BILL NUMBER: SB 1672 AMENDED
BILL TEXT
AMENDED IN ASSEMBLY JULY 2, 2008
AMENDED IN ASSEMBLY JUNE 16, 2008
AMENDED IN SENATE MAY 28, 2008
AMENDED IN SENATE MAY 6, 2008
AMENDED IN SENATE APRIL 3, 2008
INTRODUCED BY Senator Steinberg
(Coauthor: Assembly Member Hancock)
FEBRUARY 22, 2008
An act to add Division 16.2 (commencing with Section 26200) to the
Public Resources Code, relating to energy, by providing the funds
necessary therefor through an election for the issuance and sale of
bonds of the State of California and for the handling and disposition
of those funds.
LEGISLATIVE COUNSEL'S DIGEST
SB 1672, as amended, Steinberg. Energy: Renewable Energy, Climate
Change, Career Technical Education, and Clean Technology Job Creation
Bond Act of 2010.
Existing law provides various funding sources for energy
efficiency projects and related purposes.
This bill, subject to voter approval at the 2010, ____ election,
would enact the Renewable Energy, Climate Change, Career Technical
Education, and Clean Technology Job Creation Bond Act of 2010 to
authorize the issuance and sale of $2,250,000,000 in state general
obligation bonds for specified purposes. Of the bond revenues
generated, $1,250,000,000 would be deposited into the Renewable
Energy, Climate Change, Career Technical Education, and Clean
Technology Job Creation Fund of 2010, which would be created by the
bill in the State Treasury, and would be available, upon
appropriation by the Legislature, for the purposes of the
construction of new facilities or the reconfiguration of existing
facilities to enhance the educational opportunities for program
participants, as defined, to provide them with the skills and
knowledge necessary for careers directly related to clean technology,
renewable energy, or energy efficiency. The remaining $1,000,000,000
generated from the bond proceeds would be deposited into the
Renewable Energy, Climate Change, Career Technical Education, and
Clean Technology Job Creation Revolving Loan Fund, which would be
created by the bill in the State Treasury, and would be available,
upon appropriation by the Legislature, for loans awarded for capital
outlay projects undertaken by specified entities to provide job
training and development for specified individuals. The bill would
create the Renewable Energy, Climate Change, Career Technical
Education, and Clean Technology Job Creation Council comprised of 5
members. The council would be required to issue guidelines to
implement the purposes of this act.
Vote: 2/3. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Division 16.2 (commencing with Section 26200) is added
to the Public Resources Code, to read:
DIVISION 16.2. RENEWABLE ENERGY, CLIMATE CHANGE, CAREER
TECHNICAL EDUCATION, AND CLEAN TECHNOLOGY JOB CREATION BOND ACT OF
2010
CHAPTER 1. GENERAL PROVISIONS
26200. This division shall be known and may be cited as the
Renewable Energy, Climate Change, Career Technical Education, and
Clean Technology Job Creation Bond Act of 2010.
26201. (a) The people of the State of California and the
Legislature, in approving this measure, find and declare all of the
following:
(1) California's international leadership in renewable energy,
energy conservation, clean technology, and climate change policies
creates significant, but dramatically underfunded, opportunities to
provide strategic capital investments in energy conservation, clean
technologies, and renewable energy, including projects that
contribute directly to workforce development and educational
opportunities for high school pupils, young workers, community
college students and graduates, youth who participate in community or
state service organizations, college and university students and
graduates, apprenticeship programs for building and construction
trades and other technical and vocational careers, and training
programs for unemployed, underemployed, or displaced workers and high
school dropouts.
(2) California has an opportunity to combine the education and
training of both its future college-educated workforce, the
underemployment of recent high school graduates, and its highly
skilled technical workforce with its effort to combat high school
dropouts and the retraining of workers who have been displaced by the
loss of high-wage jobs in California. Clean technology jobs and
renewable energy jobs (green collar jobs) can provide underserved
communities with a pathway out of poverty, a new and inspiring focus
for educational institutions and nonprofit organizations, and
significant statewide economic and environmental benefits.
