AB 1768, as introduced, Gallagher. Bonds: transportation.
Existing law, the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century, approved by the voters as Proposition 1A at the November 4, 2008, statewide general election, provides for the issuance of $9 billion in general obligation bonds for high-speed rail purposes and $950,000,000 for other related rail purposes. Article XVI of the California Constitution requires measures authorizing general obligation bonds to specify the single object or work to be funded by the bonds and further requires a bond act to be approved by a 2⁄3 vote of each house of the Legislature and a majority of the voters.
This bill would provide that no further bonds shall be sold for high-speed rail purposes pursuant to the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century, expect as specifically provided with respect to an existing appropriation for high-speed rail purposes for early improvement projects in the Phase 1 blended system. The bill, subject to the above exception, would require redirection of the unspent proceeds received from outstanding bonds issued and sold for other high-speed rail purposes prior to the effective date of these provisions, upon appropriation, for use in retiring the debt incurred from the issuance and sale of those outstanding bonds. The bill, subject to the above exception, would also require the net proceeds of other bonds subsequently issued and sold under the high-speed rail portion of the bond act to be made available, upon appropriation, to fund projects in the state highway operation and protection program. The bill would make no changes to the authorization under the bond act for issuance of $950,000,000 for rail purposes other than high-speed rail. These provisions would become effective only upon approval by the voters at the next statewide election.
This bill would declare that it is to take effect immediately as an urgency statute.
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 2704.096 is added to the Streets and
2Highways Code, to read:
(a) (1) Notwithstanding any other provision of this
4chapter, and except as provided in paragraph (2), no further bonds
5shall be issued and sold for purposes of Section 2704.06 on and
6after the effective date of this section.
7(2) This section shall not apply to bonds issued and sold for
8purposes of Section 2704.06 with respect to the appropriation in
9Item 2665-104-6043 of Section 2.00 of the Budget Act of 2012,
10as added by Section 3 of Chapter 152 of the Statutes of 2012.
11(b) Notwithstanding any other provision of this chapter, and
12except as otherwise provided in paragraph (2) of subdivision (a),
13the unspent proceeds received from outstanding bonds issued and
14
sold pursuant to Section 2704.06 prior to the effective date of this
15section shall, upon appropriation by the Legislature, be redirected
16from high-speed rail purposes for use in retiring the debt incurred
17from the issuance and sale of those outstanding bonds.
18(c) Notwithstanding any other provision of this chapter, the
19remaining unissued bonds, as of the effective date of this section,
20that were previously authorized pursuant to Section 2704.06, except
21as otherwise provided in paragraph (2) of subdivision (a), are
22hereby authorized to be issued and sold, with the net proceeds to
P3 1be made available, upon appropriation by the Legislature, to fund
2projects in the state highway operation and protection program.
Section 1 of this act would modify the single object
4or work of a general obligation bond act previously submitted to
5the voters by the Legislature pursuant to Section 1 of Article XVI
6of the California Constitution, and subsequently approved by the
7voters as Proposition 1A at the November 4, 2008, statewide
8general election. Accordingly, Section 1 of this act shall become
9effective only upon approval by the voters. The Secretary of State
10shall submit Section 1 of this act to the voters on the ballot of the
11next statewide election.
This act is an urgency statute necessary for the
13immediate preservation of the public peace, health, or safety within
14the meaning of Article IV of the Constitution and shall go into
15immediate effect. The facts constituting the necessity are:
16In order to provide for the submission of modifications of a
17general obligation bond act to the voters as quickly as possible, it
18is necessary for this act to take effect immediately.
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