California Ports Development and Offshore Wind Infrastructure Bond Act of 2024.

Existing law requires the State Energy Resources Conservation and Development Commission to evaluate and quantify the maximum feasible capacity of offshore wind generation to achieve reliability, ratepayer, employment, and decarbonization benefits and to develop a strategic plan for offshore wind energy developments installed off the California coast in federal waters, as specified. Article XVI of the California Constitution requires measures authorizing general obligation bonds to specify the single object or work to be funded by the bonds and further requires a bond act to be approved by a 23 vote of each house of the Legislature and a majority of the voters. This bill would enact the California Ports Development and Offshore Wind Infrastructure Bond Act of 2024, which, if approved by the voters, would authorize the issuance of bonds in the amount of $ 1,000,000,000, pursuant to the State General Obligation Bond Law to support activities related to the development of offshore wind energy generation, as provided. This bill would provide for the submission of the bond act to the voters at the next statewide election.