California Pollution Control Financing Authority: name change.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes the name of the California Pollution Control Financing Authority to the Capital Programs and Climate Financing Authority. It also incorporates changes from AB 70 to Section 42652.5 of the Public Resources Code, primarily related to the review and qualification of rate reduction bonds issued by local agencies. The bill aims to improve the authority’s ability to provide financial assistance for environmental projects and support sustainable development, particularly through brownfield remediation and community revitalization.
Key provisions
- Renames the California Pollution Control Financing Authority to the Capital Programs and Climate Financing Authority.
- Incorporates changes from AB 70 to Section 42652.5 of the Public Resources Code regarding rate reduction bond reviews.
- Authorizes the new authority to provide loans for site assessments, remedial action plans, and reports for brownfield sites.
- Allows the authority to assist in financing the cleanup and development of brownfield sites.
- Establishes a statutory lien on utility project property to secure rate reduction bonds.
- Requires the authority to provide an explanation for refusing to qualify a proposed issuance of rate reduction bonds.
- Mandates an annual report to the Legislature detailing the authority’s activities.
- Provides for the authority to adopt emergency regulations related to rate reduction bonds.
Who is affected
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Sponsors
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Primary sponsor
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