ABX4 15 - Fiscal Year 2010 Budget Revisions: Implementing Prop 1A Suspension - California Key Vote
Abel Maldonado Did Not Vote on this Legislation.
Timeline
- Executive Signed
- July 28, 2009
- House Concurrence Vote Passed
- July 24, 2009
- Senate Bill Passed
- July 24, 2009
- Introduced
- July 2, 2009
Related Issues
Stage Details
Title: Fiscal Year 2010 Budget Revisions: Implementing Prop 1A Suspension
Signed by Governor Arnold Schwarzenegger
Title: Fiscal Year 2010 Budget Revisions: Implementing Prop 1A Suspension
Vote Smart's Synopsis:
Vote to pass a bill that revises the Budget Act of 2009 and makes appropriations relating to property tax revenue.
Highlights:
-Defines "Proposition 1A receivable" as the right to payment of moneys due or to become due to a local agency (Sec. 2). -Requires a joint powers authority to purchase Proposition 1A receivables from any agency that wishes to sell theirs in return for bonds, provided the combined value of all bonds issued does not exceed $2.25 billion (Sec. 3). -Provides that an agency that would suffer "extreme hardship" as a result of a reduction in property tax revenue may submit a written request to the Director of Finance for this reduction to be lessened (Sec. 10). -Provides that an agency that has not been fully reimbursed by June 30, 2013, for the reductions in revenue mandated by this act may initiate legal action to compel payment of the money it is owed (Sec. 10). -Allows that if the Commission on State Mandates determines that this act contains costs mandated by the state, reimbursement of local agencies and school districts for those costs shall be made (Sec. 12).
More Info About this Vote
NOTE: A BILL WITH AN URGENCY CLAUSE REQUIRES A TWO-THIRDS VOTE OF EACH CHAMBER OF THE LEGISLATURE FOR THE CLAUSE TO PASS. IF PASSED, THE BILL GOES INTO EFFECT IMMEDIATELY UPON ENACTMENT.
Title: Fiscal Year 2010 Budget Revisions: Implementing Prop 1A Suspension
Vote Smart's Synopsis:
Vote to pass a bill that revises the Budget Act of 2009 and makes appropriations relating to property tax revenue.
Highlights:
-Defines "Proposition 1A receivable" as the right to payment of moneys due or to become due to a local agency (Sec. 2). -Requires a joint powers authority to purchase Proposition 1A receivables from any agency that wishes to sell theirs in return for bonds, provided the combined value of all bonds issued does not exceed $2.25 billion (Sec. 3). -Provides that an agency that would suffer "extreme hardship" as a result of a reduction in property tax revenue may submit a written request to the Director of Finance for this reduction to be lessened (Sec. 10). -Provides that an agency that has not been fully reimbursed by June 30, 2013, for the reductions in revenue mandated by this act may initiate legal action to compel payment of the money it is owed (Sec. 10). -Allows that if the Commission on State Mandates determines that this act contains costs mandated by the state, reimbursement of local agencies and school districts for those costs shall be made (Sec. 12).
More Info About this Vote
NOTE: A BILL WITH AN URGENCY CLAUSE REQUIRES A TWO-THIRDS VOTE OF EACH CHAMBER OF THE LEGISLATURE FOR THE CLAUSE TO PASS. IF PASSED, THE BILL GOES INTO EFFECT IMMEDIATELY UPON ENACTMENT.
Title: Fiscal Year 2010 Budget Revisions: Implementing Prop 1A Suspension