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AB-570 Local Government Investment Act.(2019-2020)



Current Version: 03/25/19 - Amended Assembly         Compare Versions information image


AB570:v98#DOCUMENT

Amended  IN  Assembly  March 25, 2019

CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 570


Introduced by Assembly Member Aguiar-Curry

February 14, 2019


An act to amend Section 50633 add Article 4.7 (commencing with Section 53759) to Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code, relating to local government. government finance.


LEGISLATIVE COUNSEL'S DIGEST


AB 570, as amended, Aguiar-Curry. Local agencies: bonds. Government Investment Act.
Existing law, known as the Proposition 218 Omnibus Implementation Act, defines various terms and prescribes procedures and parameters for local jurisdictions to comply with specified provisions of the California Constitution.
This bill would define the term “affordable housing” for purposes of specified provisions of the California Constitution to include a first-time home buyer program offered by a local agency. The bill would also specify that a parcel tax imposed pursuant to a specified constitutional provision may include an exemption for persons who are 65 years of age or older, receiving Supplemental Security Income for a disability, or receiving Social Security Disability Insurance Benefits and whose yearly income does not exceed specified amounts.
The bill would provide that these provisions would become operative on January 1, 2021, but only if Assembly Constitutional Amendment 1 of the 2019–20 Regular Session is approved by the voters.

Existing law requires, upon direction of the legislative body of a local agency, the treasurer, having the duty of paying interest on an issue of ad valorem special assessment district improvement bonds, to keep a register and to enter specified information on this register upon presentation of an interest coupon of a bond.

This bill would make a nonsubstantive change to this provision.

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

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


SECTION 1.

 Article 4.7 (commencing with Section 53759) is added to Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code, to read:
Article  4.7. Local Government Investment Act

53759.
 For purposes of paragraph (4) of subdivision (b) of Section 1 of Article XIII A, Section 2.5 of Article XIII C, and subdivision (b) of Section 18 of Article XVI of the California Constitution and this article, “affordable housing” may include a first-time home buyer program offered by a local agency.

53759.1.
 A parcel tax imposed pursuant to Section 2.5 of Article XIII C of the California Constitution may include an exemption for any of the following taxpayers:
(a) Persons who are 65 years of age or older.
(b) Persons receiving Supplemental Security Income for a disability, regardless of age.
(c) Persons receiving Social Security Disability Insurance benefits, regardless of age, whose yearly income does not exceed 250 percent of the 2012 federal poverty guidelines issued by the United States Department of Health and Human Services.

SEC. 2.

 Section 1 of this act shall become operative only if Assembly Constitutional Amendment 1 of the 2019–20 Regular Session is approved by the voters and, in that event, shall become operative on January 1, 2021.
SECTION 1.Section 50633 of the Government Code is amended to read:
50633.

Upon the direction of the legislative body, the treasurer, having the duty of paying the interest on an issue of ad valorem special assessment district improvement bonds, shall keep a register. Upon presentation of an interest coupon of such bond, the treasurer shall enter in the register the name and address of the owner or holder and the number and amount of the bond.