects that include the furnishing and equipping of classrooms, including, but not limited to, purchasing electronic equipment, shall have a weighted average maturity that does not exceed 120 percent of the average reasonably expected economic life of the financed project.