AB 1416, as introduced, Committee on Accountability and Administrative Review. State government: property acquisition.
The Property Acquisition Law requires that all real property and interests in real property to be acquired by or for any state agency, with specified exceptions, be acquired by the State Public Works Board. Existing law allows the State Public Works Board to enter into payment agreements, including agreements that provide for interest payments, with the owner of property to be acquired.
This bill would require the State Public Works Board to annually notify the Legislature of a payment agreement or interest payment resulting from a property acquisition.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 15854.1 of the Government Code is
2amended to read:
At the request of the owner of property acquired
2pursuant to this part, the board may enter into an agreement with
3the owner specifying the manner of payment of compensation to
4which the owner is entitled as the result of the acquisition. The
5agreement may provide that the compensation shall be paid by the
6board to the owner over a period not to exceed 10 years from the
7date the owner’s right to compensation accrues. The agreement
8may also provide for the payment of interest by the board; however,
9the rate of interest agreed upon may not exceed the maximum rate
10authorized by Section 16731 or 53531 of the Government Code,
11as applicable, in connection with the issuance of bonds.begin insert The board
12shall annually notify the Legislature of
any payment agreement
13or interest payment resulting from the acquisition.end insert
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