California 2009-2010 Regular Session Status: Enacted

AB 1388 — Local agencies: general obligation bonds.

Last action — Chaptered by Secretary of State - Chapter 529, Statutes of 2009.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 27, 2009. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 5 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

(1) Existing law requires, subject to a specific exception, the annual payments of principal and interest on bonds issued by a local agency, as defined, to be structured to amortize so that the maximum annual debt service payment on the bonds does not exceed the minimum annual debt service payment by more than 10%. This bill would repeal this provision. (2) Existing law authorizes cities, counties, school districts, community college districts, and special districts to issue and refund general obligation bonds secured by a general tax levy and prescribes the procedures for this purpose. Existing law requires that the bonds be sold at a public or private sale. This bill would impose specific duties on a legislative body to disclose information to the public and the California Debt and Investment Advisory Commission after it issued bonds under these provisions. This bill would also authorize a local agency, as defined, to issue bonds, without further approval, at a negotiated sale for a price at, above, or below par value, if the legislative body of the local agency adopts a specified resolution that includes certain disclosures before the negotiated sale.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 529, Statutes of 2009.

  2. Approved by the Governor.

  3. Enrolled and to the Governor at 4:15 p.m.

  4. Senate amendments concurred in. To enrollment. (Ayes 77. Noes 0. Page 2755.)

  5. In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 27 pursuant to Assembly Rule 77.

  6. Read third time, passed, and to Assembly. (Ayes 39. Noes 0. Page 1921.)

  7. Read second time, amended, and to third reading.

  8. From committee: Amend, and do pass as amended. (Ayes 5. Noes 0.) (June 17).

  9. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on L. GOV.

  10. Referred to Com. on L. GOV.

  11. In Senate. Read first time. To Com. on RLS. for assignment.

  12. Read third time, passed, and to Senate. (Ayes 75. Noes 0. Page 1453.)

  13. Read second time. To third reading.

  14. Read second time and amended. Ordered returned to second reading.

  15. From committee: Amend, and do pass as amended. (Ayes 7. Noes 0.) (May 6).

  16. Referred to Com. on L. GOV.

  17. Read first time.

  18. From printer. May be heard in committee March 30.

  19. Introduced. To print.

Sponsors

  • Hernandez · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Hernandez

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 1388 HERNANDEZ Concurrence in Senate Amendments

Passed 89 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 83002
Democratic 3000
Republican 3000
Total 89002
% of votes cast 98%0%0%2%
How each member voted (91)
Member Party Vote
Carter — Yea
Chesbro — Yea
Conway — Yea
Cook — Yea
Bill — Yea
Tom — Yea
Feuer — Yea
Fuentes — Yea
Furutani — Yea
Galgiani — Yea
Gilmore — Yea
Charles — Yea
Hagman — Yea
Hall — Yea
Harkey — Yea
Hayashi — Yea
Hill — Yea
Huber — Yea
De — Yea
La — Yea
Torre — Yea
De — Yea
Leon — Yea
Huffman — Yea
Jeffries — Yea
Fletcher — Yea
Fong — Yea
Bonnie — Yea
Lowenthal — Yea
Ammiano — Yea
Anderson — Yea
Coto — Yea
Duvall — Yea
Krekorian — Yea
Logue — Yea
Mendoza — Yea
Miller — Yea
Nava — Yea
Nestande — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Audra — Yea
Saldana — Not Voting
Evans — Not Voting
Bass — Yea
Silva — Yea
Smyth — Yea
Solorio — Yea
Torlakson — Yea
Torres — Yea
Tran — Yea
Adams — Yea
Beall — Yea
Blakeslee — Yea
Block — Yea
Blumenfield — Yea
Brownley — Yea
Buchanan — Yea
Hernandez — Yea
Knight — Yea
Lieu — Yea
Ma — Yea
Monning — Yea
Nielsen — Yea
Ruskin — Yea
Skinner — Yea
Swanson — Yea
Torrico — Yea
Villines — Yea
Emmerson — Yea
Eng — Yea
Davis — Yea
DeVore — Yea
Yamada — Yea
Fuller — Yea
Garrick — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bill Berryhill — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Assembly 3rd Reading AB1388 Hernandez By Ducheny

