Bills

SB 1169: Los Angeles County Flood Control District: finances.

  • Session Year: 2023-2024
  • House: Senate
  • Latest Version Date: 2024-07-02

Current Status:

Passed

(2024-07-02: Chaptered by Secretary of State. Chapter 77, Statutes of 2024.)

Introduced

In Committee

First Chamber

In Committee

Second Chamber

Enacted

What does this bill do?

The bill lets the Los Angeles County Flood Control District borrow money or obtain federal loan guarantees for flood control work with longer repayment and higher interest, allowing up to 35 years to repay and interest up to 5.5% annually. It also lets the district’s board raise taxes under the state constitution to pay those loans and removes previous limits on how much the district may borrow or issue in bonds.

The summary is provided by generative AI which can make mistakes. For original language, please view the details in the table below.

Version:

Existing law, the Los Angeles County Flood Control Act, establishes the Los Angeles County Flood Control District and authorizes the district to control and conserve the flood, storm, and other wastewaters of the district. Existing law authorizes the district to borrow money from certain entities for any flood control work authorized under the act and to repay the same, in annual installments, over a period not to exceed 20 years with an interest at a rate not to exceed 4.25% per annum. Existing law requires the district to annually levy a tax upon the taxable real property of the district clearly sufficient to pay the interest and installments of principal for those loans. Existing law limits the total amount the district may borrow not to exceed in the aggregate the sum of $4,500,000. Existing law also limits the total amount of bonds or other evidence of indebtedness in the aggregate that the district may issue and sell to not exceed $4,500,000.

This bill would instead authorize the district to borrow money or obtain loan guarantees from those entities and to repay the same over a period not to exceed 35 years with interest at a rate not to exceed 5.5% annually. The bill would instead authorize the district to levy a tax, in compliance with the applicable provisions of Article XIIIC of the California Constitution, clearly sufficient to pay the interest and installments of principal for those loans. The bill would also delete the limits on the amount the district may borrow and the total amount of bonds or other evidence of indebtedness that the district may issue and sell.

This bill would make legislative findings and declarations as to the necessity of a special statute for the Los Angeles County Flood Control District.

Authors shown for version:
Chaptered (7/2/2024)

Bill Author

Bill Co-Author(s):