AB 2208: California Ports Development and Offshore Wind Infrastructure Bond Act of 2024.
- Session Year: 2023-2024
- House: Assembly
- Latest Version Date: 2024-03-21
Current Status:
Failed
(2024-04-08: In committee: Set, first hearing. Hearing canceled at the request of author.)
Introduced
In Committee
First Chamber
In Committee
Second Chamber
Enacted
What does this bill do?
This bill would, if approved by voters, authorize $1 billion in state general obligation bonds (state-backed bonds repaid from the General Fund) to pay for seaport and port infrastructure improvements to support offshore wind energy projects, affecting California ports, coastal communities, and wind developers. The money would fund building and upgrading facilities for manufacturing, assembly, staging, transport, storage, and vessel access, and the commission must report on projects and aim to include workforce training and contracting for vulnerable and socially disadvantaged groups.
The summary is provided by generative AI which can make mistakes. For original language, please view the details in the table below.
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 2/3 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.
Existing law requires the State Energy Resources Conservation and Development Commission, in coordination with specified agencies, to develop a strategic plan for offshore wind energy developments installed off the California coast in federal waters, and requires the commission to submit the strategic plan to the Natural Resources Agency and the Legislature on or before June 30, 2023, as specified. Existing law requires the strategic plan to include, among other things, a plan to improve waterfront facilities that could support a range of floating offshore wind energy development activities, as provided.This bill would declare the intent of the Legislature to enact legislation to submit to the voters an act authorizing the issuance of general obligation bonds in the amount of $1,000,000,000 for seaport infrastructure improvements to facilitate offshore wind energy projects off the California coast.Existing law requires the State Energy Resources Conservation and Development Commission, in coordination with specified agencies, to develop a strategic plan for offshore wind energy developments installed off the California coast in federal waters, and requires the commission to submit the strategic plan to the Natural Resources Agency and the Legislature on or before June 30, 2023, as specified. Existing law requires the strategic plan to include, among other things, a plan to improve waterfront facilities that could support a range of floating offshore wind energy development activities, as provided.
This bill would declare the intent of the Legislature to enact legislation to submit to the voters an act authorizing the issuance of general obligation bonds in the amount of $1,000,000,000 for seaport infrastructure improvements to facilitate offshore wind energy projects off the California coast.
This division shall be known, and may be cited, as the California Ports Development and Offshore Wind Infrastructure Bond Act of 2024.
81001.The Legislature finds and declares all of the following:
(a)California recognizes the importance of developing clean and renewable energy sources to combat climate change and reduce emissions of greenhouse gases.
(b)Offshore wind generation has the potential to contribute significantly to Californias renewable energy portfolio.
(c)The development of offshore wind generation requires robust port infrastructure to support construction, maintenance, and operations.
(d)Investing in port development is crucial to meeting the states climate and offshore wind generation goals, and also creates jobs, stimulates economic growth, and enhances the resilience of Californias coastal community.
(e)The State Energy Resources Conservation and Development Commission, pursuant to Chapter 14 (commencing with Section 25991) of Division 15, has established goals for the development of offshore wind generation.
81002.For purposes of this division, the following definitions apply:
(a)Commission means the State Energy Resources Conservation and Development Commission.
(b)Committee means the California Ports Development and Offshore Wind Infrastructure Finance Committee created pursuant to Section 81102.
(c)Fund means the California Ports Development and Offshore Wind Infrastructure Fund created pursuant to Section 81006.
(d)Socially disadvantaged group means a group whose members have been subjected to racial, ethnic, or gender prejudice because of their identity as members of the group without regard to their individual qualities. These groups include all of the following:
(1)African Americans.
(2)Alaskan Natives.
(3)Asian Americans.
(4)Hispanics.
(5)Native Americans.
(6)Native Hawaiians and Pacific Islanders.
(7)Women.
(e)State General Obligation Bond Law means the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), as it may be amended from time to time.
(f)Vulnerable population means a subgroup of a population within a region or community that faces a disproportionately heightened risk or increased sensitivity to impacts of climate change and that lacks adequate resources to cope with, adapt to, or recover from those impacts.
81003.An amount of not more than 5 percent of those moneys allocated for a program funded pursuant to this division may be used to pay the administrative costs of that program.
