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HomeMy WebLinkAboutOrange County Investment Pool Committee Conceptual Plan to A el- Council/Agency Meeting Held ?=� Deferred/Continued to I ❑Approved Conditionally Approved ❑ Denied ity Clerks Signat e Council Meeting Date 08 07 95 Departni not ID Number AD95-102 CITY OF HUNTINGTON BEACH II REQUEST FOR COUNCIL AC ION SUBMITTED TO HONORABLE MAYOR AND CITY COU14CIL MEMBERS ~ SUBMITTED BY MICHAEL T UBERUAGA CITY ADMINIISTRAT �— PREPARED BY RICHARD BARNARD DEPUTY CITY AUMINIZ51 RATOR I SUBJECT ORANGE COUNTY INVESTMENT PO COMMITTEE CONCEPTUAL PLAN TO ADDRESS O "ANGE COUNTY BANKRUPTCY Statement of Issue Funding Source Recommended Action Alternative Action Analy I is Environmental Status Attachment(s) Statement of Issue �� � � I���y,,��,�����a � � On Monday July 31 1995 the Orange County Investment fool Committee (OCIP held a7G press conference at which time they unveiled a conceptual plan directed toward resolving the Orange County Bankruptcy The conceptual plan is beingi presented to the City Council to determine whether Council wishes to support, oppose, o take a neutral position on the OCIP Plan Funding Source N/A Recommended Action Staff recommends that the City Council support the OCIP C nceptual Plan with the caveat that the City Council reserves its right to modify its position s refinements and definition to the OCIP Plan are developed If there are elements of the p an which are determined to be detrimental to the city interest then the Council would consid modifying its position Alternative Action(s) 1 Oppose the OCIP Conceptual Plan 2 Take no position on the OCIP Plan i 1 *QUEST FOR COUNCIL AC ,IN MEETING DATE 08-07-95 DEPARTMENT ID NUMBER AD95-102 Analysis Attached to this RCA is an outline of the OCIP Conceptual P an as presented at the July 31, 1995 press conference This plan has been prepared in response to a county plan which would have diverted a significant amount of funds from [opal cities and special districts While there remain many unanswered questions regardin i implementation of the OCIP Plan staff is of the opinion that of the plans put forth thus ft r the OCIP Plan has the least impact upon our city The OCIP Plan also appears to focu-, attention upon those Orange County assets which have significant value and which coul( be sold (transferred) to other governmental agencies within Orange County who have available to them financial resources to pay the county for their assets The revenues derived from the sale of county assets would then be available to the county to meet debt obligations which would lead toward resolution of the county s bankruptcy SB 75 Polanco - Proposed legislation that addresses b th Orange and Los Angeles Counties fiscal needs Legislation (SB75 Polanco) has been approved by both the State Senate and State Assembly and sent to the Governor for his signature whic attempts to address both the Orange and Los Angeles Counties fiscal needs Included n SB 75 are provisions which would authorize the County Board of Supervisors to set asidyl$70 000 000 annually for the next 15 years of revenues that currently goes to the range County Transportation Authority (OCTA) Under this legislation this revenue would a used to meet Orange County debts related to the Orange County Bankruptcy The Gov 'lnor has until August 14 1995 to take action on the bill It has been reported in the media that the Orange County provisions of the bill are acceptable to Governor Wilson th re have been reports that the Los Angeles County provisions of the bill may be a barrier ti the Governor signing the bill Staff will continue to monitor this bill Environmental Status N/A Attachment(s) Em 1 Outline of the Orange County nvestment Pool Committees Conceptual Plan 2 SB75 (Polanco) - Proposed State legislation which addresses both the fiscal needs of Orange a 1�d Los Angeles Counties 0013644 01 2 08/02/95 12 08 PM Objectives o a o o o • Contain Orange County government problems in Orange County � -- -•-p-a - 11--b-on:ld-a g d�e-n do-r--d-eft • Restore investor confidence in Orange County government • Continue to place schools as a priority • End the Orange County bankruptcy • The Plan 0 0 0 0 0 • A Consortium of government agencies provides $415 million to finance County note shortfall and vendor debt e In_exchange,Count-y=sells two-assets -- John Wayne Airport and operating landfills -- to other government agencies • Revenue from asset sales and County note reserves retire the notes and vendor debt • Consortium agrees to purchase $110 million in Certificates of Participation • • OCIP Committee consents to open the Settlement Agreement to allow for debt restructuring a Three Steps to End Bankruptcy o o o 0 o • Step 1 - Transfer John Wayne Airport and rights to a � future