Plain English Breakdown
The official text does not provide a specific effective date for the law itself, only the start date for bond measures it covers (January 1, 2027).
New Reporting Rules for State Bonds Approved After January 1, 2027
This law requires new state bond measures approved on or after January 1, 2027, to include specific goals and data in their laws, post project details online, and submit a one-page summary report showing if projects are completed on time.
What This Bill Does
- Requires the law creating any new bond measure approved from January 1, 2027, to list specific spending objectives and related data.
- Mandates that state agencies post a notice with project details on their official websites.
- Creates a requirement for a one-page executive summary report sent to the Department of Finance, Legislative Analyst, and specified legislative committees.
- Requires reports to show if projects or grants are being completed in a timely manner.
- Allows the cost of making these new reports to be paid from the bond's administration budget.
Who It Names or Affects
- State boards, departments, or agencies managing money from voter-approved bonds starting January 1, 2027
- The Department of Finance, Legislative Analyst, and specified legislative committees who receive summary reports
Terms To Know
- General Obligation Bond
- A type of loan where voters approve borrowing money for specific state projects.
- Bond Act
- The law passed by the legislature that creates a bond and sets rules for how its money can be spent.
Limits and Unknowns
- These new reporting rules only apply to bonds approved on or after January 1, 2027.
- The text does not specify the exact date this law will take effect beyond the start of its coverage period.
- Program guidelines created under these rules are exempt from standard regulation review steps.