81004.To the extent practicable, a project receiving funding pursuant to this division shall provide workforce education and training, and contracting and job opportunities, for vulnerable populations or socially disadvantaged groups.
81005.(a)Notwithstanding Section 10231.5 of the Government Code, the commission shall provide to the Governor and the Legislature regular reports on the progress of projects funded pursuant to this division.
(b)The reports submitted to the Legislature pursuant to subdivision (a) shall be submitted in accordance with Section 9795 of the Government Code.
81006.The proceeds of bonds, excluding those issued in accordance with Section 81109, issued and sold pursuant to this division shall be deposited into the California Ports Development and Offshore Wind Infrastructure Fund, which is hereby created in the State Treasury. Moneys in the fund shall be available, upon appropriation by the Legislature, for purposes of this division.
2.California Ports Development and Offshore Wind Infrastructure81010.(a)The sum of one billion dollars ($1,000,000,000) shall be available, upon appropriation by the Legislature, to the commission to support any of the following activities related to the development of offshore wind generation:
(1)Construction of port facilities for manufacturing, assembly, staging, and integration of entitlements and components for offshore wind generation.
(2)Expansion and improvement of port infrastructure to accommodate vessels involved in the installation, maintenance, and operation of offshore wind generation.
(3)Upgrades to port facilities to support the transportation and storage of offshore wind generation components, including, but not limited to, turbines and blades.
(b)The commission may expend moneys appropriated pursuant to subdivision (a) consistent with the strategic plan developed pursuant to Section 25991.
3.Fiscal Provisions81100.(a)Bonds in the total amount of one billion dollars ($1,000,000,000), not including the amount of any refunding bonds issued in accordance with Section 81109, may be issued and sold for the purposes expressed in this division and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds, when sold, issued, and delivered, shall be and constitute a valid and binding obligation of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal of, and interest on, the bonds as the principal and interest become due and payable.
(b)The Treasurer shall issue and sell the bonds authorized in subdivision (a) in the amount determined by the committee to be necessary or desirable pursuant to Section 81103. The bonds shall be issued and sold upon the terms and conditions specified in a resolution to be adopted by the committee pursuant to Section 16731 of the Government Code.
81101.(a)The bonds authorized by this division shall be prepared, executed, issued, sold, paid, and redeemed as provided in the State General Obligation Bond Law and all of the provisions of that law apply to the bonds and to this division and are hereby incorporated in this division as though set forth in full in this division, except that subdivisions (a) and (b) of Section 16727 of the Government Code shall not apply.
(b)For purposes of this division, the references to committee in the State General Obligation Bond Law shall mean the California Ports Development and Offshore Wind Infrastructure Finance Committee created in Section 81102, and the references to board in the State General Obligation Bond Law shall mean the commission.
81102.(a)Solely for the purpose of authorizing the issuance and sale pursuant to the State General Obligation Bond Law of the bonds authorized by this division, the California Ports Development and Offshore Wind Infrastructure Finance Committee is hereby created.
(b)The committee consists of the Controller, the chair of the commission, the Treasurer, and the Director of Finance. Notwithstanding any other law, any member may designate a representative to act as that member in the members place for all purposes, as though the member were personally present.
(c)The Treasurer shall serve as chairperson of the committee. A majority of the committee may act for the committee.
81103.The committee shall determine by resolution whether or not it is necessary or desirable to issue and sell bonds authorized pursuant to this division in order to carry out the actions specified in this division and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out those actions progressively, and it is not necessary that all of the bonds authorized to be issued be sold at any one time.
81104.There shall be collected each year and in the same manner and at the same time as other state revenue is collected, in addition to the ordinary revenues of the state, a sum in an amount required to pay the principal of, and interest on, the bonds becoming due each year. It is the duty of all officers charged by law with any duty in regard to the collection of the revenue to do and perform each and every act that is necessary to collect that additional sum.
81105.Notwithstanding Section 13340 of the Government Code, there is hereby continuously appropriated from the General Fund in the State Treasury, for the purposes of this division and without regard to fiscal years, an amount that equals the total of the following:
(a)The sum annually necessary to pay the principal of, and interest on, bonds issued and sold pursuant to this division, as the principal and interest become due and payable.
(b)The sum necessary to carry out Section 81107.