airport at El Toro MCAS to the OCTA in exchange for urban rail capital funds - Transfer title to operating landfills to the Orange County Sanitation Districts - Proceeds of the transfer are used, along with County's note reserves, to repay $800 million of Note Debt, Court directed payments to minors, • Interpleader Deposits with the Superior Court and Vendor Debt Three Steps to End Bankruptcy 0 0 0 0 0 • Step 2 - Consortium agrees to purchase $ 110 million of=C- ORs . - First $50 million goes to pay the schools . - Next $60 million goes to pay Settlement � Secured Claims. Three Steps to End Bankruptcy � o o o a • Step 3 - Remaining debts are restructured . Pool rl-a Era�s=aKe=ccc��a-b-E ip#o=eye-=c�a' - Pool claims will be non-recourse to the County after $265 million � - The County's loss will be the last paid . 0000a Pool Participants Benefits • Benefits - Purchase airport and landfills • - M-o-r-e-c-o-ntr-o-l-o-f-th-e-litiqation - $50 million for the schools and $60 million for Settlement Secured Claims - Remaining OCIP claims are ahead of the County - End of Bankruptcy � - No more funding raids Pool Participants Costs 0 0 c osts - Recourse on $444 million of Repayment • Claims - $415 million cash - Debt limitation litigation - Allowing debts to be paid ahead of the Settlement Secured Claim • County Benefits o o a o a • Benefits - Immediate repayment of all note debt, vendor � debt, Superior Court Interpleader deposits, e p_�a�yme�ns o minors - Non-recourse treatment on $444 million of OCIP claims - Avoids cost and cumbersome process of a plan of adjustment - Eliminates debt limitation litigation � - Bankruptcy ends County Costs o 0 o o o • Costs - Loss of Airport and Landfill • - $445 million of Debt Reserves - County subordinates its remaining loss to pool participants Loss of control of the litigation and bankruptcy • o Results o o 0 o • Municipal market is reassured - $800M of Note debt is repaid • - Provides .a $50M first priority to Orange County c oo from the sa e o the C U' s • All claims other than governmental entities are paid - Vendor claims are paid - Superior Court Interpleader Deposits and Court directed payments to minors are restored • Schools remain first priority � • Permits a quick resolution of the bankruptcy EIJI BY w-F1Lt, f • 1 Display 1995-1996 Bill Text - INFORMATION PAGE BILL NUMBER SB 75 BILL TEXT' AMENDED IN ASSEMBLY JULY 30, 1995 AMENDED IN ASSEMBLY JULY 25, 1995 AMENDED IN ASSEMBLY JULY 1, 995 AMENDED IN SENATE MAY 30, 995 AMENDED IN SENATE APRIL 24 1995 AMENDED IN SENATE APRIL 17 1995 AMENDED IN SENATE MARCH 30 1995 AMENDED IN SENATE MARCH 13 1995 AMENDED IN SENATE FEBRUARY 23, 1995 INTRODUCED BY Senator Xnpp Polanco (Principal coauthor Senator Ha den SPrincipal coauthor Assembly Member Villaraigusa) (Coauthors Assembly Members E_ scutia, Katz and Kevin Murray) JANUARY 9, 1995 An act to ahead Section 2156 afF and to add se tiers 2144 to; the Electrons Bode; relating to voter xegtetratte - An act to add and repeal Sections 29530 3 and 29530 5 of the Go ernment Code, to add and repeal Sections 99310 55 and 180205 5 of the Public Utilities Code, to add and repeal Section 96 19 of the Revenue and Taxation Code, and to add and repeal Section ]88 95 of the Streets and HighwaYe Code, relating to local oveznment finance LEGISLATIVE COUNSEL S DIGES SB 75, as amended, Kopp Polanco voter regtst atronr absentee ballot applteattens Local government finance Lo3 Angeles and Orange Counties Existing law authorizes a county board of su a visors, pursuant to a contract with the State Board of Equalizatio , to provide for She deposit in a local transportation fund of tho a revenues attributable to a specified portion of the sales nd use tax rate levied in a county pursuant to the Bradley-Burns oniform Local - 7 90 PAGE Display 1995-1996 Bill Text - INFORMATION 2 BILL NUMBER SB 75 $ILL TEXT Sales and Use Tax Law This bill would, as provided, authorize the board of supervisors for the County of Los Angelpa to modify its contract with the State Bnard of Equalization to require that a s egLfied portion of thosc same attributable revenues be deposited i the county general fund This bill would, as provided with respect to taxes levied prior to July l� 2011, authorize the board of supervisors for the County of orange to modify its contract with the State Bard of Equalization to provide for the deposit of those APecified revenues into the county general fund, and for the deposit into the county'a local transportation fund of certain revenues derived from a transactions and use tax imposed in the county or transportation purposes Existing law with respect to a local transactions and use tax imposed by a local transportation authority autho zzes the allocation of revenues derived from that tax for the funding