BILL ANALYSIS
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THIRD READING
Bill No: AB 1009
Author: V. Manuel Perez (D)
Amended: 9/4/09 in Senate
Vote: 27 - Urgency
ALL PRIOR VOTES NOT RELEVANT
SEN. GOVERNMENTAL ORGANIZATION COMM .: Not available
SUBJECT : Bonds
SOURCE : Author
DIGEST : This bill revises the definition of state
ceiling for the purpose of private activity bonds to also
include certain amounts reserved to the state for qualified
energy conservation bonds and recovery zone economic
development bonds.
This bill expands the scope of the California Industrial
Development Financing Act by including additional types of
projects and costs authorized for financing under the act,
including, but not limited to, projects qualified under the
American Recovery and Reinvestment Act of 2009. This bill
also authorizes financial assistance to businesses for
certain costs of a bond issuance.
ANALYSIS : Existing law establishes in state government
the California Debt Limit Allocation Committee, with duties
that include annually determining a state ceiling on the
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aggregate amount of private activity bonds that may be
issued, and allocating that amount among state and local
agencies. Existing law defines the term "state ceiling"for
those purposes with regard to an amount specified in
federal law.
Existing law, the California Industrial Development
Financing Act, authorizes cities, counties, cities and
counties, and redevelopment agencies to establish
industrial development authorities that are authorized to
issue industrial development bonds, the proceeds of which
may be used to fund capital projects of private enterprise
under terms and conditions specified in the act.
This bill:
1.This bill revises the definition of "state ceiling" for
the purpose of private activity bonds to also include
certain amounts reserved to the state for qualified
energy conservation bonds and recovery zone economic
development bonds.
2.Expands the scope of the California Industrial
Development Financing Act by including additional types
of projects and costs authorized for financing under the
act, including, but not limited to, projects qualified
under the American Recovery and Reinvestment Act of 2009.
This bill also authorizes financial assistance to
businesses for certain costs of a bond issuance.
FISCAL EFFECT : Appropriation: No Fiscal Com.: Yes
Local: No
TSM:cm 10/14/09 Senate Floor Analyses
SUPPORT/OPPOSITION: NONE RECEIVED
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