California Assembly Bill AB1294 Latest Draft

 BILL NUMBER: AB 1294INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Monning FEBRUARY 27, 2009 An act to amend Section 12935 of the Water Code, relating to water resources. LEGISLATIVE COUNSEL'S DIGEST AB 1294, as introduced, Monning. State Water Resources Development System. The Department of Water Resources operates the State Water Resources Development System, commonly referred to as the State Water Project, in accordance with the California Water Resources Development Bond Act. This bill would make technical, nonsubstantive changes to a provision that authorizes the issuance of bond funds in the amount of $1,750,000,000 for the purposes of that bond act. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 12935 of the Water Code is amended to read: 12935. For the purpose of creating a fund,  herein  designated the California Water Resources Development Bond Fund, to provide for the acquisition, construction and completion of the State Water Facilities  herein  specified  in this chapter  and, to the extent provided in Section 12938, for additions to the State Water Resources Development System, the committee shall be and is hereby authorized and empowered to create a debt or debts, liability or liabilities of the  State of California   state  in the aggregate principal amount of one billion seven hundred fifty million dollars ($1,750,000,000) in the manner and to the extent  herein  provided  in this chapter  , but not otherwise nor in excess  thereof   of that amount  .