Existing law authorizes the Department of Veterans Affairs to provide home and farm purchase loans to veterans and to utilize the proceeds from state general obligation bonds issued and sold for these purposes. This bill would create in the State Treasury a revolving special fund known as the Veterans' Bonds Payment Fund, which moneys would be used solely to pay debt service, as defined, on bonds issued pursuant to all veterans' farm and home purchase bond acts, as specified, and all moneys in this fund would be continuously appropriated for this purpose. The bill would also authorize moneys in the Veterans' Bonds Payment Fund to be transferred to an account within the Refunding Escrow Fund for the purposes of paying debt service, as prescribed. This bill would prohibit moneys from being borrowed or transferred from the Veterans' Bonds Payment Fund to the General Fund or the General Cash Revolving Fund, as specified. The Veterans' Bond Act of 2008 (hereafter the act) authorizes, for purposes of financing a specified program for farm, home, and mobilehome purchase assistance for veterans, the issuance, pursuant to the State General Obligation Bond Law, of bonds in the amount of $900,000,000. The act requires specified payments required to be remitted for the payment of debt service on the bonds in each fiscal year, to be transferred to the General Fund to pay the debt service on all of the money in the fund. Existing law does not grant a lien on the Veterans' Farm and Home Building Fund or the money therein to the holder of any bonds issued under the act. This bill would instead require those payments to be transferred to the Veterans' Bonds Payment Fund, rather than to the General Fund. This bill would not grant a lien on the Veterans' Farm and Home Building Fund, the Veterans' Bonds Payment Fund, or the money therein to the holder of any bonds issued under the act. Under existing law, whenever any payment of principal of any bonds becomes due, either upon the maturity of any of the bonds or upon the redemption thereof prior to maturity, and whenever any interest on any of the bonds falls due, warrants shall be drawn against the appropriation made by the bond act from the General Fund by the Controller in favor of the Treasurer, or state fiscal agents, or other duly authorized agents, pursuant to claims filed with the Controller by the Treasurer, in the amounts falling due. This bill would provide that for any of the above payments of debt service, with respect to any bonds issued pursuant to a veterans' farm and home purchase bond act, the Controller shall first draw warrants against the appropriation from the Veterans' Bonds Payment Fund, and, to the extent moneys in the fund are insufficient to pay the amount of debt service then due, shall draw warrants against the appropriation made by the bond act from the General Fund. This bill would declare that it is to take effect immediately as an urgency statute.
Sponsored bills
This measure would proclaim May 2010 as Buy California Small Business First Month to raise awareness that when California consumers, businesses, colleges, universities, and governmental agencies choose to first support California small businesses when making purchasing decisions, a wave of positive economic impacts occurs within the state and local economies.
This measure would designate Friday, May 7, 2010, as California Peace Officers' Memorial Day and would urge all Californians to use that day to honor California peace officers.
This measure would designate April 2010 as Autism Awareness Month, would affirm the Legislature's commitment to the important issues related to autism spectrum disorders (ASDs) , would emphasize that each and every individual with an ASD is a valued and important member of our society, would recognize and commend the parents and relatives of individuals with ASDs for their sacrifice and dedication in providing for the special needs of individuals with ASDs, would recognize and commend the work of all nonprofit organizations that are contributing to the well-being of individuals with autism and their families, and would stress the need to identify children with ASDs and to begin early intervention services immediately after a child has been diagnosed with an ASD.
This measure would proclaim the month of April of each year as Genocide Awareness and Prevention Month.
This measure would proclaim the month of April 2010 as California Safe Digging Month.
This measure would acknowledge the month of April 2010 as Child Abuse Prevention Month, and encourage the people of the State of California to work together to support youth-serving child abuse prevention activities in their communities and schools.
Existing law provides that anyone who defrauds a housing program of a public housing authority of more than $400 is guilty of grand theft. This bill would provide, in addition, that any public housing authority may require that any application or document filed with the public housing authority be signed and submitted under penalty of perjury. By expanding the crime of perjury, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
The California Alternative Energy and Advanced Transportation Financing Authority Act established the California Alternative Energy and Advanced Transportation Financing Authority. The authority is authorized to do all things necessary and convenient to carry out the purposes of the act. The authority is also required to establish a renewable energy program to provide financial assistance, as defined, to certain entities for projects to generate new and renewable energy sources, develop clean and efficient distributed generation, and demonstrate the economic feasibility of new technologies. Existing law provides that the transfer of title of tangible personal property constituting a project under the act to the authority by a participating party, or the lease or transfer of tangible personal property constituting a project under the act by the authority to a participating party pursuant to the act is not a "sale" or "purchase" for the purposes of the Sales and Use Tax Law. This bill would, for purposes of the act until January 1, 2021, expand the definition of "alternative sources" and "projects," as specified. The bill would, until January 1, 2021, authorize the authority to evaluate project applications, and to approve projects, as defined, for financial assistance under the existing exclusion from a "sale" or "purchase" subject to sales or use tax, as provided. This bill would require the Legislative Analyst's Office to submit a report to the Joint Legislative Budget Committee, as provided. The Bradley-Burns Uniform Local Sales and Use Tax Law authorizes counties and cities to impose local sales and use taxes in conformity with the Sales and Use Tax Law, and districts, as specified, may impose transactions and use taxes in accordance with the Transactions and Use Tax Law, which conforms to the Sales and Use Tax Law. Amendments to the Sales and Use Tax Law are automatically incorporated into these laws. Section 2230 of the Revenue and Taxation Code provides that the state will reimburse counties and cities for revenue losses caused by the enactment of sales and use tax exemptions. This bill would provide that, notwithstanding Section 2230 of the Revenue and Taxation Code, no appropriation is made and the state shall not reimburse local agencies for sales and use tax revenues lost by them pursuant to this bill. This bill would declare that it is to take effect immediately as an urgency statute.
The Personal Income Tax Law and the Corporation Tax Law, in modified conformity to federal income tax laws, allow a charitable contribution deduction in computing tax liability. This bill would, for a cash contribution made after January 11, 2010, and before March 1, 2010, for the relief of victims in areas affected by the earthquake in Haiti on January 12, 2010, authorize taxpayers to treat that contribution as if it were made on December 31, 2009, and not in 2010. This bill would take effect immediately as a tax levy.