81106.The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purpose of carrying out this division less any amount withdrawn pursuant to Section 81107 and not yet returned to the General Fund. The amount of the request shall not exceed the amount of the unsold bonds that the committee has, by resolution, authorized to be sold for the purpose of carrying out this division, excluding any refunding bonds authorized pursuant to Section 81109, less any amount loaned pursuant to this section and not yet repaid and any amount withdrawn from the General Fund pursuant to Section 81107 and not yet returned to the General Fund. The board shall execute any documents required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited into the fund to be allocated by the board in accordance with this division.
81107.For the purposes of carrying out this division, the Director of Finance may authorize the withdrawal from the General Fund of an amount not to exceed the amount of the unsold bonds that have been authorized by the committee to be sold for the purpose of carrying out this division, excluding any refunding bonds authorized pursuant to Section 81109, less any amount loaned pursuant to Section 81106 and not yet repaid, and any amount withdrawn from the General Fund pursuant to this section and not yet returned to the General Fund. Any amounts withdrawn shall be deposited into the fund. Any moneys made available under this section shall be returned to the General Fund from proceeds received from the sale of bonds for the purpose of carrying out this division.
81108.All moneys deposited into the fund that are derived from premium and accrued interest on bonds sold pursuant to this division shall be reserved in the fund and shall be available for transfer to the General Fund as a credit to expenditures for bond interest, except those amounts derived from premium may be reserved and used to pay the cost of bond issuance before any transfer to the General Fund.
81109.The bonds issued and sold pursuant to this division may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 4 of Title 2 of the Government Code, which is a part of the State General Obligation Bond Law. Approval by the voters of the state for the issuance of the bonds described in this division includes the approval of the issuance of any bonds issued to refund any bonds originally issued under this division or any previously issued refunding bonds. Any bond refunded with the proceeds of refunding bonds as authorized by this section may be legally defeased to the extent permitted by law in the manner and to the extent set forth in the resolution, as amended from time to time, authorizing that refunded bond.
81110.Notwithstanding any other provision of this division, or of the State General Obligation Bond Law, if the Treasurer sells bonds pursuant to this division that include a bond counsel opinion to the effect that the interest on the bonds is excluded from gross income for federal tax purposes under designated conditions or is otherwise entitled to any federal tax advantage, the Treasurer may maintain separate accounts for the investment of bond proceeds and for the investment of earnings on those proceeds. The Treasurer may use or direct the use of those proceeds or earnings to pay any rebate, penalty, or other payment required under federal law or take any other action with respect to the investment and use of those bond proceeds or earnings required or desirable under federal law to maintain the tax exempt status of those bonds and to obtain any other advantage under federal law on behalf of the funds of this state.
81111.The proceeds from the sale of bonds authorized by this division are not proceeds of taxes as that term is used in Article XIIIB of the California Constitution, and the disbursement of these proceeds is not subject to the limitations imposed by that article.
SEC. 2.Section 1 of this act shall take effect upon the approval by the voters of the California Ports Development and Offshore Wind Infrastructure Bond Act of 2024, as set forth in Section 1 of this act.
SEC. 3.Section 1 of this act shall be submitted to the voters at the next statewide election in accordance with provisions of the Government Code and the Elections Code governing the submission of a statewide measure to the voters.
SECTION 1.It is the intent of the Legislature to enact legislation to submit to the voters an act authorizing the issuance of general obligation bonds in the amount of one billion dollars ($1,000,000,000) for seaport infrastructure improvements to facilitate offshore wind energy projects off the California coast.It is the intent of the Legislature to enact legislation to submit to the voters an act authorizing the issuance of general obligation bonds in the amount of one billion dollars ($1,000,000,000) for seaport infrastructure improvements to facilitate offshore wind energy projects off the California coast.
|
Date
|
Status
|
|---|---|
| Apr 8, 2024 | In committee: Set, first hearing. Hearing canceled at the request of author. |
| Apr 1, 2024 | Re-referred to Com. on NAT. RES. |
| Mar 21, 2024 | From committee chair, with author's amendments: Amend, and re-refer to Com. on NAT. RES. Read second time and amended. |
| Mar 21, 2024 | Referred to Coms. on NAT. RES. and U. & E. |
| Feb 8, 2024 | From printer. May be heard in committee March 9. |
| Feb 7, 2024 | Read first time. To print. |
This list shows positions taken on this bill by organizations on the date displayed, which is linked to the original source.
