Amended in Assembly March 28, 2014

California Legislature—2013–14 Regular Session

Assembly Bill No. 2551

Introduced by Assembly Member Wilk

February 21, 2014

An act to amend Section begin delete 9201 end delete begin insert 9401 end insert of the Elections Code, relating to elections.

LEGISLATIVE COUNSEL’S DIGEST

AB 2551, as amended, Wilk. Local begin delete initiatives end delete begin insert ballot measures: bond issues end insert .

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Existing law requires all bond issues proposed by a county, city and county, city, district, or other political subdivision, or by any agency, department, or board thereof, to be submitted to the voters for approval. Existing law requires all official materials for the bond issue proposal to contain a statement of specified tax rate data.

end insert begin insert

This bill would require the statement to include the best estimate from official sources of the total debt service that would be required to be repaid if all the bonds are issued and sold.

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Existing law allows a proposed ordinance to be submitted to the legislative body of the city by a petition filed with the elections official of the legislative body, as provided, after being signed by not less than a specified number of voters.

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This bill would a technical, nonsubstantive change to these provisions.

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Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.

The people of the State of California do enact as follows:

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begin insert SECTION 1. end insert   

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begin insert Section 9401 of the end insert begin insert Elections Code end insert begin insert is amended
to read: end insert

9401.  

(a) In connection with each bond issue specified in
Section 9400, a statement shall be mailed to the voters with the
sample ballot for the bond election. The statement required by this
section shall be filed with the begin delete election end delete begin insert elections end insert official conducting
the election not later than the 88th day prior to the election, and
shall include begin insert all of the following end insert :

(1) The best estimate from official sources of the tax rate that
would be required to be levied to fund that bond issue during the
first fiscal year after the first sale of the bonds based on assessed
valuations available at the time of the election or a projection based
on experience within the same jurisdiction or other demonstrable
factors.

(2) The best estimate from official sources of the tax rate that
would be required to be levied to fund that bond issue during the
first fiscal year after the last sale of the bonds if the bonds are
proposed to be sold in series, and an estimate of the year in which
that rate will apply, based on assessed valuations available at the
time of the election or a projection based on experience within the
same jurisdiction or other demonstrable factors.

(3) The best estimate from official sources of the highest tax
rate that would be required to be levied to fund that bond issue,
and an estimate of the year in which that rate will apply, based on
assessed valuations available at the time of the election or a
projection based on experience within the same jurisdiction or
other demonstrable factors.

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(4) The best estimate from official sources of the total debt
service, including the principal and interest, that would be required
to be repaid if all the bonds are issued and sold. The estimate may
include information about the assumptions used to determine the
estimate.

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(b) In addition, the statement may contain begin delete any end delete begin insert a end insert declaration of
policy of the legislative or governing body of the applicable
jurisdiction, proposing to begin delete utilize end delete begin insert use end insert revenues other than ad valorem
taxes begin delete for purposes of funding end delete begin insert to fund end insert the bond issue, and the best
estimate from official sources of these revenues and the reduction
in the tax rate levied to fund the bond issue resulting from the
substitution of revenue.

(c) The words “tax rate” as used in this chapter means tax rate
per one hundred dollars ($100) of assessed valuation on all property
to be taxed to fund begin delete any end delete begin insert a end insert bond issue described in Section 9400.

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SECTION 1.  

Section 9201 of the Elections Code is amended
to read:

9201.  

A proposed ordinance may be submitted to the legislative
body of the city by a petition filed with the elections official of
the legislative body, in the manner hereinafter prescribed, after
being signed by not less than the number of voters specified in this
article. The petition may be in separate sections, providing that
the petition complies with this article. The first page of each section
shall contain the title of the petition and the text of the measure.
The petition sections shall be designated in the manner set forth
in Section 9020.

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