Kristin Olsen
- Republican
Author
The California Constitution limits the maximum amount of any ad valorem tax on real property to 1% of the full cash value of the property. The California Constitution states that the 1% limitation for ad valorem taxes does not apply to ad valorem taxes or special assessments to pay the interest and redemption charges on bonded indebtedness incurred by a school district, community college district, or county office of education for the construction, reconstruction, rehabilitation, or replacement of school facilities approved by 55% of the voters if the proposition includes specified accountability requirements. Existing law requires the proceeds of the sale of the bonds, exclusive of any premium received, to be deposited in the county treasury to the credit of the building fund of the school district, or community college district as designated by the California Community Colleges Budget and Accounting Manual. This bill would prohibit the proceeds from the sale of bonds from being withdrawn by the school district or community college district for investment outside the county treasury.
Chaptered by Secretary of State - Chapter 472, Statutes of 2016.
Approved by the Governor.
Enrolled and presented to the Governor at 4 p.m.
In Assembly. Ordered to Engrossing and Enrolling.
Read third time. Passed. Ordered to the Assembly. (Ayes 37. Noes 0. Page 4948.).
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 9. Noes 0.) (June 8).
Read third time. Passed. Ordered to the Senate. (Ayes 74. Noes 2. Page 4460.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. Ordered to third reading.
Read second time and amended. Ordered returned to second reading.
From committee: Amend, and do pass as amended. (Ayes 7. Noes 0.) (April 6).
From committee chair, with author's amendments: Amend, and re-refer to Com. on ED. Read second time and amended.
Read first time.
From printer. May be heard in committee March 22.
Introduced. To print.
| Bill Text Versions | Format |
|---|---|
| AB2738 | HTML |
| 02/19/16 - Introduced | |
| 03/28/16 - Amended Assembly | |
| 04/13/16 - Amended Assembly | |
| 08/17/16 - Enrolled | |
| 09/22/16 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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