(3) A 2006 poll of at-risk California 9th and 10th graders by
Peter D. Hart Research Associates found that six in 10 students were
not motivated to succeed in school. Of those students, more than 90
percent said they would be more engaged in their education if classes
helped them acquire skills and knowledge relevant to future careers.
Career technical education programs that create paths to further
education, advanced training, or productive jobs in high opportunity
careers can keep students engaged and on track toward a diploma.
(4) Investments in renewable energy, energy conservation, clean
technologies, and climate change mitigation, and investments that
develop the workforce for these industries will provide multiple
benefits to California in all of the following ways:
(A) Helping to achieve the state's climate change goals required
by the California Global Warming Solutions Act of 2006, Division 25.5
(commencing with Section 38500) of the Health and Safety Code.
(B) Creating employment opportunities for Californians that would
otherwise not be fully realized.
(C) Creating opportunities for new businesses, and expanding and
retrofitting existing businesses.
(D) Expanding the state's utilization of renewable energy.
(E) Contributing to the growth of clean technology businesses in
California.
(5) A failure to act by California will perpetuate the lack of an
integrated education, job training, and business infrastructure that
otherwise could take advantage of the projected growth in these
industries and the corresponding increase in state and local taxes,
other public revenues, and additional economic benefits associated
with the likely surge in clean technology and renewable energy jobs.
(6) The American Solar Energy Association, for example, concluded
that in 2006 approximately 3.6 million Americans were directly
employed by renewable energy and energy efficiency firms and that
another 5 million Americans held jobs indirectly attributable to
these industries. The renewable energy and energy efficiency
industries of America generated approximately nine hundred
seventy-five million dollars ($975,000,000) in revenue in 2006. These
industries could employ a workforce of up to 40 million Americans,
and could generate four trillion five hundred billion dollars
($4,500,000,000,000) in annual revenue by 2030 if these industries
were expanded aggressively.
(7) The Renewable and Appropriate Energy Laboratory at the
University of California, Berkeley, found that renewable energy
creates more jobs per megawatt of power installed, per unit of energy
produced, and per dollar of investment, than the fossil fuel
energy-based sector.
(8) A study by the Apollo Alliance, a coalition of business,
labor, and environmental organizations, showed that a major national
investment in renewable energy, alternative automobiles and fuels,
high-performance buildings, and infrastructure would result in the
creation of nearly 3.5 million green collar jobs for Americans over a
10-year period.
(9) Reducing high school dropout and joblessness rates among
California's young people who are preparing for and entering the job
market are important state priorities and it is especially important
that high school and community college students who choose to do so
are trained in careers that will help California achieve its
greenhouse gas reduction goals and contribute to the development of
California's renewable energy resources.
(b) (1) It is the intent of the people of the State of California
and the Legislature to stimulate the economy of the State of
California, to create tens of thousands of good paying jobs in
industries and businesses that are in compliance with the state's
environmental protection laws and regulations, to provide to
entrepreneurs and employers the best-trained workforce in the United
States, and to prepare young people and adults to work in clean,
green industries and professions. These jobs would provide green
pathways out of poverty for individuals in communities that suffer
higher high school dropout rates, joblessness, and pollution. These
jobs would help achieve California's climate change mitigation
obligations and conserve our state's vital resources of water, air
quality, land, and energy. These investments would enable California
to offer opportunities for business leaders, communities, young
people, and adults alike, all of which would benefit from California'
s emerging new green economy.
(2) It is the intent of the people of the State of California and
the Legislature that federally recognized California Indian tribes
should be eligible to apply for and expend funds authorized in this
division.
(3) It is the intent of the people of the State of California and
the Legislature that the grants and loans authorized by this division
should be expended on projects that will occur in California.
26202. As used in this division, the following terms have the
following meanings:
(a) "Board" means the Resources Agency.
(b) "Capital outlay project" means the acquisition of land or
other legal property, major construction, improvements, equipment,
designs, working plans, specifications, repairs, and equipment
necessary in connection with a construction or improvement project.