of various transportation facilities and servicesT This bill would, until January 1 2012, re uir a specified portion of those revenues derived from a transact ong and use tax imposed �!y a transportation authority in the County of orange to be allocated to the local transportation fund of that county as established pursuant to a specified statute Existing law establishes the Transportation PlInning and Development Account in the state Transportation Fund and provides that the funds in the account shall be available, upon appropriation �y the Legislature, for expenditure for transportation planning and mass transportation purposes Existing law further provides for allocations to be made from the acco nt to local transportation agencies and commieexons This bill would, as provided, reduce the amour Hof revenue to be allocated to the Los Angeles Metropolitan Tran ortation Authority by a specified amount if that authority fails to elect to deposit that same amount into the local transportation furid of the county of Los Angeles Existing law establishes the State Highway Account and provides for the allocation of account funds �y the Califo nia Transportation Commission with respect to the counties in accordance with certain programs and formulas applied for specified time eriods This bill would, as provided, reduce the amuun of revenue allocated from the State Highway Account for expe diture in the County of Los Angeles �X the difference between 2 amounts otherwise specified j�y this bill Existing law requires the county auditor, in a ch fiscal year, a to allocate prorerty tax revpnups to local 7uris7d ctions in accordance with specified formulas and 2rocedures, and generally provides that each jurisdiction shall be allocated an amount equal to the total of the amount of revenue allocated t that jurisdiction in the prior fiscal year, sub ect to certain modifications, and that Jurisdiction s portion of the annual tax Display 1995-1996 Bill Text - INFORMATION PAGE 3 BILL NUMBER sA 75 BILL TEXT increment as defined This bill would for the 1995-96 to 2010-11 fis al years inclusive, require the auditor for that county to allocate to a separate restricted account in the county treasury for a specified purpose certain amounts of proporty tax revenues that otherwise would be allocated to the County a£ Orange Ba+ i sin new duties u on the auditor for the County of Orange p the annual allocation of property tax revenues, this bill wod impose a state-mandated local program This bill would make legislative findings and eclarations as to the necessity of a special statute This bill would provide that specified provisi ns of the bill would not become operative unless _legislation is 9nacted in the 1995-96 Regular Session or the 1995-96 Second Extraordinary SesgiOri that specifically authorizes or provides for the establLshment of a state-appointed trustee with specified authority The California GonstitutLon requires the state to reimburse local agencies and school districts for certain costs mandated by the state statutory provisions establish procedures for making that reimbursement, including the creation of a State Mandates Claims Fund to Pay the costs of mandates that do not exc ed $1,000,000 statewide and other procedures for claims whose s atewide costs exceed $1,000,000 This bill would provide that, of the Commi.6 8ipr on State Mandates determines that the bill contains costs andated bar the state, reimbursement for those costs shall be mad pursuant to these statutory provisions .__. *It Existing law spectftes the procedures appl eabfe to the registration of voters- This bill would impose a mi4A+Le-mandated leeal regram by requiring on eleeter who registers to rote in person at the efftee of the county elections offiezal to dxeplap a valid term of tde:3tifieatien as defined to means a birth eertift ate= pa5aport; or naturalization eard- t2f Existing law requires that a veterla affidavit of registration show specified items of informattent including the afftantte eceupatiens Thth hill would delete the requirement that the affidavit of registration dhow the afftantie oeeui+atTon- f3f Extsttng law requires that the affidavit a Iregxdtxatten show the affxant�a residence telephone number- It pro idea that no person shall be denied the right to register bee* se of his or her fatlure to furnish a telephone namberp and re uiree that the affiant be so advised on the voter reg:atratzan a rd= This bill would instead require that the affiant be advised an the affidavit pertton of the voter registration card that furnishing a telerNt%mr number fa optlenal- Whas bill would also require that the affrdav= of reglstratten show the number of the affxarttl-s ealtfernin dr2we is i*eense or eallfernfa tdentifieatton card; and would make prevision