Bill Text: CA SB22 | 2011-2012 | Regular Session | Amended

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Bill Title: High-speed rail.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2012-01-12 - Returned to Secretary of Senate pursuant to Joint Rule 62(a). [SB22 Detail]

Download: California-2011-SB22-Amended.html

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BILL NUMBER: SB 22	AMENDED
	BILL TEXT

	AMENDED IN SENATE  MARCH 24, 2011

INTRODUCED BY   Senator La Malfa
    (   Principal coauthor:   Assembly Member
  Nielsen   ) 

                        DECEMBER 6, 2010

   An act  to add Section 2704.76 to the Streets and Highways
Code,   relating to high-speed rail.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 22, as amended, La Malfa. High-speed rail.
   Existing law, the California High-Speed Rail Act, creates the
High-Speed Rail Authority to develop and implement a high-speed rail
system in the state, with specified powers and duties. Existing law,
pursuant to the Safe, Reliable High-Speed Passenger Train Bond Act
for the 21st Century, provides for the issuance of $9.95 billion in
general obligation bonds for high-speed rail and related purposes.
 Article XVI of the California Constitution authorizes the
Legislature, at any time after the approval of a general obligation
bond act by the people, to reduce the amount of the indebtedness
authorized by the act to an amount not less than the amount
contracted at the time of the reduction or to repeal the act if no
debt has been contracted. 
   This bill would  state the intent of the Legislature to
reexamine the bond funding mechanism of the authority relative to the
authority's high-speed rail project   reduce the amount
of general obligation debt authorized pursuant to the Safe, Reliable
High-Speed Passenger Train Bond Act for the 21st Century to the
amount contracted as of January 1, 2012  .
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program: no.


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

   SECTION 1.    Section 2704.76 is added to the 
 Streets and Highways Code   , to read:  
   2704.76.  Pursuant to Section 1 of Article XVI of the California
Constitution, the amount of indebtedness authorized by Chapter 20
(commencing with Section 2704) is hereby reduced to the amount
contracted as of January 1, 2012, notwithstanding anything in that
chapter to the contrary.  
  SECTION 1.    It is the intent of the Legislature
to reexamine the bond funding mechanism relative to the High-Speed
Rail Authority and the authority's high-speed rail project.