California 2011-2012 Regular Session Status: In Committee

SB 388 — Redevelopment: Emergency Refunding Bonds.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

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

This bill died with 2011-2012 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law suspends various activities of redevelopment agencies and prohibits the agencies from incurring indebtedness, including, but not limited to, issuing or selling bonds, for a specified period. Notwithstanding this provision of law, existing law authorizes an agency to issue Emergency Refunding Bonds only where the issuance is the only means available to the agency to avoid default on outstanding agency bonds, and if other conditions are met. This bill would additionally authorize an agency to issue Emergency Refunding Bonds if issuance is the only means available to the agency to avoid a default on lines of credit obtained from a financial institution. The bill would modify the other conditions of issuance accordingly. This bill would declare that it is to take effect immediately as an urgency statute.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. Re-referred to Com. on GOV. & F.

  3. From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  4. Referred to Com. on RLS.

  5. From printer. May be acted upon on or after March 18.

  6. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

Sponsorship breakdown

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

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"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

Subjects

finance housing
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Frequently asked questions

What does SB 388 do?
Existing law suspends various activities of redevelopment agencies and prohibits the agencies from incurring indebtedness, including, but not limited to, issuing or selling bonds, for a specified period. Notwithstanding this provision of law, existing law authorizes an agency to issue Emergency Refunding Bonds only where the issuance is the only means available to the agency to avoid default on outstanding agency bonds, and if other conditions are met. This bill would additionally authorize an agency to issue Emergency Refunding Bonds if issuance is the only means available to the agency to avoid a default on lines of credit obtained from a financial institution. The bill would modify the other conditions of issuance accordingly. This bill would declare that it is to take effect immediately as an urgency statute.
Who sponsors SB 388?
SB 388 is sponsored by Beth Gaines.
What is the current status of SB 388?
This bill died with 2011-2012 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 388?
Track SB 388 free on One Click Politics — get push/email alerts when it moves.

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