SB 65 — State finances.

Summary

(1) Existing law sets forth the duties and authority of the Treasurer generally in the sale of state bonds. Moneys are continuously appropriated from the General Fund in an annual amount necessary to pay all obligations, including principal, interest, fees, costs, indemnities, and all other amounts incurred by the state under or in connection with any credit enhancement or liquidity agreement entered into by the state, as specified, for bonds payable pursuant to an appropriation from the General Fund. Existing law prohibits the amount appropriated for these fees, costs, and other similar expenses from exceeding a percentage of the original principal amount of the bonds that is specified in the federal Internal Revenue Code. This bill would, until June 30, 2013, instead increase that percentage by which those expenses are calculated to 3%, thereby making an appropriation. (2) Existing law authorizes the Director of Finance to defer payments of General Fund moneys in July through September of 2009, in an amount not to exceed $750,000,000, appropriated to the University of California in the Budget Act of 2009, as specified. Existing law also authorizes the director to defer payments of General Fund moneys in July 2009, in an amount not to exceed $290,000,000, appropriated to the California State University in the Budget Act of 2009, as specified. Existing law specifies the schedule of payments for these deferred amounts. This bill would additionally authorize the director to defer payments of General Fund moneys owed in February 2010, in an amount not to exceed $250,000,000, appropriated to the University of California in the Budget Act of 2009. The bill also would authorize the director to defer payments of General Fund moneys owed in February 2010 in an amount not to exceed $250,000,000, and owed in March 2010 in an amount not to exceed $150,000,000, appropriated to the California State University in the Budget Act of 2009, as specified. The bill would specify a schedule of payments for these deferred amounts. (3) Existing law defers, until October 2009, the disbursal of payments of General Fund moneys for July 2009, in an amount not to exceed $200,000,000, appropriated to the Board of Governors of the California Community Colleges for apportionments to community college districts. This bill would additionally defer, until May 2010, the disbursal of payments of General Fund moneys for March 2010, in an amount not to exceed $100,000,000, appropriated to the board for apportionments to community college districts. (4) Existing law requires state excise fuel tax revenues to be deposited in various accounts and to be allocated, in part, for various purposes, including the cost of collection and authorized refunds. Existing law requires the balance of these funds remaining after authorized deductions to be transferred to, and deposited monthly in, the Highway Users Tax Account in the Transportation Tax Fund. Existing law provides for annual and monthly apportionment by the Controller of specified revenues in the Highway Users Tax Account to cities, counties, and cities and counties for the transportation purposes authorized by Article XIX of the California Constitution. Existing law, pursuant to Chapter 23 of the Fourth Extraordinary Session of the Statutes of 2009, requires transfers of those revenues from the Highway Users Tax Account to counties or cities that would otherwise be made during certain months of 2009 to instead be deferred and made after January 1, 2010. This bill would instead provide for the apportionments for the months of July and August of 2009 to cities, counties, and cities and counties to be paid in September 2009, and apportionments for November and December of 2009 and January, February, and March of 2010 to be paid on or within 2 working days of April 28, 2010, with specified exceptions. The bill would also authorize the affected local agencies to use specified transportation bond funds and other available funds to meet certain cash obligations. (5) Existing law provides for the State Supplementary Program for the Aged, Blind and Disabled (SSP) , which requires the State Department of Social Services to contract with the United States Secretary of Health and Human Services to, on behalf of the state, make combined state and federal payments to SSP recipients to supplement Supplemental Security Income (SSI) payments made available pursuant to the federal Social Security Act. Existing law provides that the contract with the United States Secretary of Health and Human Services requires the state to pay the secretary an amount equal to expenditures made by the secretary as supplemental payments to SSP recipients less amounts payable by the federal government. This bill would, upon the order of the Director of Finance, require the Director of Social Services to defer the above-described payments to the federal government in February 2010, and March 2010, and, instead, make payments for those months after April 20, 2010, but no later than May 31, 2010. (6) This bill would declare that it is to take effect immediately as an urgency statute.

Bill Text

• Chaptered 10/19/09 - Chaptered Current pdf October 19, 2009
• Enrolled 10/14/09 - Enrolled pdf October 14, 2009
• Amended 09/04/09 - Amended Assembly pdf September 04, 2009
• Introduced 01/20/09 - Introduced pdf January 20, 2009
• SB65 View text html

Action History

1. October 19, 2009

   Chaptered by Secretary of State. Chapter 633, Statutes of 2009.

2. October 19, 2009

   Approved by Governor.

3. October 15, 2009

   Enrolled. To Governor at 11:30 a.m.

4. October 14, 2009

   Senate concurs in Assembly amendments. (Ayes 38. Noes 0. Page 2517.) To enrollment.

5. October 14, 2009

   Urgency clause adopted.

6. September 12, 2009

   (Ayes 39. Noes 0. Page 2448.)

7. September 12, 2009

   Reconsideration granted.

8. September 12, 2009

   Motion to reconsider made by Senator Ducheny.

9. September 12, 2009

   Senate refuses to concur in Assembly amendments. (Ayes 26. Noes 1. Page 2447.)

10. September 12, 2009

    Urgency clause refused adoption.

11. September 11, 2009

    In Senate. To unfinished business.

12. September 11, 2009

    Read third time. Urgency clause adopted. Passed. (Ayes 64. Noes 10. Page 3338.) To Senate.

13. September 04, 2009

    Read third time. Amended. (Page 3039.) To third reading.

14. September 01, 2009

    From inactive file to third reading file.

15. August 31, 2009

    Notice of motion to remove from inactive file given by Assembly Member Krekorian.

16. August 17, 2009

    Placed on inactive file on request of Assembly Member Krekorian.

17. June 15, 2009

    Read second time. To third reading.

18. June 11, 2009

    Placed on second reading file.

19. April 16, 2009

    In Assembly. Read first time. Held at Desk.

20. April 16, 2009

    Read third time. Passed. (Ayes 22. Noes 14. Page 510.) To Assembly.

21. April 02, 2009

    Read second time. To third reading.

22. April 01, 2009

    Placed on second reading file.

23. April 01, 2009

    Withdrawn from committee.

24. January 29, 2009

    To Com. on RLS.

25. January 22, 2009

    Read first time.

26. January 21, 2009

    From print. May be acted upon on or after February 20.

27. January 20, 2009

    Introduced. To Com. on RLS. for assignment. To print.

Sponsors

• Committee on Budget and Fiscal Review · Primary

Votes

Subjects