(b)
(c) "Clean technology projects" means the
following:
(1) Energy audits that include a determination of the energy
savings that could be achieved from projects funded under this
division and that may be recovered through utility bill financing.
(2) Retrofitting and weatherization activities that increase
energy efficiency and conservation.
(3) Energy- and water-efficient public buildings.
(4) Retrofitting and installing energy-efficient household
appliances, windows, doors, insulation, and lighting.
(5) Retrofitting and installing water and energy conservation
technologies in existing homes, industrial buildings, commercial and
public buildings, and farms, forestlands, and ranches, to improve
efficiency, including the use of energy and water management
technologies and control systems.
(6) The manufacture, sale, assembly, installation, construction,
and maintenance of energy-efficient technologies and renewable energy
facilities or the component parts of renewable energy technologies.
(7) Projects related to energy-efficient technologies or practices
and renewable energy production or the component parts of renewable
energy plants and energy distribution, including energy storage,
energy infrastructure (including transmission), transportation
(including logistics), and water and wastewater (including water
conservation).
(8) Natural resource conservation projects related to adapting to
climate change such as fish and wildlife habitat restoration,
reforestation, native species preservation, invasive species
eradication, and other projects that address stressors on natural
resources generated by climate change.
(c)
(d) "Committee" means the Renewable Energy,
Climate Change, Career Technical Education, and Clean Technology Job
Creation Finance Committee created pursuant to Section 26208.
(d)
(e) "Council" means the Renewable Energy,
Climate Change, Career Technical Education, and Clean Technology Job
Creation Council and shall be comprised of the following five
individuals:
(1) The Secretary of the Resources Agency, who will serve as chair
of the council.
(2) The Secretary of Labor and Workforce Development.
(3) The Secretary for Environmental Protection.
(4) The Superintendent of Public Instruction.
(5) The Chancellor of the California Community Colleges.
(e)
(f) "Disadvantaged community" means a
community with a median household income that is less than 89 percent
of the statewide average. "Severely disadvantaged community" means a
community with a median household income that is less than 60
percent of the statewide average.
(f)
(g) "Eligible entity" means any of the
following:
(1) A public school that serves grades 7 to 12, inclusive.
(2) A California community college.
(3) Other public entity that is dedicated to career technical
education.
(4) A publicly or investor-owned utility.
(5) A nonprofit organization that is qualified under Section 501
(c)(3) of the Internal Revenue Code and that is registered to do
business in California.
(6) A labor organization.
(7) A business entity.
(8) A state-certified apprenticeship program.
(9) A regional collaborative consisting of local educational
agencies, higher education institutions, businesses, labor
organizations, or community-based organizations, including workforce
investment boards and regional workforce or economic development
entities.
(10) A state or local service organization, including, but not
limited to, the California Conservation Corps or a certified local
conservation corps.
(11) A public postsecondary educational institution.
(12) Any other entity approved by the council.
(g)
(h) "Fund" means the Renewable Energy,
Climate Change, Career Technical Education, and Clean Technology Job
Creation Fund of 2010 created pursuant to subdivision (a) of Section
26203.
(h)
(i) "Program participant" means middle or
high school pupils, community college students, job trainees, or
incumbent workers served by eligible entities.
(i)
(j) "Reconfiguration" means a modification
of a structure of any age that will enhance the educational
opportunities for program participants in order to provide them with
the skills and knowledge necessary for their successful employment in
careers directly related to clean technology, renewable energy, or
energy efficiency that may also contribute to California's goals to
reduce greenhouse gas emissions. "Reconfiguration" may include new
construction necessary to accommodate the reconfiguration.
(j)
(k) "Renewable energy projects" means
research and development, manufacturing, generation, development, and
maintenance of appropriately sited power line transmission, power
storage, installation, repair, maintenance, and related activities
necessary to produce energy from wind, photovoltaic, solar thermal,
geothermal, biomass, including cellulosic ethanol, biodiesel, and
biomass power, green waste, and fuel cells.
