BOARD AGENDA MEMORANDUM
Government Code ? 84308 Applies: Yes ? No ?
(If "YES" Complete Attachment A - Gov. Code ? 84308)
SUBJECT:
Title
Adopt Recommended Positions on State Legislation: AB 2813 (Aguiar-Curry) Government Investment Act, *Proposition 4, the Safe Drinking Water, Wildfire Prevention, Drought Preparedness, and Clean Air Bond Act of 2024, and Other Legislation Which May Require Urgent Consideration for a Position by the Board.
End
RECOMMENDATION:
Recommendation
A. Adopt a position of "Support" on: AB 2813 (Aguiar-Curry) Government Investment Act; and
*B. Adopt a position of "Support" on: Proposition 4, the Safe Drinking Water, Wildfire Prevention, Drought Preparedness, and Clean Air Bond Act of 2024.
Body
SUMMARY:
AB 2813 (Aguiar-Curry) Government Investment Act (Amended-06/26/24)
Position Recommendation: Support
Priority Recommendation: 2
AB 2813 would enact statutory provisions to guide the implementation of ACA 1 (Aguiar-Curry, 2023). AB 2813 would go into effect only if California voters pass ACA 1 in the statewide General Election on November 5, 2024. ACA 1 proposes to the California voters an amendment to the California Constitution to enable general obligation bonds, used for affordable housing and public infrastructure, to be enacted with a 55 percent vote threshold, versus the current two-thirds vote threshold now required. ACA 1 would apply to general obligation bonds proposed by a city, a county, or a special district, including Valley Water.
AB 2813 would define "affordable housing" as including, but not limited to, rental housing, ownership housing, interim housing, and affordable housing programs such as downpayment assistance, first-time homebuyer programs, and owner-occupied affordable housing rehabilitation programs. The bill also requires a local government to ensure that projects funded with ACA 1 bonded indebtedness have an estimated useful life of at least fifteen years, with exceptions for facilities and equipment...
Click here for full text