California 2017-2018 Regular Session Status: Enacted

SB 450 — Public bodies: bonds: public notice.

Last action — Chaptered by Secretary of State. Chapter 625, Statutes of 2017.

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

This bill has been enacted into law. Introduced February 15, 2017. Enacted.

Prognosis

Advancing 52% · 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.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

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

Existing law authorizes the governing body of a public body to authorize the issuance of bonds pursuant to a resolution, indenture, agreement, or other instrument providing for the issuance of bonds. Existing law defines a "public body" to mean, among other entities, a county, city, or city and county. This bill, prior to authorization of the issuance of certain bonds, would require the governing body of a public body to obtain and disclose specified information regarding the bonds in a meeting open to the public. The bill would require the information to be obtained as a good faith estimate from an underwriter, financial advisor, or private lender or from a third party borrower, as specified, if the public body issuing bonds is a conduit financing provided, as defined. By imposing new duties upon local county officials with respect to the public notice requirement described above, this bill would impose a state-mandated local program. The California Constitution requires local agencies, for the purpose of ensuring public access to the meetings of public bodies and the writings of public officials and agencies, to comply with a statutory enactment that amends or enacts laws relating to public records or open meetings and contains findings demonstrating that the enactment furthers the constitutional requirements relating to this purpose. This bill would make legislative findings to that effect. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 625, Statutes of 2017.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 5:30 p.m.

  4. Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2905.) Ordered to engrossing and enrolling.

  5. Ordered to special consent calendar.

  6. In Senate. Concurrence in Assembly amendments pending.

  7. Read third time. Passed. (Ayes 77. Noes 0. Page 3165.) Ordered to the Senate.

  8. Ordered to third reading.

  9. Read third time and amended.

  10. Ordered to third reading.

  11. From consent calendar on motion of Assembly Member Calderon.

  12. Read second time. Ordered to consent calendar.

  13. From committee: Do pass. Ordered to consent calendar. (Ayes 15. Noes 0.) (August 23).

  14. From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (July 12). Re-referred to Com. on APPR.

  15. June 28 hearing postponed by committee.

  16. Referred to Com. on L. GOV.

  17. In Assembly. Read first time. Held at Desk.

  18. Read third time. Passed. (Ayes 40. Noes 0. Page 1256.) Ordered to the Assembly.

  19. Published May 17 at 9 p.m.

  20. Read second time. Ordered to third reading.

  21. Ordered to second reading.

  22. Read third time and amended.

  23. Read second time. Ordered to third reading.

  24. From committee: Be ordered to second reading pursuant to Senate Rule 28.8.

  25. Set for hearing May 1.

  26. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 744.) (April 19). Re-referred to Com. on APPR.

  27. From committee with author's amendments. Read second time and amended. Re-referred to Com. on GOV. & F.

  28. Set for hearing April 19.

  29. April 5 hearing postponed by committee.

  30. Set for hearing April 5.

  31. March 29 hearing postponed by committee.

  32. Set for hearing March 29.

  33. Referred to Com. on GOV. & F.

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

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

Sponsors

  • Cooley · Cosponsor
  • Hertzberg · Primary

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 120 not signed on

Sponsors (1)

  • Hertzberg

Co-sponsors (1)

  • Cooley

Not signed on (120)

120 members have not signed on to this bill.

Show all 120 →

"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
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 450 do?
Existing law authorizes the governing body of a public body to authorize the issuance of bonds pursuant to a resolution, indenture, agreement, or other instrument providing for the issuance of bonds. Existing law defines a "public body" to mean, among other entities, a county, city, or city and county. This bill, prior to authorization of the issuance of certain bonds, would require the governing body of a public body to obtain and disclose specified information regarding the bonds in a meeting open to the public. The bill would require the information to be obtained as a good faith estimate from an underwriter, financial advisor, or private lender or from a third party borrower, as specified, if the public body issuing bonds is a conduit financing provided, as defined. By imposing new duties upon local county officials with respect to the public notice requirement described above, this bill would impose a state-mandated local program. The California Constitution requires local agencies, for the purpose of ensuring public access to the meetings of public bodies and the writings of public officials and agencies, to comply with a statutory enactment that amends or enacts laws relating to public records or open meetings and contains findings demonstrating that the enactment furthers the constitutional requirements relating to this purpose. This bill would make legislative findings to that effect. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors SB 450?
SB 450 is sponsored by Cooley and Hertzberg.
What is the current status of SB 450?
This bill has been enacted into law. Introduced February 15, 2017. Enacted.
Where can I track SB 450?
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