California Assembly Bill AB480 Latest Draft

 BILL NUMBER: AB 480AMENDED BILL TEXT AMENDED IN ASSEMBLY JUNE 1, 2009 AMENDED IN ASSEMBLY APRIL 14, 2009 INTRODUCED BY Assembly Member Tran FEBRUARY 24, 2009 An act to add Section 16724.3 to the Government Code, relating to state bonds. LEGISLATIVE COUNSEL'S DIGEST AB 480, as amended, Tran. Bond acts: auditing. The existing State General Obligation Bond Law contains procedures for use in authorizing the issuance and sale and providing for the repayment of state general obligation bonds and requires any state general obligation bond measure to be subject to the making, at least annually, of a specified report, by the head of the lead state agency administering the bond proceeds, to the Legislature and the Department of Finance. This bill would require any state bond measure approved by the voters on or after January 1, 2010, to include auditing provisions with respect to the use of any bond moneys that would be spent for the purposes of the bond measure. The bill would authorize the Bureau of State Audits to conduct periodic  or quarterly  audits to ensure that bond proceeds are awarded in a timely manner and that recipients of bond moneys use the funds in compliance with applicable provisions of law. The bill would require that the costs associated with the audit be reimbursed by the bond proceeds. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 16724.3 is added to the Government Code, to read: 16724.3. Any state bond measure approved by the voters on or after January 1, 2010, shall include auditing provisions with respect to the use of any bond moneys that would be spent for the purposes of the bond measure. The Bureau of State Audits may conduct periodic  or quarterly  audits to ensure that bond proceeds are awarded in a timely manner and that recipients of bond moneys use the funds in compliance with applicable provisions of law. The costs associated with the audit shall be reimbursed by the bond proceeds.