Bill Text: CA AB480 | 2009-2010 | Regular Session | Amended

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Bill Title: Bond acts: auditing.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2009-08-27 - In committee: Held under submission. [AB480 Detail]

Download: California-2009-AB480-Amended.html

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BILL NUMBER: AB 480	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  JUNE 1, 2009
	AMENDED IN ASSEMBLY  APRIL 14, 2009

INTRODUCED BY   Assembly Member Tran

                        FEBRUARY 24, 2009

   An act to add Section 16724.3 to the Government Code, relating to
state bonds.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 480, as amended, Tran. Bond acts: auditing.
    The existing State General Obligation Bond Law contains
procedures for use in authorizing the issuance and sale and providing
for the repayment of state general obligation bonds and requires any
state general obligation bond measure to be subject to the making,
at least annually, of a specified report, by the head of the lead
state agency administering the bond proceeds, to the Legislature and
the Department of Finance.
    This bill would require any state bond measure approved by the
voters on or after January 1, 2010, to include auditing provisions
with respect to the use of any bond moneys that would be spent for
the purposes of the bond measure. The bill would authorize the Bureau
of State Audits to conduct periodic  or quarterly 
audits to ensure that bond proceeds are awarded in a timely manner
and that recipients of bond moneys use the funds in compliance with
applicable provisions of law. The bill would require that the costs
associated with the audit be reimbursed by the bond proceeds.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


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

  SECTION 1.  Section 16724.3 is added to the Government Code, to
read:
   16724.3.  Any state bond measure approved by the voters on or
after January 1, 2010, shall include auditing provisions with respect
to the use of any bond moneys that would be spent for the purposes
of the bond measure. The Bureau of State Audits may conduct periodic
 or quarterly  audits to ensure that bond proceeds
are awarded in a timely manner and that recipients of bond moneys use
the funds in compliance with applicable provisions of law. The costs
associated with the audit shall be reimbursed by the bond proceeds.