Positions by individuals are not included.
|
Organization
|
Position
|
Date
|
|---|---|---|
| 350 Sacramento | ** Support | |
| American Wind Energy Association | ** Support | |
| California Environmental Voters | ** Support | |
| California Interfaith Power and Light | ** Support | |
| California State Association Of Electrical Workers | ** Support | |
| California Wind Energy Association | ** Support | |
| City of Long Beach | ** Support | |
| Clean Power Campaign | ** Support | |
| Climate Action California | ** Support | |
| Coalition of California Utility Employees | ** Support | |
| Elected Officials to Protect America Code Blue | ** Support | |
| Environment California | ** Support | |
| Environmental Protection Information Center | ** Support | |
| Environmental Working Group | ** Support | |
| Friends Committee On Legislation Of California | ** Support | |
| Harbor Association of Industry and Commerce | ** Support | |
| Long Beach Port Of | ** Support | |
| Offshore Wind California | ** Support | |
| Santa Cruz Climate Action Network | ** Support | |
| USC Schwarzenegger Institute | ** Support |
Date of Hearing: April 8, 2024
ASSEMBLY COMMITTEE ON NATURAL RESOURCES
Isaac G. Bryan, Chair
ABPCA Bill Id:AB 2208 (
Author:Zbur) – As Amended Ver:March 21, 2024
SUBJECT: California Ports Development and Offshore Wind Infrastructure Bond Act of 2024
SUMMARY: Enacts the California Ports Development and Offshore Wind Infrastructure Bond Act of 2024, to authorize $1 billion in general obligation (GO) bonds for offshore wind energy. Authorizes the bond act for the November 5, 2024, general election.
EXISTING LAW:
- Establishes that the policy goal of the state that eligible renewable energy resources and zero-carbon resources supply 100% of all retail sales of electricity to California end-use customers and 100% of electricity procured to serve all state agencies by December 31, 2045. (Public Utilities Code 454.53)
- Requires the State Energy Resources Conservation and Development Commission (CEC), in coordination with relevant federal, state, and local agencies, to develop a strategic plan for offshore wind energy developments installed off the California coast in federal waters, and requires the CEC to submit the strategic plan to the Natural Resources Agency and the Legislature on or before June 30, 2023. (Public Resources Code 25991)
- Prescribes, pursuant to the State General Obligation Bond Law, the state’s responsibilities regarding the issuance and sale of GO bonds. (Government Code 16720)
- Requires, except under certain circumstances, a 2/3 vote of the Legislature and a majority vote of the people at an election, before the state may issue a general obligation (GO) bond. (Article XVI of the California Constitution.)
THIS BILL:
- Establishes the California Ports Development and Offshore Wind Infrastructure Bond Act of 2024.
- Defines the following terms:
- “Commission” means the CEC.
- “Committee” means the California Ports Development and Offshore Wind Infrastructure Finance Committee.
- “Fund” means the California Ports Development and Offshore Wind Infrastructure Fund (Fund).
- “Socially disadvantaged group” means a group whose members have been subjected to racial, ethnic, or gender prejudice because of their identity as members of the group without regard to their individual qualities. These groups include all of the following:
- African Americans;
- Alaskan Natives;
- Asian Americans;
- Hispanics;
- Native Americans;
- Native Hawaiians and Pacific Islanders; and,
- Women.
- “Vulnerable population” means a subgroup of a population within a region or community that faces a disproportionately heightened risk or increased sensitivity to impacts of climate change and that lacks adequate resources to cope with, adapt to, or recover from those impacts.
- Authorizes an amount of not more than 5% of the moneys allocated for a program funded pursuant to this bond to be used to pay the administrative costs of that program.
- Requires, to the extent practicable, a project receiving funding to provide workforce education and training, and contracting and job opportunities, for vulnerable populations or socially disadvantaged groups.
- Requires the CEC to provide to the Governor and the Legislature regular reports on the progress of projects funded pursuant to this bond. Requires the reports submitted to the Legislature to be submitted in accordance with Section 9795 of the Government Code.
- Requires the proceeds of specified bonds issued and sold pursuant to this bond to be deposited into the Fund. Moneys in the Fund shall be available, upon appropriation by the Legislature, for purposes of this bond.
