Bill Text: CA AB2711 | 2013-2014 | Regular Session | Amended

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Bill Title: Oil and gas: loan to City of Hermosa Beach.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-08-26 - Ordered to inactive file at the request of Assembly Member Muratsuchi. [AB2711 Detail]

Download: California-2013-AB2711-Amended.html

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BILL NUMBER: AB 2711	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MAY 23, 2014
	AMENDED IN ASSEMBLY  APRIL 21, 2014
	AMENDED IN ASSEMBLY  MARCH 28, 2014

INTRODUCED BY   Assembly Member Muratsuchi

                        FEBRUARY 21, 2014

   An act relating to oil and gas,  and  making an
appropriation therefor  , and declaring the urgency thereof, to
take effect immediately  .



	LEGISLATIVE COUNSEL'S DIGEST


   AB 2711, as amended, Muratsuchi. Oil and gas: loan to City of
Hermosa Beach.
   Existing law requires the State Lands Commission to deposit in the
General Fund all revenues, moneys, and remittances received by the
commission, with certain exceptions. Existing law requires that the
moneys be used for specified purposes, including refunds, commission
expenses, and specified payments to cities and counties.
   This bill would appropriate  $17,500,000  
$11,500,000  from the General Fund, from certain oil and gas
revenues deposited by the commission, to the Controller for a loan to
the City of Hermosa Beach, to be made if the city is obligated to
make payment pursuant to a specified settlement agreement. The bill
would require the State Board of Equalization, if the city fails to
make any payment on the loan when due and upon the order of the
Controller, to deduct the amount of the payment from the sales and
use taxes to be paid to the city. The bill would also require the
Controller to deposit moneys received in repayment of the loan into
the  State Coastal Conservancy   General 
Fund  to be used, upon appropriation, by the State Coastal
Conservancy for expenses related to the conservancy's Climate Ready
Program  . 
   This bill would declare that it is to take effect immediately as
an urgency statute. 
   Vote: 2/3. Appropriation: yes. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  (a) The sum of  seventeen   eleven
 million five hundred thousand dollars  ($17,500,000)
  ($11,500,000)  is hereby appropriated from the
General Fund, from the oil and dry gas revenues paid to the state
during the 2014-15 fiscal year and deposited in the General Fund
pursuant to Section 6217 of the Public Resources Code, to the
Controller for purposes of this act. The Controller shall, upon
agreement with the City of Hermosa Beach, loan that sum, or a portion
thereof, to the city if the city is obligated to make payment
pursuant to Section IV.4.6.c of "The Settlement Agreement and Release"
entered into on March 2, 2012, between Macpherson Oil Company,
Windward Associates, E&B Natural Resources Management Corporation,
and the City of Hermosa Beach.
   (b) A loan to the City of Hermosa Beach pursuant to subdivision
(a) shall be subject to the following terms:
   (1) The city shall annually pay to the Controller, prior to June
30 of each year, not less than five hundred thousand dollars
($500,000) until the loan is paid in full.
   (2) If the City of Hermosa Beach fails to make any payment when
due pursuant to paragraph (1) for any reason, the State Board of
Equalization, upon the order of the Controller, shall deduct the
amount of that payment from the sales and use taxes to be paid to the
city thereafter pursuant to Section 7204 of the Revenue and Taxation
Code and shall pay the amount so deducted to the Controller.
   (c) The Controller shall deposit all payments received pursuant to
subdivision (b) into the  State Coastal Conservancy Fund to
be used, upon appropriation, by the State Coastal Conservancy for
expenses related to the conservancy's Climate Ready Program,
authorized pursuant to Section 31113 of the Public Resources Code.
  General   Fund. 
   SEC. 2.    This act is an urgency statute necessary
for the immediate preservation of the public peace, health, or safety
within the meaning of Article IV of the Constitution and shall go
into immediate effect. The facts constituting the necessity are:
 
   In order to facilitate the implementation of a loan of state
revenues to the City of Hermosa Beach as quickly as possible, it is
necessary that this act take effect immediately.