(k)
(l) "Revolving loan fund" means the
Renewable Energy, Climate Change, Career Technical Education, and
Clean Technology Job Creation Revolving Loan Fund created pursuant to
subdivision (b) of Section 26203.
CHAPTER 2. RENEWABLE ENERGY, CLIMATE CHANGE, CAREER TECHNICAL
EDUCATION, AND CLEAN TECHNOLOGY JOB CREATION PROGRAM AND FUND OF 2010
26203. The proceeds of bonds issued and sold pursuant to this
division shall be administered as follows:
(a) The sum of one billion two hundred fifty million dollars
($1,250,000,000) shall be deposited into the Renewable Energy,
Climate Change, Career Technical Education, and Clean Technology Job
Creation Fund of 2010, which is hereby created in the State Treasury.
Moneys in the fund shall be administered by the Resources
Agency State Allocation Board and be available,
upon appropriation by the Legislature, to those entities specified in
paragraphs (1), (2), and (3) of subdivision (f)
(g) of Section 26202 for reconfiguration and used pursuant
to Section 26203.2.
(b) The sum of one billion dollars ($1,000,000,000) shall be
deposited into the Renewable Energy, Climate Change, Career Technical
Education, and Clean Technology Job Creation Revolving Loan Fund,
which is hereby created in the State Treasury. The moneys in the
revolving loan fund shall be administered by the Resources Agency and
shall be available upon appropriation by the Legislature, for
revolving loans and may be awarded by the council for capital outlay
projects undertaken by an eligible entity if the applicant does any
of the following:
(1) Enters into agreements, including, but not limited to,
partnerships, contracts, memoranda of understanding, or other
mutually agreed upon arrangements with middle schools, high schools,
or community colleges to support middle school career exploration
activities; curriculum and professional development; high school
pathway programs that integrate academic and technical learning to
prepare students for both college and careers, including a sequence
or cluster of three or more courses that align with the State Board
of Education-approved career technical education standards and
frameworks, and may be delivered through high schools, regional
occupation centers or programs, adult education programs, partnership
academies, or alternative education programs, including continuation
schools and programs administered by county offices of education.
(2) Enters into agreements, including, but not limited to,
partnerships, contracts, memoranda of understanding, or other
mutually agreed upon arrangements with any other eligible entity to
provide school dropouts or high school graduates with inadequate job
skills the knowledge, skills, and credentials necessary for their
successful employment in careers directly related to clean
technology, renewable energy, or energy efficiency that may also
contribute to California's goals to reduce greenhouse gas emissions.
(3) Enters into agreements, including, but not limited to,
partnerships, contracts, memoranda of understanding, or other
mutually agreed upon arrangements with a state, local, regional, or
county program, or qualified nonprofit organization that provides
education, job training, or career opportunities for minors or adults
on probation or parole or currently incarcerated, or a similar
program or organization providing education, job training, or career
opportunities to minors or adults as part of an alternative to
incarceration or adjudication that is consistent with the Penal Code.
26203.2. (a) The Renewable Energy, Climate Change, Career
Technical Education, and Clean Technology Job Creation Program of
2010 is hereby established to provide funding to qualifying entities
for the purpose of constructing new facilities or reconfiguring
existing facilities, including, but not limited to, purchasing
equipment with an average useful life expectancy of at least 10
years, to enhance educational opportunities for program participants
in order to provide them with the skills and knowledge necessary for
their successful employment in careers directly related to clean
technology, renewable energy, or energy efficiency that may also
contribute to California's goal in reducing greenhouse gas emissions.
(b) The council shall develop criteria to evaluate the program.
The criteria shall include measures of education, job readiness, and
environmental outcomes and shall ensure equity, program relevance to
industry needs, and articulation with more advanced coursework at
partnering community colleges, public universities, or private
institutions.
(c) The program shall be based on grant applications administered
by the board State Allocation Board .
(d) Grants shall be allocated on a per-square-foot basis for the
applicable type of construction proposed or deemed necessary by the
board State Allocation Board consistent
with the approved application for the project.
