BILL NUMBER: AB 1368	CHAPTERED  10/11/03

	CHAPTER  770
	FILED WITH SECRETARY OF STATE  OCTOBER 11, 2003
	APPROVED BY GOVERNOR  OCTOBER 10, 2003
	PASSED THE ASSEMBLY  AUGUST 28, 2003
	PASSED THE SENATE  AUGUST 25, 2003
	AMENDED IN SENATE  AUGUST 21, 2003
	AMENDED IN SENATE  JULY 21, 2003
	AMENDED IN ASSEMBLY  MARCH 27, 2003

INTRODUCED BY   Assembly Member Kehoe
   (Coauthors:  Assembly Members Bates, Shirley Horton, Plescia,
Vargas, and Wyland)
   (Coauthors:  Senators Alpert, Battin, Hollingsworth, McPherson,
Morrow, and Poochigian)

                        FEBRUARY 21, 2003

   An act to add Section 16724.4 to the Government Code, relating to
bonds.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 1368, Kehoe.  Bonds.
   The existing State General Obligation Bond Law contains procedures
for use in authorizing the issuance and sale and providing for the
repayment of state general obligation bonds.  Existing law also
requires prescribed accountability measures to be included in local
bond measures.
   This bill would require any state general obligation bond measure
to be subject to the making, at least annually, of a specified
report, by the head of the lead state agency administering the bond
proceeds, to the Legislature and the Department of Finance.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:


  SECTION 1.  Section 16724.4 is added to the Government Code, to
read:
   16724.4.  Any state bond measure approved by the voters on or
after January 1, 2004, shall be subject to an annual reporting
process, as follows:
   (a) The head of the lead state agency administering the bond
proceeds shall report to the Legislature and the Department of
Finance no later than January 1, 2005, or the January 1 of the second
year following the enactment of the bond measure, whichever is
later, and at least once a year thereafter.  The annual report shall
contain all of the following:
   (1) A list of all projects and their geographical location that
have been funded or are required or authorized to receive funds.
   (2) The amount of funds allocated on each project.
   (3) The status of any project required or authorized to be funded.

   (b) Costs of the report may be included in the cost of
administering the bond measure unless the measure specifically
prohibits those expenses.