SB 701: Salton Sea Obligations Act of 2018.

The California Constitution requires a measure authorizing general obligation bonds to specify the single object or work to be funded by the bonds and further requires such a measure to be approved by a ²/₃ vote of each house of the Legislature and submitted to the voters, as specified. Existing law, the State General Obligation Bond Law, contains procedures for use in authorizing the issuance and sale of, and providing for the repayment of, state general obligation bonds. Under existing law, various general obligation bond measures have been approved by the voters to provide funds for certain natural resources programs.

This bill would enact the Salton Sea Obligations Act of 2018, which, if approved by the voters, would authorize the issuance of bonds in the amount of $500,000,000 pursuant to the State General Obligation Bond Law to finance a program to comply with specified state obligations relating to the Salton Sea. This bill would provide for the submission of these provisions to the voters at the November 6, 2018, statewide general election.

This bill would declare that it is to take effect immediately as an urgency statute.