of this SENT BY OFFICE, 7 d1 95 2 19P11, /1412d4bbl , #5/10 PAGE q Dieplay 1995-1996 Bill Text - INFORMATION SILL NUMBER SB 75 BILL TEXT informattan epttenaf with the afftant- It would s eetfy that ne person shall be dented the right to register beeau a of his or her fatlure to pravtde one of these numbers- and shall be ea advraPd an the rater regtstratten cardr %Eke provtstens described rn paragraph f3} would beeome operative only tf 68 681 and AS 1401 do not became eperative 14t This bill mould enact alternative prevision that weu+d require fat that an afftant be advtsed on the aff provision pertten of the voter regtstratten card that furntehxng a tele hone number is epttenai- and fbt that the affidavit of regratratt n show the number of the affiant'ti ealtfornta driver's Ircene r ealrfornia Identification card number; or other identzfzeatio: number an speetfted by the secretary of state- it would pre tde that no person shall be denied the right to register because of hie or her fat+ure to furnish one of these numbersp and shall be se advtsed on the voter regtstratton card- The prevtetons deseribed Tn paragraph f4t would became aperattve only tf 6B 584 and AB 44e1 are both ehaptered,- and this bill in ehaptered last- The eaitfornra eonetttutlen requtres the state t5 reimburse loeal agenetes and school dTstrset, for certain casts ma dated by the stater statatery pravistens establtsh procedures For making that rezmbarsementr lPhts bill would provide that me reimbursement is required by this net far a speetfted reason- vote majority Appropriation no Fiscal c mmittee yes State-mandated local program yes , THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWSt 6HeTleN I- 8eettan E144 is added to the Eleette s SECTION 1 ia It is the intent of the Legislature in enacting this act not to require the immediate appointment of a trustee for the County of orange, but rather to allow for that possibility should the county fail to submit and receive court approval for a plan of adjustment in a timely manner Prior to the beginning of the interim stud recons of the PAGE 5 bispla} 1995-1996 Bill Text - INFORMATION BILL NUMBER SB 75 BILL TEXT 1995-96 Regular Session, st is the Legislature s lintention to formulate legislation that will ensure that the sales tax revenues specified in this act are administered in a fisroill prudent manner This includes the poasihility of conditi nLng transfer of the specified gales tax revenues on the timely �S2proval of a plan of adjustment by a federal bankruptcy court SEC 2 Section 29530 3 is added to the Government Code, to read 29530 3 jai Notwithstanding a,ny other provispLon of law, with respect to local sales and use taxes levied for a ich of the 1995-96 to 1999-2000 fiscal years, inclusive, the board of supervisors for the County of Los Angeles may annially, upon the adoption of a resolution approved by a majority o all of its members no later than August 4, 1995, with res ec to the 1995-96 fiscal year and no later than the preceding May 1 with respect to any other relevant fiscal year, modify its contra t with the State Board of Equalization, as described in Section 29530, to require that fiscal realignment revenues be deposited in he county general fund For purposes of this section, fiscal real cjlment revenues means that amount of those county sales and use t x revenues dpnrribed in Section 29530, not to exceed seventy-five million dollars ($75,000,000) annually, that otherwise wo ld be allocated in each relevant fiacal year from the county s local transportation fund to the Los Angeles Metiopolitan Trans ortati n Authority This section shall remain in effect only until January 1 2001 and as of that date is repealed unless a 1 ter enacted statute that is enacted before January 1, 2001, �Ieletes or extends that date SEC 3 Section 29530 5 is added to the Govern ent Code, to read 29530 5 (a) Notwithstanding 21r other provisLon of this article, the board of supervisors for the County of Orange may, upon the adoption of a resolution approved by a majority o all of its members, modify its contract, as described in Sec ion 29530, witli the State Board of Equalization to require, with es ect to taxes levied prior to July 1, 2011, both of the followi- ig III That those count, sales and use tax revenu s described in section 29530 be deposited into the county qenerall fund ja That transportation realignment revenues a defined in section 180205 5 of the Public Utilities Code be dee2r.Lted in accordance with that section in the county's local transportation fund as described in Section 29530 The modification authorized �y this section is not applicable to the City of Laguna Beach T c) This _section shall remain in effect only until January 1 2012, and as of that date is repealed, unless a 1 ter