California 2019-2020 Regular Session Status: In Committee

AB 2707 — Local government finance: COVID-19 Credit Facility.

Last action — Re-referred to Com. on H. & C.D.

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

This bill died with 2019-2020 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 prescribes the duties of the Treasurer, which include acting as an elected representative of the state for the purposes of approving the issuance of bonds, notes, or other evidences of indebtedness, issued by or on behalf of the state, to the extent this approval is required by federal tax law. The Municipal Liquidity Facility, created by the Federal Reserve System, is authorized to purchase short-term debt instruments from states, counties with populations of at least 500,000 residents, and cities with populations of at least 250,000 residents, among others. For these purposes, state debt issuers are authorized to use proceeds to support additional counties and cities. Existing law creates the California Debt and Investment Advisory Commission and prescribes its duties, including providing assistance to state or local governmental units, upon request, in the planning, preparation, marketing, and sale of debt issues. This bill would require the Treasurer to establish the COVID-19 Credit Facility, to support cashflow borrowing by local governments, as specified, to better manage cashflow pressures created by the COVID-19 public health emergency. The bill would require the facility to assist local governments, irrespective of population size, with the purchase of newly-issued tax anticipation notes, tax and revenue anticipation notes, bond anticipation notes, and other short-term notes through the California Debt and Investment Advisory Commission. The bill would also require the facility to establish methods by which cities with populations of less than 250,000 and counties with populations of less than 500,000 may access the Municipal Liquidity Facility established by the Federal Reserve System, as specified. The bill would require the Treasurer to adopt and publish guidelines for these purposes. This bill would declare that it is to take effect immediately as an urgency statute.

Bill Text

Action History

  1. Re-referred to Com. on H. & C.D.

  2. From committee chair, with author's amendments: Amend, and re-refer to Com. on H. & C.D. Read second time and amended.

  3. Re-referred to Com. on H. & C.D.

  4. From committee chair, with author's amendments: Amend, and re-refer to Com. on H. & C.D. Read second time and amended.

  5. Referred to Com. on H. & C.D.

  6. From printer. May be heard in committee March 22.

  7. Read first time. To print.

Sponsors

  • Holden · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Holden

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
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Frequently asked questions

What does AB 2707 do?
Existing law prescribes the duties of the Treasurer, which include acting as an elected representative of the state for the purposes of approving the issuance of bonds, notes, or other evidences of indebtedness, issued by or on behalf of the state, to the extent this approval is required by federal tax law. The Municipal Liquidity Facility, created by the Federal Reserve System, is authorized to purchase short-term debt instruments from states, counties with populations of at least 500,000 residents, and cities with populations of at least 250,000 residents, among others. For these purposes, state debt issuers are authorized to use proceeds to support additional counties and cities. Existing law creates the California Debt and Investment Advisory Commission and prescribes its duties, including providing assistance to state or local governmental units, upon request, in the planning, preparation, marketing, and sale of debt issues. This bill would require the Treasurer to establish the COVID-19 Credit Facility, to support cashflow borrowing by local governments, as specified, to better manage cashflow pressures created by the COVID-19 public health emergency. The bill would require the facility to assist local governments, irrespective of population size, with the purchase of newly-issued tax anticipation notes, tax and revenue anticipation notes, bond anticipation notes, and other short-term notes through the California Debt and Investment Advisory Commission. The bill would also require the facility to establish methods by which cities with populations of less than 250,000 and counties with populations of less than 500,000 may access the Municipal Liquidity Facility established by the Federal Reserve System, as specified. The bill would require the Treasurer to adopt and publish guidelines for these purposes. This bill would declare that it is to take effect immediately as an urgency statute.
Who sponsors AB 2707?
AB 2707 is sponsored by Holden.
What is the current status of AB 2707?
This bill died with 2019-2020 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 AB 2707?
Track AB 2707 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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