Bill Text: CA AB1205 | 2023-2024 | Regular Session | Amended
Bill Title: California State University students: California Promise: Finish in Four and Through in Two.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2024-09-27 - Chaptered by Secretary of State - Chapter 677, Statutes of 2024. [AB1205 Detail]
Download: California-2023-AB1205-Amended.html
Amended
IN
Senate
July 13, 2023 |
Amended
IN
Assembly
May 08, 2023 |
Amended
IN
Assembly
March 23, 2023 |
Introduced by Assembly Member Bauer-Kahan (Principal coauthor: Senator Hurtado) (Coauthor: Assembly Member Friedman) |
February 16, 2023 |
LEGISLATIVE COUNSEL'S DIGEST
This bill would find and declare that speculation or profiteering by an investment fund in the sale, transfer, or lease of an interest in any
surface water right or groundwater water right previously put to beneficial use on agricultural lands within the state is a waste or an unreasonable use of water.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 100.1 is added to the Water Code, to read:100.1.
(a) (1) On or before January 1, 2027, the state board shall conduct a study and report to the Legislature on the existence of speculation or profiteering by an investment fund in the sale, transfer, or lease of an interest in any surface water right or groundwater right previously put to beneficial use on agricultural lands. The state board shall provide this report to the appropriate policy committees of the Legislature.(a)For the purposes of this section, the following definitions apply:
(1)“Agricultural land” has the same meaning as defined in Section 10213 of the Public Resources Code.
(2)“Investment fund” means a private equity fund, public equity fund, venture capital fund, hedge fund, fixed income fund, real estate fund, infrastructure fund, or similar pooled investment entity that is, or holds itself out as
being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, owning, holding, or trading securities or other assets.
(3)“Speculation” means the sale, transfer, or lease of an interest in a water right by an investment fund to profit from an increase in the water’s value in a subsequent transaction or without a plan to put the water to beneficial use.
(b)The Legislature hereby finds and declares that speculation or
profiteering by an investment fund in
the sale, transfer, or lease of an interest in any surface water right or groundwater water right
previously put to beneficial use on agricultural lands within the state is a waste or an unreasonable use of water within the meaning of Section 2 of Article X of the California Constitution.