(e) New construction grants shall not exceed three million dollars
($3,000,000) per project per eligible entity, including equipment,
and shall only be allocated to comprehensive high schools
that have an active career technical advisory committee pursuant to
Section 8070 of the Education Code, in be allocated to
eligible entities pursuant to subdivision (a) of Section 26203, in
either of the following methods:
(1) For a stand-alone project on a per-square-foot basis for the
applicable type of construction proposed, based on the criteria
established pursuant to subdivision (b), consistent with the approved
application for the project.
(2) For new construction projects, as a supplement to the per
pupil allocation pursuant to Section 17072.10 of the Education Code.
The supplement is intended to cover excess costs uniquely related to
the facilities required to provide the career technical education
program or programs.
(f) Modernization grants shall not exceed one million five hundred
thousand dollars ($1,500,000) per project per eligible entity,
inclusive of equipment and may be awarded to schools serving students
in grades 7 to 12, inclusive, community colleges or joint power
authorities currently operating career technical education programs
that have an active career technical advisory committee pursuant to
Section 8070 of the Education Code for the purpose of
reconfiguration, or other eligible entities. For schools serving
students in grades 7 to 12, inclusive, the grant shall be
supplemental to the per pupil allocation pursuant to Section 17074.10
of the Education Code. The supplement is intended to cover excess
costs uniquely related to the facilities required to provide the
career technical education program or programs.
(g) (1) A school or community college district
An eligible entity shall contribute from local resources a
dollar amount that is equal to the amount of the grant of state funds
awarded under subdivisions (d), (e), and (f). The local contribution
may be provided by private industry groups, the school district, or
a joint powers authority.
(2) A school or community college district shall not be required
to demonstrate that it has unhoused pupils or that a permanent school
building is more than 25 years old in order to receive a grant under
the program.
(h) The program shall allow the local contribution to be paid over
time should sufficient local funds not be immediately available. The
board State Allocation Board may
provide for a repayment schedule consistent with subparagraphs (C)
and (D) of paragraph (1) of subdivision (a) of Section 17078.57 of
the Education Code. The board shall not waive the local contribution
on the basis of financial hardship or on any other basis.
(i) Applications shall meet the criteria developed under
subdivision (b) and shall require all of the following:
(1) A clear and comprehensive career technical education plan for
each course of study applicable to the instructional space ,
that includes programs that focus on clean technology, renewable
energy, or energy efficient systems .
(2) Projections of program participant enrollment.
(3) Identification of feeder schools and institutions, industry
partners, community colleges, or other postsecondary schools
participating in the development, articulation, and review of the
educational program, or other appropriate collaborating entities.
(4) Evidence of approval of the plan by the entities listed in
paragraph (3).
(5) The method by which accountability for program participant
enrollments and outcomes will be maintained. Outcomes shall include,
but are not limited to, certificate completion, the successful
employment of program participants in the applicable industry, and
successful transition to postsecondary institutions for work in the
applicable industry or other areas of study.
(6) Evidence of coordination with all feeder schools, middle
schools, high schools, or other relevant entities within the area to
ensure that the project and programs complement career technical
education offerings in the area.
(7) Evidence that upon completion of the project that local
educational agencies will meet all of their obligations under Section
51228 of the Education Code relating to career technical education.
(j) Applications shall give weight to the number of program
participants expected to attend, the cost per program participant,
financial participation by industry partners in the construction and
equipping of the facility, commitment to accountability for outcomes
and participation, the strength and relevance of the educational
plans to the needs of industry for qualified technical employees
applicable to the economic development and environmental needs of the
region in which the project will be located, and coordination and
articulation with feeder schools, other high schools, and community
colleges.
(k) The Office of Public School Construction shall develop and the
board shall approve, regulations to implement this division on or
before June 1, 2011, and the board may promulgate those regulations
first on an emergency basis, which shall be effective for no more
than 12 months, after which any permanent regulations shall be
promulgated in accordance with the Administrative Procedure Act
(Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3
of Title 2 of the Government Code).
(k) The State Allocation Board shall implement this division
pursuant to applicable regulations and guidelines established by the
council.
