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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

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-Introduced.html

---

BILL NUMBER: AB 480	INTRODUCED
	BILL TEXT


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 introduced, 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.
   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.