- Requires the sum of $1 billion to be available, upon appropriation by the Legislature, to the CEC to support any of the following activities related to the development of offshore wind generation:
- Construction of port facilities for manufacturing, assembly, staging, and integration of entitlements and components for offshore wind generation;
- Expansion and improvement of port infrastructure to accommodate vessels involved in the installation, maintenance, and operation of offshore wind generation; and,
- Upgrades to port facilities to support the transportation and storage of offshore wind generation components, including, but not limited to, turbines and blades.
- Authorizes the CEC to expend moneys appropriated consistent with the strategic plan.
- Authorizes $1 billion in bonds, not including the amount of any refunding bonds issued, to be issued and sold for the purposes expressed in this division and to reimburse the General Obligation Bond Expense Revolving Fund. Requires the bonds, when sold, issued, and delivered, to be and constitute a valid and binding obligation of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal of, and interest on, the bonds as the principal and interest become due and payable.
- Provides for standard provisions in GO bond law, either explicitly or by reference, as specified.
- Specifies the bond will be on the November 5, 2024, general election ballot.
FISCAL EFFECT: Unknown
COMMENTS:
- Author’s statement:
Offshore wind energy will play a crucial role in meeting California’s goal of achieving 100% renewable energy by 2045 and has the potential to create a significant number of high-paying jobs in the state. California must invest in the industry domestically in order to achieve this potential. AB 2208 presents to voters an act authorizing $1 billion dollars in bond funds for seaport infrastructure improvements to facilitate offshore wind energy projects off the California coast. This bill not only transforms offshore wind aspirations into an actionable plan but will also play a pivotal role in advancing the transition towards electrification across various sectors, including housing and transportation.
- Clean energy goals. The 100 Percent Clean Energy Act of 2018 increased California’s renewable portfolio standard (RPS) goal to 60% by 2030 and requires RPS-eligible resources and zero-carbon resources to supply 100% of California’s electricity retail sales and electricity procured to serve state agencies by 2045.
Based on a joint analysis by the CEC, the Public Utilities Commission, and the California Air Resources Board (ARB), an estimated six gigawatts (GW) of renewable energy and storage resources need to come online annually to meet the state’s 2045 carbon neutrality goal. To meet these bold renewable energy targets, California’s offshore waters are quickly emerging as a prime location for new floating offshore wind projects.
- Offshore wind. The advantage of offshore wind over its land-based counterpart is that the offshore wind resource is far more consistent, reliable, and energetic, with little of the topographic and small-scale variability typically seen on land. Offshore wind is a clean energy source at night complementing solar energy by providing energy generation at the end of the day and into the evening as the sun sets. The National Renewable Energy Laboratory has identified 200 GW of offshore wind technical potential for California.
In September 2021, the Legislature passed AB 525 (Chiu), Chapter 231, Statutes of 2021, requiring the CEC to develop a strategic plan for offshore wind energy developments installed off the California coast in federal waters.
The strategic plan, released in January 2024, is guided by three AB 525 interim reports. The first report, adopted in August 2022, evaluated and quantified the maximum feasible capacity of offshore wind to achieve reliability, ratepayer, employment, and decarbonization benefits and established aspirational planning goals of 2 to 5 GW for 2030 and 25 GW for 2045. The second report, adopted in February 2023, provided a preliminary assessment of the economic benefits of offshore wind as they relate to seaport investments and workforce development needs and standards. The third report, adopted in May 2023, described permitting roadmap options that included time frames and milestones for a coordinated, comprehensive, and efficient permitting process for offshore wind energy facilities and associated electricity and transmission infrastructure off the coast of California. The strategic plan also discusses the impacts and strategies to address those impacts in California’s underserved communities.
- Port infrastructure costs. To make offshore wind a reality, California must invest in significant infrastructure improvements to its ports where wind turbines will need to be assembled and deployed.
The AB 525 report estimates that an investment of about $11 billion to $12 billion would be required to build out the ports to accommodate upgrades to support a range of activities, including construction and staging of floating platform foundations, manufacturing and storage of components, final assembly, and long-term operations and maintenance.
