Bill Text: CA AB2551 | 2013-2014 | Regular Session | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Local ballot measures: bond issues.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Passed) 2014-09-30 - Chaptered by Secretary of State - Chapter 908, Statutes of 2014. [AB2551 Detail]
Download: California-2013-AB2551-Amended.html
Bill Title: Local ballot measures: bond issues.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Passed) 2014-09-30 - Chaptered by Secretary of State - Chapter 908, Statutes of 2014. [AB2551 Detail]
Download: California-2013-AB2551-Amended.html
BILL NUMBER: AB 2551 AMENDED BILL TEXT AMENDED IN ASSEMBLY MARCH 28, 2014 INTRODUCED BY Assembly Member Wilk FEBRUARY 21, 2014 An act to amend Section92019401 of the Elections Code, relating to elections. LEGISLATIVE COUNSEL'S DIGEST AB 2551, as amended, Wilk. Localinitiativesballot measures: bond issues . 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. 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.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.This bill would a technical, nonsubstantive change to these provisions.Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 9401 of the Elections Code is amended to read: 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 theelectionelections official conducting the election not later than the 88th day prior to the election, and shall include all of the following : (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. (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. (b) In addition, the statement may containanya declaration of policy of the legislative or governing body of the applicable jurisdiction, proposing toutilizeuse revenues other than ad valorem taxesfor purposes of fundingto fund 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 fundanya bond issue described in Section 9400.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.