AB 758 — Marks-Roos Local Bond Pooling Act of 1985: electric utilities: rate reduction bonds.

Summary

Existing law, the Marks-Roos Local Bond Pooling Act of 1985, authorizes certain joint powers authorities, upon application by a local agency that owns and operates a publicly owned utility, defined to mean certain utilities furnishing water or wastewater service to not less than 25,000 retail customers, to issue rate reduction bonds to finance utility projects, as defined, subject to certain requirements. Under the act, these rate reduction bonds are secured by a pledge of utility project property, and the joint powers authority issuing the bonds may impose on, and collect from, customers of the publicly owned utility a utility project charge to finance the bonds, as provided. This bill would expand the definition of a publicly owned utility for these purposes to include a local publicly owned electric utility, as defined. The bill would authorize an authority to issue rate reduction bonds to finance or refinance utility projects for the provision of generation, transmission, or distribution of electrical service. The bill would include in the allowable costs of a public capital improvement, a utility project, or portion of the improvement or utility project financed with rate reduction bonds the cost of tangible and intangible property that is related to all or any part of the cost of construction, renovation, and acquisition of all lands, structures, real or personal property, rights, rights-of-way, franchises, easements, and interests acquired to be used for a public capital improvement or a utility project. The bill would include in the definition of local agency a party to the agreement creating the authority, or an agency or subdivision of that party sponsoring a project of public capital improvements or other utility project, as defined. The act authorizes a local agency that owns and operates a publicly owned utility to apply to specified joint powers authorities to finance costs of a utility project for the publicly owned utility with the proceeds of rate reduction bonds if specified conditions are met, including that the local agency make specified determinations. The act requires the California Pollution Control Financing Authority, among other things, to review each issuance of rate reduction bonds issued under these provisions, except as provided, and to submit an annual report to the Legislature of its activities related to these bond issuance requirements. Under existing law, the authority to issue rate reduction bonds, as described above, terminates after December 31, 2026. This bill would extend this sunset date to December 31, 2036. The bill would also make clarifying changes to the act. The bill would require the annual report to be submitted to the relevant legislative policy committees with jurisdiction over energy and public utilities issues.

Bill Text

• Chaptered 09/23/21 - Chaptered Current pdf September 23, 2021
• Enrolled 09/03/21 - Enrolled pdf September 03, 2021
• Amended 08/17/21 - Amended Senate pdf August 17, 2021
• Amended 07/15/21 - Amended Senate pdf July 15, 2021
• Amended 05/03/21 - Amended Assembly pdf May 03, 2021
• Amended 04/19/21 - Amended Assembly pdf April 19, 2021
• Amended 03/11/21 - Amended Assembly pdf March 11, 2021
• Introduced 02/16/21 - Introduced pdf February 16, 2021
• AB758 View text html

Action History

1. September 23, 2021

   Chaptered by Secretary of State - Chapter 233, Statutes of 2021.

2. September 23, 2021

   Approved by the Governor.

3. September 08, 2021

   Enrolled and presented to the Governor at 4:30 p.m.

4. September 01, 2021

   Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 77. Noes 0. Page 2648.).

5. September 01, 2021

   Assembly Rule 77 suspended. (Ayes 58. Noes 17. Page 2625.)

6. August 31, 2021

   In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 2 pursuant to Assembly Rule 77.

7. August 30, 2021

   Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2225.).

8. August 18, 2021

   Read second time. Ordered to third reading.

9. August 17, 2021

   Read third time and amended. Ordered to second reading.

10. August 17, 2021

    Read second time. Ordered to third reading.

11. August 16, 2021

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

12. July 15, 2021

    Read second time and amended. Re-referred to Com. on APPR.

13. July 15, 2021

    From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 13. Noes 0.) (July 12).

14. June 24, 2021

    From committee: Do pass and re-refer to Com. on E., U. & C. (Ayes 5. Noes 0.) (June 24). Re-referred to Com. on E., U. & C.

15. June 09, 2021

    Referred to Coms. on GOV. & F. and E., U. & C.

16. May 28, 2021

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

17. May 27, 2021

    Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 0. Page 1655.)

18. May 20, 2021

    Read second time. Ordered to Consent Calendar.

19. May 19, 2021

    From committee: Do pass. To Consent Calendar. (Ayes 15. Noes 0.) (May 19).

20. May 04, 2021

    Re-referred to Com. on APPR.

21. May 03, 2021

    Read second time and amended.

22. April 29, 2021

    From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (April 28).

23. April 20, 2021

    Re-referred to Com. on L. GOV.

24. April 19, 2021

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

25. March 15, 2021

    Re-referred to Com. on L. GOV.

26. March 11, 2021

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

27. March 11, 2021

    Referred to Com. on L. GOV.

28. February 17, 2021

    From printer. May be heard in committee March 19.

29. February 16, 2021

    Read first time. To print.

Sponsors

• Nazarian · Primary
• Hertzberg · Cosponsor

Votes

Subjects