BILL NUMBER: AB 382	CHAPTERED  09/29/05

	CHAPTER  387
	FILED WITH SECRETARY OF STATE  SEPTEMBER 29, 2005
	APPROVED BY GOVERNOR  SEPTEMBER 29, 2005
	PASSED THE SENATE  SEPTEMBER 6, 2005
	PASSED THE ASSEMBLY  APRIL 21, 2005

INTRODUCED BY   Assembly Member Chan

                        FEBRUARY 11, 2005

   An act to repeal Section 91521.3 of the Government Code, relating
to industrial development financing.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 382, Chan  Industrial development authorities: bonds.
   Existing law, the California Industrial Development Financing Act,
provides for the creation of industrial development authorities in a
city, county, city and county, or redevelopment agency. Under the
act, an authority may issue revenue bonds, with their proceeds being
used to finance the acquisition, construction, or rehabilitation of
facilities providing specified benefits. The act terminates the
authority's power to undertake projects through the issuance of bonds
on or after January 1, 2006, absent a statute changing that date.
   This bill would repeal this termination provision thereby
indefinitely extending an authority's power to undertake projects
through the issuance of bonds.


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


  SECTION 1.  Section 91521.3 of the Government Code is repealed.