Corrected
July 09, 2020 |
Amended
IN
Assembly
July 27, 2020 |
Amended
IN
Assembly
June 19, 2019 |
Introduced by Senator Galgiani |
January 24, 2019 |
The California Constitution establishes the State Board of Equalization and vests the board with various powers, duties, and responsibilities related to the administration of taxes imposed on property, insurance, and alcoholic beverages. Existing law authorizes local entities to issue bonds for various purposes.
This bill would require, by January 1, 2022, and January 1 of each year thereafter, a local agency to transmit specified data related to the issuance of any bonds by that local agency pursuant to the authorization of any local bond act, as defined, to the State Board of Equalization, including the amount of debt authorized by
the local bond act. The bill would require, by December 31, 2022, and by December 31 of each year thereafter, the board to aggregate the data received in a report to the Legislature and make the report available on the board’s internet website.
This bill would require the State Board of Equalization to hold an annual public meeting at which local oversight committees are required to appear and report on progress, problems, or other concerns related to the bond issuances that those committees oversee. The bill would require the board to issue a report by December 31, 2022, and by December 31 every two years thereafter, to the Legislature and the Little Hoover Commission on the findings of the board from the public meetings, and identify within that report best practices and recommendations for future local bond oversight.
By imposing new reporting duties on local agencies, 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.
For purposes of this chapter:
(a)“Board” means the State Board of Equalization.
(b)“Bond proceeds” means the proceeds generated from the issuance of bonds authorized by a local bond act.
(c)“Local agency” means any county, city, city and county, including a charter city or county, school district, or any special district.
(d)“Local bond act” means any bonded indebtedness regardless of state law or charter that requires voter approval, including, but not limited to, general obligation bonds, revenue bonds, and bonds issued pursuant to the Mello-Roos Community
Facilities Act (Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5).
(e)“Local oversight committee” means any committee, governing body, or any other group established by a local bond act to authorize the issuance of bonds exceeding ____ dollars ($____) or to otherwise provide oversight on the expenditure of the bond proceeds.
(f)“Reporting period” means the period from January 1 to December 31 of the year prior to the date any data required by Section 8869.101 is due.
(a)By January 1, 2022, and January 1 of each year thereafter, a local agency shall transmit the following data related to the issuance of any bonds by that local agency pursuant to the authorization of any local bond act to the board:
(1)The purposes for which the bond proceeds may be used.
(2)The amount of debt authorized by the local bond act.
(3)The amount of debt issued pursuant to the local bond act during the reporting period.
(4)The amount of debt proceeds allocated during the reporting period, the purposes for which it was allocated,
and the amount of any debt proceeds remaining at the end of the reporting period.
(5)The total amount of debt proceeds allocated since authorization of the local bond act.
(6)The amount of debt authorized but not issued at the end of the reporting period.
(b)By December 31, 2022, and by December 31 of each year thereafter, the board shall aggregate the data received pursuant to subdivision (a) in a report to the Legislature. The report shall be submitted in compliance with Section 9795. The report shall also be made available on the board’s internet website.
(a)The board shall hold an annual public meeting at which local oversight committees shall be required to appear and report on progress, problems, or other concerns related to the bond issuances that those committees oversee.
(b)(1)The board shall issue a report by December 31, 2022, and by December 31 every two years thereafter, to the Legislature and the Little Hoover Commission on the findings of the board from the public meetings held pursuant to subdivision (a), and shall identify within that report best practices and recommendations for future local bond oversight such as recommending specified milestones or specified uses of bond funds to be included in future local bond acts.
(2)The board shall submit the report described in paragraph (1) to the Legislature in compliance with Section 9795.
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.