BILL NUMBER: AB 2670	CHAPTERED  09/26/08

	CHAPTER  332
	FILED WITH SECRETARY OF STATE  SEPTEMBER 26, 2008
	APPROVED BY GOVERNOR  SEPTEMBER 26, 2008
	PASSED THE SENATE  AUGUST 7, 2008
	PASSED THE ASSEMBLY  AUGUST 27, 2008
	AMENDED IN SENATE  JUNE 23, 2008
	AMENDED IN ASSEMBLY  MAY 8, 2008
	AMENDED IN ASSEMBLY  APRIL 8, 2008

INTRODUCED BY   Assembly Member Salas

                        FEBRUARY 22, 2008

   An act to add Section 89 to the Military and Veterans Code,
relating to veterans.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2670, Salas. Department of Veterans Affairs: qualified
residential rental project programs.
   The Department of Veterans Affairs administers state military
affairs and has responsibility for, among other things, veterans'
welfare and homes. Existing law also establishes the California Debt
Limit Allocation Committee for the purpose of implementing the
unified volume limit for the state on private activity bonds
established pursuant to federal law. Under existing law, state or
local agency applicants may apply for the issuance of tax-exempt
private activity bonds under 6 different programs, including the
qualified residential rental project program.
   This bill would authorize the Department of Veterans Affairs to
apply to the California Debt Limit Allocation Committee for the
issuance of a private activity bond under the qualified residential
rental project program.


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

  SECTION 1.  Section 89 is added to the Military and Veterans Code,
to read:
   89.  The department may apply to the California Debt Limit
Allocation Committee for allocations of the state ceiling on
qualified private activity bonds for qualified residential rental
projects.