26204. (a) The council shall develop guidelines for competitive
grants and revolving loans for the purposes set forth in Section
26203. Priority shall be given to eligible entities that include
significant matching funds, as determined by the council, as a part
of their application. A minimum of 15 percent of the funds granted
shall benefit severely disadvantaged communities.
(b) The council may use appropriate state agency personnel in
administering the public outreach, education, technical assistance,
guideline development, and grant application review provisions if
these efforts are otherwise consistent with this division.
(c) The council shall award grants and adopt guidelines for
awarding competitive grants as set forth in this division.
(d) The council shall develop guidelines to implement programs,
including, but not limited to, specifying terms and conditions for
loans, including, but not limited to, the maximum loan amounts,
conditions under which loan recipients may charge participants for
education and training, and procedures in the event of a loan
default.
(e) The council shall give priority for grants and loans to
eligible programs serving pupils in grades 7 to 12, inclusive, or
otherwise focusing on early workforce preparation and dropout
prevention.
(f) The council shall determine the interest rate on a loan
provided pursuant to this division based on the rate paid on moneys
in the Pooled Money Investment Account as of the date of disbursement
of the funding.
CHAPTER 3. MISCELLANEOUS PROVISIONS
26205. (a) The Legislature may enact legislation necessary to
implement this division.
(b) Every proposed activity or project to be financed pursuant to
this division shall be in compliance with the California
Environmental Quality Act, Division 13 (commencing with Section
21000).
(c) Acquisitions of real property pursuant to this division shall
be from willing sellers.
(d) Up to 5 percent of the funds allocated to a program pursuant
to this division may be used to pay the costs incurred in the
administration of that program.
(e) The body awarding a contract for a public works project
financed in part from funds made available pursuant to this division
shall adopt and enforce, or contract with a third party to enforce, a
labor compliance program pursuant to subdivision (b) of Section
1771.5 of the Labor Code that shall be applicable to that public
works project.
(f) The guidelines developed by the council shall establish a
preference or priority for projects that involve the California
Conservation Corps or a certified local conservation corps.
(g) The guidelines developed by the council shall establish
whether, and in what amount, an applicant must offer a matching
contribution.
(h) Chapter 3.5 (commencing with Section 11340) of Part 1 of
Division 3 of Title 2 of the Government Code does not apply to the
development and adoption of program guidelines and selection criteria
adopted pursuant to this division.
(i) The chair of the council shall provide for an annual
independent audit of expenditures pursuant to this division to ensure
that all moneys are expended in accordance with this division.
26205.5. The provisions of this division are severable. If any
provision of this division or its application is held invalid, that
invalidity shall not affect other provisions or applications that can
be given effect without the invalid provision or application.
CHAPTER 4. FISCAL PROVISIONS
26206. Bonds in the total of two billion two hundred fifty
million dollars ($2,250,000,000), or so much thereof as is necessary,
not including the amount of any refunding bonds, or so much thereof
as is necessary, may be issued and sold to provide a fund to be used
for carrying out 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,
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.
26207. The bonds authorized by this division shall be prepared,
executed, issued, sold, paid, and redeemed as provided in 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),
except subdivision (a) of Section 16727 of the Government Code to the
extent that it is inconsistent with this division, and all of the
other provisions of that law as amended from time to time apply to
the bonds and to this division and are hereby incorporated in this
division as though set forth in full in this division.
26208. (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 Renewable Energy, Climate Change,
Career Technical Education, and Clean Technology Job Creation Finance
Committee is hereby created. For the purposes of this division, the
Renewable Energy, Climate Change, Career Technical Education, and
Clean Technology Job Creation Finance Committee is "the committee" as
that term is used in the State General Obligation Bond Law. The
committee consists of the Treasurer, the Controller, and the Director
of Finance, or a designated representative of each of those
officials. The Treasurer shall serve as the chairperson of the
committee. A majority of the committee may act for the committee.
(b) For the purposes of the State General Obligation Bond Law, the
Resources Agency is designated to be the "board."