enacted statute, that is enacted before January 1, 2012, eletes or extends that date SEC 4 Section 180205 5 is added to the Publl Utilities Code, to read _._,_ IU Display 1495-1996 Bj-11 Text - INroRMATION PALL 6 BILL NUMBER SB 75 ' BILL TEXT 180205 5 (a) Notwithstanding any other Provision of this chapter and sub]ect to subdivision (b) , those trans orta ion realignment revenues derived in the County of Orange from a tax imposed pursuant to this chapter maw be deposited in the local transportation fund established in the treasury f that count pursuant to Section 29530 of the Government Code For purposes of this section, "transportation realignment revenues" means those T revenues, attributable to that pardon of the to rate imposed in the County of Orange pursuant to this chapter that exceeds 0 25 percent, that are determined Ly the Orange County Transportation Authority Board of Directors not to be necessary for the funding of outstandipq indebtedness or other outstanding contractual obligations of the transportation authority esta lished in the County of Orange pursuant to Chapter 2 (cammencinq with section 180050) (b) (1) Revenues deposited pursuant to subdivision (a) shall only be expended in accordance with the transportation expenditure plan adopted with respect to the County of Orange ursuant to Section 180206 This section shall become operative upon the operative date of a resolution adopted by the board of supervisors for the County of Orange pursuant to Section 29530 5 of the Government Code (1) This section shall remain to effect only uIntil January 1, 2012, and as of that date is repealed, unless a hater enacted statute, that is enacted before January 1, 2012, deletes or extends that date SEC 5 Section 99310 55 is added to the Public Utilities Code, to readT 99310 55 Aal For each of the 1995-96 to 1999-2000 fiscal years, inclusive, the amount to be allocated urs ant to this article for the relevant fiscal year_ to the Los A seise Metropolitan Transportation Authority shall be re, uced by the transportation services support amount unless the authority elects for that fiscal year to deposit that amount into the county's local transportation fund established pursuant to Section 29530 of the Government Code Any moneys deposited in the county s local transportation fund pursuant to the preceding send ence shall be available for allocation exclusively to the Los Angeles Metropolitan Transportation Authority for bus operations J. For purposes of this section, transportation services support amount" means that amount of revenue that is P ual to the amount of revenue transferred to the county general fund pursuant to Section 29530 3 of the Government Code, other than revenues that is necessary to fund the outstanding indebtedness or other outstanding contractual obligations of the authority, or revenue the deposit of which in accordance with paragraph (1) is prohib ted by the California_ constitution If for any relevant fiscal year the Los Angeles County Metropolitan Transportation Authority does not elect to deposit_ the transportation services support amount into the county s local transportation fund as provided in paragraph 1 and the PAGE 7 Display 1995-1996 Bill Taxt - INFORMATIUN BILL NUMBER SB 75 BILL TEXT transportation services suppoLt amount exceeds the amount to be allocated to the authority pursuant to this art c e in the absence of any reduction pursuant to era ra h (1), the d fference between these latter two amounts shall, in accordance with Section 188 9 of the Streets and Highways Code, be deducted from t e amount of revenues allocated from the State Highway Account for expenditure in the county for rail transit purposes Bus service shall not be directly or indir ctly reduced as a result of this section or of any other rovisio of the act adding this section JSJ This section shall remain in effect only until January 1. 2001 and as of that date is repealed unless a 1 ter enacted statute, that is enacted before January 1, 2001 - 1 etee or extends that date SEC 6 Section 96 19 is added to the Revenue Ind Tdxdtion Code, to read 96 19 (a) Notwithstanding any other provisioi of this article and subject to subdivision (b) , for the 1995-96 f seal ey ar, the auditor shall, from those revenues that are otherwise required by Section 96 1 to be allocated to the County of Orazige allocate the amount of seventy million dollars ($70 000,000) which the treasurer-tax collperter shall deposit in a separate restricted account in the county treasury to be used only fo the payment of county obligations with respect to debt tv be 155 ed upon confirmation by the bankruptcy court of the plan of adjustment of the debts of the county Far purposes of property tax revenue alacations in the County of Orange for the 1996-97 fiscal