Marks-Roos Local Bond Pooling Act of 1985: rate reduction bonds: review.

Existing law, the Marks-Roos Local Bond Pooling Act of 1985, authorizes certain joint powers authorities to issue rate reduction bonds to finance utility projects, as provided. Existing law requires the California Pollution Control Financing Authority to review each issue of bonds and determine whether the issue is qualified for issuance, if certain requirements are met. Existing law exempts an issuance from the authority's review where certain determinations concerning the issuance are subject to review by a ratepayer advocate, or similar entity, on the relation of the public utility's actions to water or wastewater rates. Existing law authorizes the authority to establish procedures for the expeditious review of a proposed issuance, including the establishment of reasonable application fees to reimburse the authority. This bill would additionally exempt an issuance from the authority's review when the issuance is subject to review by a ratepayer advocate, or similar entity, on the relation of the public utility's actions to electric rates. The bill would authorize the authority to charge additional, nonrefundable fees, as specified, incurred in retaining an independent financial advisor to review the application under circumstances involving the verification of all stated requirements.