84000.

 This division shall be known, and may be cited, as the California Flood Protection Bond Act of 2024.

84001.

 As used in this division:

(a) “Committee” means the California Flood Protection Bond Finance Committee created pursuant to Section 84012.

(b) “Department” means the Department of Water Resources.

(c) “Disadvantaged community” has the same meaning as defined in Section 79505.5.

(d) “Economically distressed area” means a municipality with a population of 20,000 persons or fewer, a rural county, or a reasonably isolated and divisible segment of a larger municipality where the segment of the population is 20,000 persons or fewer, with an annual median household income that is less than 85 percent of the statewide median household income, and with one or more of the following conditions as determined by the department:

(1) Financial hardship.

(2) Unemployment rate at least 2 percent higher than the statewide average.

(3) Low population density.

(e) “Fund” means the California Flood Protection Fund of 2024 created pursuant to Section 84003.

(f) “Severely disadvantaged community” has the same meaning as defined in Section 116760.20 of the Health and Safety Code.

(h) “State General Obligation Bond Law” means the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), as it may be amended from time to time.

84002.

 (a) (1) An amount that equals not more than 5 percent of the funds allocated for a grant program pursuant to this division may be used to pay the administrative costs of that program.

(2) The department may use up to 7.5 percent of the funds available pursuant to this division for technical assistance and capacity building for economically distressed areas, disadvantaged communities, and severely disadvantaged communities.

(b) In awarding grant funding pursuant to this division, the department shall give priority to economically distressed areas, disadvantaged communities, and severely disadvantaged communities.

(c) (1) For purposes of awarding funding under this division, a nonstate cost share of not less than 50 percent of the total proposal cost is required.

(2) Notwithstanding paragraph (1), the nonstate cost share requirement shall be reduced or waived for projects that directly benefit an economically distressed area, disadvantaged community, or severely disadvantaged community. To be eligible for the reduced cost share, at least 51 percent of the benefits of a project shall be provided to an economically distressed area, disadvantaged community, or severely disadvantaged community.

(d) Before disbursing grant funds pursuant to this division, the department shall develop and adopt program guidelines and project solicitation documents. Any guidelines and project solicitation documents developed pursuant to this section are not subject to Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code.

(e) For purposes of providing grants of bond proceeds, the department shall develop and apply uniform criteria that allow for a broad range of applicants and projects that are eligible for funding and that permit the department to account for special considerations, including waivers of the cost share requirements described in subdivision (c).

84003.

 The proceeds of bonds, excluding those issued in accordance with Section 84019, issued and sold pursuant to this division shall be deposited in the California Flood Protection Fund of 2024, which is hereby created in the State Treasury. All moneys in the fund shall be available, upon appropriation by the Legislature, for the purposes of this division.

84005.

 (a) (1) The sum of one billion dollars ($1,000,000,000) shall be available, upon appropriation by the Legislature, to the department for multibenefit flood protection projects.

(2) (A) Of the funds made available for purposes of this subdivision, fifty million dollars ($50,000,000) shall be available for modernization of designated floodways in the Central Valley. The Central Valley Flood Protection Board shall use the funds described in this subparagraph, in accordance with Section 8609, to modernize the designated floodways of the Central Valley by updating data and mapping to meet the challenges of intense storm events and save lives and implement greater community resiliency. Special consideration shall be given to areas of high risk and areas that have experienced subsidence.

(B) Of the funds made available for purposes of this subdivision, one hundred million dollars ($100,000,000) shall be available for the Central Valley Flood Protection Board to identify and acquire lands and easements to allow floodwaters to flow into open space to limit damage to homes and infrastructure, save lives, and support groundwater recharge, floodplain restoration, and endangered species habitat. Priority shall be given to existing levees that are found to be insufficient to meet the national Federal Emergency Management Agency standard of flood protection, as defined in Section 65007 of the Government Code. It is the intent of the Legislature that grant funding provided pursuant to this subparagraph be expended by 2030.

(C) Of the funds made available for the purposes of this subdivision, five hundred million dollars ($500,000,000) shall be allocated for projects in the San Joaquin River Basin.

(b) The sum of one billion dollars ($1,000,000,000) shall be available, upon appropriation by the Legislature, to the department for urban flood risk reduction. Projects funded pursuant to this subdivision shall address flooding in urbanized areas and provide multiple benefits. Eligible projects shall include, but are not limited to, stormwater capture and reuse, planning and implementation of low-impact development, restoration of urban streams and watersheds, debris flow mitigation, and increasing permeable surfaces to help reduce flooding.

(c) (1) The sum of one billion dollars ($1,000,000,000) shall be available, upon appropriation by the Legislature, to the department for the improvement of dam safety and resilience pursuant to this subdivision.

