BILL NUMBER: AB 2383	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  APRIL 13, 2010

INTRODUCED BY   Assembly Member Evans

                        FEBRUARY 19, 2010

    An act relating to bonds.   An act to add
Section 13450 to the Government Code, relating to bonds. 


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2383, as amended, Evans. Bonds.
   Existing law authorizes the state, under specified conditions, to
issue bonds to fund specified projects. 
   This bill would state the intent of the Legislature to enact
legislation to use unappropriated voter-approved bonds to create jobs
for California residents and identify a sustainable funding source
to pay for the costs of those bonds.  
   This bill would require the Department of Finance to semiannually
survey state agencies on project readiness, as defined, of projects
funded by bonds, and provide the Joint Legislative Budget Committee
with the results of the surveys. This bill would also require and
authorize the department to, under specified circumstances,
prioritize the sale of bonds in a specified manner. 
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program: no.


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

   SECTION 1.    Section 13450 is added to the 
 Government Code   , to read:  
   13450.  (a) The Department of Finance shall, on a semiannual
basis, survey state agencies that administer or oversee the
expenditure of bond proceeds. The survey shall inquire of state
agencies regarding project readiness and cash needs based on
anticipated bond issuances.
   (b) The department shall provide the Joint Legislative Budget
Committee with results of the survey, including which bonds would be
used.
   (c) (1) During periods when bond issuance is constrained such that
there are more voter-approved bonds with ready projects available
than the state anticipates it can sell, the department shall, in
addition to project readiness, use the following criteria in
determining the priority for the sale of bonds:
   (A) Immediate job creation.
   (B) Sustainability of jobs.
   (C) Benefit and impact of the project on the economy.
   (2) Notwithstanding subparagraphs (A) to (C), inclusive, of
paragraph (1), the department may prioritize the sale of bonds when
bond issuance is constrained, as described in paragraph (1), for
projects that would:
   (A) Draw down significant state or federal matching funds.
   (B) Be feasible only if included in the next bond sale or would
cost substantially more if included in a later bond sale.
   (C) Respond to an urgent matter of public health or safety.
   (d) For purposes of this section, the following definitions shall
apply:
   (1) "Project readiness" means that the project, if immediately
funded is at the stage where it would provide the intended economic
benefit.
   (2) "Bond proceeds" means funds derived from the sale of general
obligation bonds.  
  SECTION 1.    It is the intent of the Legislature
to enact legislation to use unappropriated voter-approved bonds to
create jobs for California residents and identify a sustainable
funding source to pay for the costs of those bonds.