California Debt Limit Allocation Committee: American Recovery and Reinvestment Act of 2009.

Existing law establishes the California Debt Limit Allocation Committee for the purpose of implementing the volume limit for the state on private activity bonds established pursuant to federal law. The committee's duties include annually determining a state ceiling on the aggregate amount of private activity bonds that may be issued, and allocating that amount among state and local agencies. Existing law defines the terms "private activity bond" and "state ceiling" for those purposes with regard to an amount specified in federal law. This bill would revise the findings and declarations with regard to, and the purpose for, the provisions relating to the California Debt Limit Allocation Committee to reflect the American Recovery and Reinvestment Act of 2009. The bill would revise the definition of "private activity bond" and "state ceiling" to also include certain amounts reserved to the state for qualified educational facilities bonds and would make conforming changes with regard to those bonds.