BILL NUMBER: AB 2364	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Correa

                        FEBRUARY 19, 2004

   An act relating to public pension systems, and declaring the
urgency thereof, to take effect immediately.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2364, as introduced, Correa.  Public pension systems:  credit
enhancement.
   Existing law declares that the retirement boards of public pension
and retirement systems have fiduciary responsibility over the assets
of the public pension or retirement system.
   This bill would declare the Legislature's intent to clarify the
authority of public pension systems to establish credit enhancement
programs.
   The bill would declare that it is to take effect immediately as an
urgency statute.
   Vote:  2/3.  Appropriation:  no.  Fiscal committee:  no.
State-mandated local program:  no.


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


  SECTION 1.  It is the intent of the Legislature to clarify the
authority of public pension systems to establish credit enhancement
programs to assist entities to secure more favorable financing terms
through a variety of types of credit enhancement including, but not
limited to, enhancement of the credit of bonds, notes, and other
indebtedness, thereby hastening the state's economic recovery.
  SEC. 2.  This act is an urgency statute necessary for the immediate
preservation of the public peace, health, or safety within the
meaning of Article IV of the Constitution and shall go into immediate
effect.  The facts constituting the necessity are:
   In order that public retirement systems may establish credit
enhancement programs during this period of fiscal crisis, and thereby
hasten the state's economic recovery, it is necessary that this act
take effect immediately.