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SB 864

  • California Senate Bill
  • 2009-2010 Regular Session
  • Introduced in Senate Jan 11, 2010
  • Passed Senate Apr 22, 2010
  • Assembly
  • Governor

State finance.

Bill Subjects

State Finance.

Abstract

(1) Existing law, until September 1, 2011, enacts a cash management plan to authorize the Controller, Treasurer, and Director of Finance to defer General Fund payments for up to 60 or 90 days, as specified, beginning July 2010, for specific entities, including county offices of education, public schools, and charter schools, subject to certain conditions. Existing law provides a process by which county offices of education, public schools, and charter schools may receive payments that would otherwise be deferred if certain determinations are made and the Department of Finance is notified on or before May 17, 2010. Existing law also provides for the deferral of specified apportionments from the Highway Users Tax Account in the Transportation Tax Fund to cities, counties, and cities and counties from July 2010 to March 2011, inclusive. This bill would require the Controller, Treasurer, and Director of Finance to implement and carry out a cash management plan to meet specified goals concerning a short-term General Fund cash shortage until sufficient external borrowing for the 2010–11 fiscal year may be secured. In implementing and carrying out this plan, the bill would state that these officials have all of the applicable constitutional and statutory authority available to them, including, but not limited to, specific authority granted by enactments in the 2009–10 8th Extraordinary Session. The bill would, until January 1, 2011, specifically authorize the deferral of specific kindergarten and grades 1 to 12, inclusive, apportionment and categorical payments, community college apportionments, and Cal Grant payments. The bill would prioritize repayments of these deferrals if external borrowing is secured in the amount of $3,200,000,000 or more. The bill would also revise the payment schedule for transfers to the Supplemental Benefit Maintenance Account in the Teachers' Retirement Fund. (2) This bill would declare that it is to take effect immediately as an urgency statute.

Bill Sponsors (1)

Committee on Budget and Fiscal Review

Author

Votes


Actions


Nov 30, 2010

Assembly

From Assembly without further action.

Oct 07, 2010

Assembly

Read third time. Amended. (Page 7115.) To third reading.

Jun 10, 2010

Assembly

Placed on second reading file.

Assembly

Read second time. To third reading.

Apr 22, 2010

Senate

Read third time. Passed. (Ayes 24. Noes 5. Page 3270.) To Assembly.

Assembly

In Assembly. Read first time. Held at Desk.

Apr 19, 2010

Senate

Read second time. To third reading.

Apr 15, 2010

Senate

Placed on second reading file.

Senate

Withdrawn from committee.

Jan 21, 2010

Senate

To Com. on RLS.

Jan 12, 2010

Senate

From print. May be acted upon on or after February 11.

Jan 11, 2010

Senate

Introduced. Read first time. To Com. on RLS. for assignment. To print.

Bill Text

Bill Text Versions Format
SB864 HTML
01/11/10 - Introduced PDF
10/07/10 - Amended Assembly PDF

Related Documents

Document Format
No related documents.

Sources

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