26209. (a) Upon request of the board stating that funds are
needed for purposes of this division, the committee shall determine
whether or not it is necessary or desirable to issue bonds authorized
pursuant to this division in order to carry out the actions
specified in Chapter 2 (commencing with Section 26203), 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.
(b) Of the one billion two hundred fifty million dollars
($1,250,000,000) generated from the sale of the bond and deposited
into the fund for the purposes specified in subdivision (a) of
Section 26203, the committee may establish the term of the bond, not
to exceed 30 years.
(c) Of the one billion dollars ($1,000,000,000) generated from the
sale of the bond and deposited into the revolving loan fund for the
purposes specified in subdivision (b) of Section 26203, the committee
may establish the terms of the bond, not to exceed 15 years.
26210. There shall be collected each year 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 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.
26211. Notwithstanding Section 13340 of the Government Code,
there is hereby appropriated from the General Fund in the State
Treasury, for the purposes of this division, an amount that will
equal 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 26212, appropriated
without regard to fiscal years.
26212. For the purpose 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. Any amounts withdrawn shall be deposited
in the fund. Any money made available under this section shall be
returned to the General Fund, plus the interest the amounts would
have earned in the Pooled Money Investment Account, from proceeds
received from the sale of bonds for the purpose of carrying out this
division.
26213. All money deposited in the fund that is derived from
premium and accrued interest on bonds sold shall be reserved in the
fund and shall be available for transfer to the General Fund as a
credit to expenditures for bond interest.
26214. Pursuant to Chapter 4 (commencing with Section 16720) of
Part 3 of Division 4 of Title 2 of the Government Code, the cost of
bond issuance shall be paid out of the bond proceeds. These costs
shall be shared proportionally by each program funded through this
bond act.
26215. The board may request the Pooled Money Investment Board to
make a loan from the Pooled Money Investment Account, including
other authorized forms of interim financing that include, but are not
limited to, commercial paper, in accordance with Section 16312 of
the Government Code, for purposes of carrying out this division. The
amount of the request shall not exceed the amount of the unsold bonds
that the committee, by resolution, has authorized to be sold for the
purpose of carrying out this division. 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 in accordance with this division.
26216. The bonds 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.
26217. 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, subject to designated conditions,
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 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.
26218. The Legislature hereby finds and declares that, inasmuch
as 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, the disbursement of these proceeds is
not subject to the limitations imposed by that article.
SEC. 2. Section 1 of this act shall take effect only upon the
approval by the voters of the Renewable Energy, Climate Change,
Career Technical Education, and Clean Technology Job Creation Bond
Act of 2010, as set forth in Section 1 of this act.
SEC. 3. Section 1 of this act shall be submitted to the voters at
the 2010, ____ election in accordance with provisions of the
Government Code and the Elections Code governing the submission of a
statewide measure to the voters.
SEC. 4. (a) Notwithstanding any other provision of law, all
ballots of the election shall have printed thereon and in a square
thereof, the words: "Renewable Energy, Climate Change, Career
Technical Education, and Clean Technology Job Creation Bond Act of
2010" and in the same square under those words, the following in
8-point type: "This act provides for bond issue of two billion two
hundred fifty million dollars ($2,250,000,000) to provide funds for a
Renewable Energy, Climate Change, Career Technical Education, and
Clean Technology Job Creation Program." Opposite the square, there
shall be left spaces in which the voters may place a cross in the
manner required by law to indicate whether they vote for or against
the act.
(b) Notwithstanding Sections 13247 and 13281 of the Elections
Code, the language in subdivision (a) shall be the only language
included in the ballot label for the condensed statement of the
ballot title, and the Attorney General shall not supplement, subtract
from, or revise that language, except that the Attorney General may
include the financial impact summary prepared pursuant to Section
9087 of the Elections Code and Section 88003 of the Government Code.
(c) Where the voting in the election is done by means of voting
machines used pursuant to law in a manner that carries out the intent
of this section, the use of the voting machines and the expression
of the voters' choice by means thereof are in compliance with this
section.