In January, the U.S. Department of Transportation granted $426 million Infrastructure Investment and Jobs act of 2021 to the Humboldt Bay Harbor, Recreation and Conservation District for construction of the onshore facilities to support the building and operation of offshore wind turbines off the Humboldt County Coast. A deep water port and properly equipped marine terminal will be needed so components of the massive, 1,000-plus-foot turbine devices can be shipped in, assembled and towed out to federally leased waters to begin transmitting power. The federal grant is a sizeable kick-start for port improvements in California, but more funding will be needed for the state to meet its offshore wind goals.
This bill places a $1 billion bond initiative on the next general election ballot to authorize funding for construction of port facilities for manufacturing, assembly, staging, and integration of entitlements and components for offshore wind generation; expansion and improvement of port infrastructure to accommodate vessels involved in the installation, maintenance, and operation of offshore wind generation; and, upgrades to port facilities to support the transportation and storage of offshore wind generation components, including, but not limited to, turbines and blades.
- Making ends meet with bonds. Bonds are a way the state can borrow money to pay various state investments. The state sells bonds to investors to receive “up-front” funding for these projects and then repays the investors, with interest, over a period of time. The state repays GO bonds using the state General Fund. Under the California Constitution, state GO bonds must be approved by voters.
After selling bonds, the state makes annual payments until the bonds are paid off. The annual cost of repaying bonds depends primarily on the interest rate and the time period over which the bonds have to be repaid. The state often makes bond payments over a 30-year period. Over the last five fiscal years, the state has issued an average of $7.3 billion of GO bonds annually. In 2021-22, the state issued $6.6 billion of GO bonds.
- State budget deficit. The state is facing a $58 billion deficit, and multi-billion dollar deficits over the next several future fiscal years. Governor Newsom’s proposed budget for fiscal year 2024-2025 proposes to cut $6 billion (~27% of the total cuts) from its climate change agenda.
The Legislature is currently considering several environmental bond proposals as potential funding options to both fill the gaps where budget cuts may be made and augment funding where the authors want to prioritize spending. Those measures include:
- AB 408 (Wilson) - $3.365 billion for the Climate-resilient Farms, Sustainable Healthy Food Access, and Farmworker Protection Bond Act of 2024;
- AB 1567 (Garcia) - $15.995 for the Safe Drinking Water, Wildfire Prevention, Drought Preparation, Flood Protection, Extreme Heat Mitigation, Clean Energy, and Workforce Development Bond Act of 2024;
- SB 638 (Eggman) - $6 billion for the Climate Resiliency and Flood Protection Bond Act of 2024; and,
- SB 867 (Allen) – $15.5 billion for the Drought and Water Resilience, Wildfire and Forest Resilience, Coastal Resilience, Extreme Heat Mitigation, Biodiversity and Nature-Based Climate Solutions, Climate Smart Agriculture, and Park Creation and Outdoor Access Bond Act of 2023.
None of these bond proposals include funding specifically for port infrastructure or development.
- Bond indebtedness. The Public Finance Division (PFD) of the State Treasure’s Office (STO) manages the state’s debt portfolio, overseeing the issuance of debt, and monitors and services the state’s outstanding debt. According to PFD, the state has approximately $949 million of variable rate GO bonds outstanding as of the end of 2021-22.
Using certain assumptions for debt issuance, the STO estimates debt service payments from the General Fund will increase by $63.7 million in 2022-23 and $618.6 million in 2023-24.
The most recent reported ratio of General Fund-supported debt service to General Fund revenues was 3.42% in 2021-22. The STO estimates this ratio will be 3.50% in 2022-23.
- Double referral. This bill is also referred to the Assembly Utilities and Energy Committee.
REGISTERED SUPPORT / OPPOSITION:
Support
350 Sacramento
American Wind Energy Association
California Environmental Voters
California Interfaith Power and Light
California State Association of Electrical Workers
California Wind Energy Association
City of Long Beach
Clean Power Campaign
Climate Action California
Coalition of California Utility Employees
Elected Officials to Protect America - Code Blue
Environment California
Environmental Protection Information Center
Environmental Working Group
Friends Committee on Legislation of California
Harbor Association of Industry and Commerce (HAIC)
Long Beach; Port of
Offshore Wind California
Santa Cruz Climate Action Network
USC Schwarzenegger Institute
Opposition
None on file
Analysis Prepared by: Paige Brokaw / NAT. RES. /
Bill Co-Author(s):