California Government Code

§ 8869.80

GOV § 8869.80 Effective Jan 1, 2022Div. 1 · Title 2 · Ch. 11.8

Statute text

The Legislature hereby finds and declares all of the following:

(a)The Tax Reform Act of 1986 (Public Law 99-514) establishes a volume ceiling on the aggregate amount of private activity bonds that can be issued in each state. The volume ceiling is the product of seventy-five dollars ($75) multiplied by the state population in 1987 and fifty dollars ($50) multiplied by the state population in each succeeding calendar year.

(b)Sections 1112 and 1401 of the American Recovery and Reinvestment Act of 2009 (26 U.S.C. Secs. 54a and 1400U-1) establish an aggregate amount of bond authority that can be issued in each state. Said amount may be determined from time to time by federal law, federal notice, or both federal law and notice.

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Legislative history

Amended by Stats. 2021, Ch. 344, Sec. 1. (AB 447) Effective January 1, 2022.