Professional sports teams and facilities.

Existing law generally lists the powers common to cities, counties, and other agencies. Existing law sets forth generally the authority and duties of local agencies in the issuance and repayment of revenue bonds with respect to public works within their jurisdiction. Existing law grants local agencies various powers to secure certain types of bond investments. This bill would require a professional sports team that will benefit from the issuance and sale of bonds by a public agency to post a bond or other undertaking at the time of issuance of the bonds in an amount adequate to ensure that all of the team's obligations under a financial agreement will be satisfied in the event the professional sports team subsequently relocates. This bill would provide that the sale by a public agency of a specified type of revenue bond affecting sports facilities may not proceed until the California Debt and Investment Advisory Commission has assessed and reported to the public agency on the future financial risk imposed on the taxpayers by the sale.