(1) Existing law, the California Industrial Development Financing Act, authorizes cities, counties, cities and counties, and redevelopment agencies to establish industrial development authorities that are authorized to issue industrial development bonds, the proceeds of which may be used to fund capital projects of private enterprise under terms and conditions specified in the act. The act authorizes an authority to issue tax-exempt bonds, and defines "tax-exempt" for these purposes to mean that the interest on the bonds is excluded from gross income of the holders thereof for federal income tax purposes. The act establishes the California Industrial Development Financing Advisory Commission, and requires the commission to approve the issuance of industrial development bonds pursuant to these provisions. The act also authorizes the commission to carry out other specified powers related to the issuance of industrial development bonds, including authorizing the commission to act as a bond pooling agent and requires fees to be charged to cover the costs of the commission in carrying out these provisions. Existing law requires these fees to be deposited in the Industrial Development Fund, which is available, upon appropriation, to the commission for expenses.
California AB 1547 (20172018) — State finance: financing authorities.
(1) Existing law, the California Industrial Development Financing Act, authorizes cities, counties, cities and counties, and redevelopment agencies to establish industrial development authorities that are authorized to issue industrial development bonds, the proceeds of which may be used to fund capital projects of private enterprise under terms and conditions specified in the act. The act authorizes an authority to issue tax-exempt bonds, and defines "tax-exempt" for these purposes to mean that the interest on the bonds is excluded from gross income of the holders thereof for federal income tax purposes. The act establishes the California Industrial Development Financing Advisory Commission, and requires the commission to approve the issuance of industrial development bonds pursuant to these provisions. The act also authorizes the commission to carry out other specified powers related to the issuance of industrial development bonds, including authorizing the commission to act as a bond pooling agent and requires fees to be charged to cover the costs of the commission in carrying out these provisions. Existing law requires these fees to be deposited in the Industrial Development Fund, which is available, upon appropriation, to the commission for expenses.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
Do pass as amended and be re-referred to the Committee on [Appropriations] — 6–0 (pass) · lower
3rd Reading AB1547 Quirk-Silva et al. By Roth Urgency Clause — 38–0 (pass) · upper
Do pass as amended — 7–0 (pass) · upper
3rd Reading AB1547 Quirk-Silva et al. By Roth Urgency Clause — 26–1 (fail) · upper
AB 1547 QUIRK-SILVA Assembly Third Reading — 77–0 (pass) · lower
Do pass. — 17–0 (pass) · lower
Sponsors
Quirk-Silva — primary (person)
Berman — principal coauthor (person)
Cervantes — principal coauthor (person)
Rodriguez — principal coauthor (person)
Timeline
The legislative action history — every referral, reading, and vote.
2017-02-17 Read first time. To print. reading-1
2017-02-19 From printer. May be heard in committee March 21.
2017-03-16 Referred to Com. on J., E.D., & E. referral-committee
2018-01-03 From committee chair, with author's amendments: Amend, and re-refer to Com. on J., E.D., & E. Read second time and amended. amendment-introduction, amendment-passage, reading-2, reading-1
2018-01-04 Re-referred to Com. on J., E.D., & E. referral-committee
2018-01-10 From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (January 9). amendment-passage, committee-passage, amendment-introduction
2018-01-11 Read second time and amended. reading-1, amendment-passage, reading-2
2018-01-12 Re-referred to Com. on APPR. referral-committee
2018-01-18 In committee: Set, first hearing. Referred to APPR. suspense file. referral-committee
2018-01-18 From committee: Do pass. (Ayes 17. Noes 0.) (January 18). committee-passage-favorable, committee-passage
2018-01-22 Read second time. Ordered to third reading. reading-2, reading-1
2018-01-29 Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 3860.) reading-3, passage, reading-1
2018-01-29 In Senate. Read first time. To Com. on RLS. for assignment. reading-1
2018-04-19 Referred to Com. on B., P. & E.D. referral-committee
2018-05-01 From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B., P. & E.D. amendment-passage, referral-committee, reading-2, reading-1, amendment-introduction
2018-06-18 From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B., P. & E.D. amendment-passage, referral-committee, reading-2, reading-1, amendment-introduction
2018-06-26 From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (June 25). Re-referred to Com. on APPR. committee-passage-favorable, committee-passage, referral-committee
2018-08-06 In committee: Referred to APPR. suspense file. referral-committee
2018-08-17 From committee: Amend, and do pass as amended. (Ayes 7. Noes 0.) (August 16). amendment-passage, committee-passage, amendment-introduction
2018-08-17 Read second time and amended. Ordered returned to second reading. reading-1, amendment-passage, reading-2
2018-08-20 Read second time. Ordered to third reading. reading-2, reading-1
2018-08-24 Read third time and amended. Ordered to second reading. amendment-passage, reading-3, reading-1
2018-08-27 Read second time. Ordered to third reading. reading-2, reading-1