year to t$e 2010-11 fiscal year, inclusive, the amount of property tax reven a allocated pursuant to subdivision Sa to the finance authority dpsrrihpd in that subdivision shall be deemed to be an amount �f property tax revenue allocated to that authority in the 1995-96 fiscal year, and shall commensurately reduce the amount of ro eit� tax revenue deemed allocated to the County of Orange for that same fiscal year ThLs section shall become inoperative on Ju 1, 2011, and, as of January 1 2012, is repealed, unless a late enacted statute, that becomes operative on or before Januar 1, 2012, dplptes or extends the dates on which it becomes no erative and 13 repealed However, commencing with the 2011-1"2 fiscal year, the auditor for the county of orange shall annually allocate property tax revenues in those amounts that would be _deter�ined in the absence of the application of this section to rev u allocations for prior fiscal years SEC 7_ Section 188 95 is added to the Streets and Highways ways code, to read 188 95 SaZ Notwithstanding any other provision of law, for each of the 1995-96 to 1999-2000 fiscal years, fnclusi e, in any qualified overage fiscal year the amount of revs ue allocated for that fiscal year for expenditure in the County of Los Angelea from SENT BY OFFICE, 7 31 95 2 22P[v, 7141234567 = , #9/10 PAGE $ Display 1995-199b Bill Text - INFORMATION BILL NUMBER SB 75 HILL TEXT the State Highway Account shall be reduced by the excess of the transportation servicPn support amount as defined in paracLraph of subdivision (a) of Section 99310 55 of the Pub is Utilities cede over the amount to be allocated for that fiscal year to the Los Angeles Metropolitan Transportation Authority from the Transportation Planning and Development Account in the absence a a� reduction pursuant to that same section For purposes of this section, qualified overage fiscal year" means a fiscal le r that meets the conditions specified with respect to a "relevant fiscal year" in Para raph � of subdivision (a) of Section 99310 55 of the Public Utilities Code T __ (b) This section shall remain in effect only until January 1, 2001, and as of that date is repealed, unless a later enacted statute that is enacted before January 1 2001, eletes or extends that date SEC 8 The Legislature finds and declares tha a special law is necessary and that a general law cannot be made applicable within the meaning of Section 16 of Article IV of the California Constitution because of the uniquely severe fisca crises currently being experienced 12y u the County of Los Angeles and the Conty of orange SEC 9 (a) Sections 3, 4, and 6 of this act s all not become operdtive unless legislation is chaptered n the 1995-96 Regular Session or the 1995-96 Second Extraordinaity Session that specifically authorizes or specifies conditions f r the establishment of a state-appointed trustee who shall have, at a minimum, the authority to do all of the following (1) Supervise all matters relating to the bud t and fiscal affairs of the County of Orange () Order the county to file a motion to dismi s any pending petitions that have been filed, on behalf of the Oounty of orange, under Chapter 9 (commencing with Section 901) of itle 11 of the United States Code Upon the United States Bankr .,ptcy Court dismissing the petition, the trustee shall have t e authority to adjust, settle, reorganize, and negotiate any outotanding debts_ or obligations of the county that were otherwise subject to the jurisdiction of the bankruptcy court () On behalf of the County of Orange, submit I plan for the adjustment of the county s debts, as provided in section 941 or Section 942 of Title 11 of the United States Code A condition for the establishment of a eta e-appointed trustee may include, but need not be limited^to, he failure of the County of orange to receive court approval fo a plan of adjustment SEC 10 Notwithstanding Section 17610 of the �overnment Code, if the Commission on State Mandates determines th t this act contains costs mandated bX the state, reimburseme t to local agencies and school districts for those coats shall be made pursuant to Part 7 commencing with Section 17500 of DLvision 4 of Title 2 of the Government Code If the statew de cost of the 7 PAGE 9 Display 1995-1996 Bill Text - INFORMATION BILL NUMBER SB 75 BILL TEXT claim foi reimbursement does not exceed one mill on dollars ($1,000,000) reimbursement shall be made from the State Mandates Claims Fund Notwithstanding Section 17580 of the Government Code, unless otherwise 22ecified the provisions of this act shall become operative on the same date that the act takes eft et pursuant to the California Constitution All matter omitted in this version of the bill appears in the bill do amended in the Assembly, July 25, 1995 (JR 11)