Passed 40 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 37001
Democratic 2000
Republican 1000
Total 40001
% of votes cast 98%0%0%2%
How each member voted (41)
Member Party Vote
Yee — Yea
Cedillo — Yea
Cogdill — Yea
Corbett — Yea
Ducheny — Yea
Florez — Yea
Hancock — Yea
Ashburn — Yea
Dutton — Yea
Lowenthal — Yea
Negrete — Yea
Runner — Yea
Hollingsworth — Yea
Kehoe — Yea
Leno — Yea
McLeod — Yea
Oropeza — Yea
Pavley — Not Voting
Price — Yea
Steinberg — Yea
Walters — Yea
Wiggins — Yea
Wright — Yea
Aanestad — Yea
Alquist — Yea
Benoit — Yea
Harman — Yea
Huff — Yea
Liu — Yea
Maldonado — Yea
Romero — Yea
Simitian — Yea
Wolk — Yea
Wyland — Yea
Correa — Yea
Cox — Yea
DeSaulnier — Yea
Denham — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass as amended.

Passed 5 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 5000
Total 5000
% of votes cast 100%0%0%0%
How each member voted (5)
Member Party Vote
Wiggins — Yea
Wolk — Yea
Aanestad — Yea
Kehoe — Yea
Cox — Yea

Official roll call →

AB 1388 HERNANDEZ Assembly Third Reading

Passed 87 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 79005
Democratic 5000
Republican 3000
Total 87005
% of votes cast 95%0%0%5%
How each member voted (92)
Member Party Vote
Carter — Yea
Chesbro — Yea
Conway — Yea
Bill — Yea
Berryhill — Yea
Tom — Yea
Berryhill — Yea
Eng — Yea
Evans — Yea
Feuer — Yea
Charles — Yea
Furutani — Yea
Galgiani — Yea
Garrick — Yea
Hagman — Yea
Hall — Yea
Hayashi — Yea
De — Yea
La — Yea
Torre — Yea
De — Yea
Leon — Yea
Hernandez — Yea
Hill — Yea
Fletcher — Yea
Bonnie — Yea
V. — Yea
Beall — Yea
Blakeslee — Yea
Cook — Yea
Coto — Yea
Davis — Yea
Duvall — Yea
Huber — Yea
Huffman — Yea
Jeffries — Yea
Krekorian — Yea
Lieu — Yea
Mendoza — Yea
Miller — Yea
Monning — Yea
Nestande — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Audra — Yea
Gaines — Not Voting
Saldana — Not Voting
Bass — Yea
Price — Yea
Silva — Yea
Smyth — Not Voting
Swanson — Yea
Torlakson — Yea
Torres — Yea
Tran — Yea
Villines — Yea
Adams — Yea
Ammiano — Not Voting
Anderson — Yea
Block — Yea
Blumenfield — Yea
Brownley — Yea
Buchanan — Yea
Harkey — Yea
Knight — Yea
Logue — Yea
Ma — Yea
Nava — Yea
Nielsen — Yea
Ruskin — Yea
Skinner — Yea
Solorio — Yea
Torrico — Yea
Emmerson — Yea
DeVore — Yea
Yamada — Yea
Fuentes — Not Voting
Fuller — Yea
Gilmore — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Lowenthal, Josh Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Subjects

finance housing
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Frequently asked questions

What does AB 1388 do?
(1) Existing law requires, subject to a specific exception, the annual payments of principal and interest on bonds issued by a local agency, as defined, to be structured to amortize so that the maximum annual debt service payment on the bonds does not exceed the minimum annual debt service payment by more than 10%. This bill would repeal this provision. (2) Existing law authorizes cities, counties, school districts, community college districts, and special districts to issue and refund general obligation bonds secured by a general tax levy and prescribes the procedures for this purpose. Existing law requires that the bonds be sold at a public or private sale. This bill would impose specific duties on a legislative body to disclose information to the public and the California Debt and Investment Advisory Commission after it issued bonds under these provisions. This bill would also authorize a local agency, as defined, to issue bonds, without further approval, at a negotiated sale for a price at, above, or below par value, if the legislative body of the local agency adopts a specified resolution that includes certain disclosures before the negotiated sale.
Who sponsors AB 1388?
AB 1388 is sponsored by Hernandez.
What is the current status of AB 1388?
This bill has been enacted into law. Introduced February 27, 2009. Enacted.
Where can I track AB 1388?
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Last checked for changes 3 months ago · updated continuously

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