(2) The department shall develop and administer the Dam Safety and Climate Resilience Local Assistance Program, which is hereby established. The purpose of the program is to provide state funding for repairs, rehabilitation, enhancements, and other dam safety projects at existing state jurisdictional dams and associated facilities.

(3) Dam safety and enhancement projects eligible to receive funding under the program include, but are not limited to, all of the following:

(A) Dam repairs to allow water storage to full capacity.

(B) New spillway projects and spillway repair projects at existing dams.

(C) Dam and reservoir seismic retrofit projects.

(D) Enhancement of water supply and downstream flood risk reduction, such as the implementation of forecast-informed reservoir operations.

(E) One-time projects to remove sediment resulting from wildfires or extraordinary storm events.

(4) Of the funds made available for purposes of this subdivision, the department shall provide grants to owners of state jurisdictional dams for dam safety projects that provide the following public benefits, in order of priority:

(A) Protection of public safety.

(B) Restoration of water storage.

(C) Flood risk reduction.

(D) Enhancement of water supply reliability.

(E) Enhancement, protection, or restoration of habitat for fish and wildlife.

(F) Protection of water quality.

(d) The sum of one billion dollars ($1,000,000,000) shall be available, upon appropriation by the Legislature, to the department for Sacramento-San Joaquin Valley flood management. Projects funded pursuant to this subdivision shall include levee setbacks, projects connecting rivers with floodplains, enhancement of floodplains and bypasses, groundwater recharge projects, and land acquisitions and easements necessary for these projects.

(e) The sum of five hundred million dollars ($500,000,000) shall be available, upon appropriation by the Legislature, to the department for levee rehabilitation and upgrades. The funds described in this subdivision shall be used for new construction, levee rehabilitation, seismic improvements, and improving flood protection for urban areas to the urban level of flood protection.

(f) 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.

84010.

 (a) Bonds in the total amount of four billion five hundred million dollars ($4,500,000,000), not including the amount of any refunding bonds issued in accordance with Section 84019, may be issued and sold for the purposes expressed in this division and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. 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 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 84013. 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 of the Government Code.

84011.

 (a) The bonds authorized by this division shall be prepared, executed, issued, sold, paid, and redeemed as provided in the State General Obligation Bond Law, and all of the provisions of that law apply to the bonds and to this division and are hereby incorporated in this division as though set forth in full in this division, except that subdivisions (a) and (b) of Section 16727 of the Government Code shall not apply.

(b) For purposes of this division, the references to “committee” in the State General Obligation Bond Law shall mean the California Flood Protection Bond Finance Committee created pursuant to Section 84012, and the references to “board” in the State General Obligation Bond Law shall mean the ____.

84012.

 (a) Solely for the purpose of authorizing the issuance and sale pursuant to the State General Obligation Bond Law of the bonds authorized by this division, the California Flood Protection Bond Finance Committee is hereby created.

(b) The committee consists of the Controller, the Treasurer, and the Director of Finance. Notwithstanding any other law, any member may designate a representative to act as that member in the member’s place for all purposes, as though the member were personally present.

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

84013.

 The committee shall determine by resolution whether or not it is necessary or desirable to issue and sell bonds authorized pursuant to this division in order to carry out the actions specified in this division 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.

84014.

 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.

84015.

 Notwithstanding Section 13340 of the Government Code, there is hereby continuously appropriated from the General Fund, for the purposes of this division and without regard to fiscal years, an amount that equals the total of the following:

(a) The sum annually necessary to pay the principal of, and interest on, bonds issued and sold pursuant to this division, as the principal and interest become due and payable.

(b) The sum necessary to carry out Section 84017.

84016.

 The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purpose of carrying out this division less any amount withdrawn pursuant to Section 84017 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 has, by resolution, authorized to be sold for the purpose of carrying out this division, excluding any refunding bonds authorized pursuant to Section 84019, less any amount loaned pursuant to this section and not yet repaid and any amount withdrawn from the General Fund pursuant to Section 84017 and not yet returned to the General Fund. The board shall execute any documents required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this division.

84017.

 For the purposes of carrying out this division, 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 division, excluding any refunding bonds authorized pursuant to Section 84019, less any amount loaned pursuant to Section 84016 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 amounts withdrawn shall be deposited in the fund. Any moneys made available under this section shall be returned to the General Fund from proceeds received from the sale of bonds for the purpose of carrying out this division.

84018.

 All moneys deposited in the fund that are derived from premium and accrued interest on bonds sold pursuant to this division 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.

84019.

 The bonds issued and sold pursuant to this division may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 4 of Title 2 of the Government Code, 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 division includes the approval of the issuance of any bonds issued to refund any bonds originally issued under this division 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.

84020.

 Notwithstanding any other provision of this division, or of the State General Obligation Bond Law, if the Treasurer sells bonds pursuant to this division 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 take any other action with respect to the investment and use of those 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.

84021.

 The proceeds from the sale of bonds authorized by this division 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.