17. Proposition 1C
City Hall
10300 Torre Ayenue
Cupertino. CA 950U-3255
(-l08) 777-3212
FAX: (-l08) 777-3366
CITY OF
CUPEIQ"INO
COMMUNICATION
SUMMARY
Agenda Item J.2
Date: October 3,2006
Subject: Consider support of Proposition 1 C, "Housing and Emergency Shelter Trust
Fund Act of2006."
Background
About 200,000 houses and apartments are built in California each year. Most of these
housing units are built entirely with private dollars. Some units, however, receive subsidies
from federal, state, and local governments. For instance, the state provides low-interest
loans or grants to developers (private, nonprofit, and governmental) to subsidize housing
construction costs. Typically, the housing must be sold or rented to Californians with low
incomes. Other state programs provide homebuyers with direct financial assistance to help
with the costs of a down payment.
While the state provides financial assistance through these programs, cities and counties
are responsible for the zoning and approval of new housing. In addition, cities, counties,
and other local governments are responsible for providing infrastructure-related services
to new housing-such as water, sewer, roads, and parks.
In 2002, voters approved Proposition 46, which provided a total of $2.1 billion of general
obligation bonds to fund state housing programs. We estimate that about $350 million of
the Proposition 46 funds will be unspent as of November 1,2006.
Proposal
This measure authorizes the state to sell $2.85 billion of general obligation bonds to fund
13 new and existing housing and development programs. About one-half of the funds
would go to existing state housing programs. The development programs, however, are
new-with details to be established by the Legislature. The major allocations of the bond
proceeds are as follows:
Development Programs (51.35 Billion). The measure would fund three new programs
aimed at increasing development. Most of the funds would be targeted for development
projects in existing urban areas and near public transportation. The programs would
provide loans and grants for a wide variety of projects, such as parks, water, sewage,
transportation, and housing.
11- {
Homeownership Programs ($625 Million). A number of the programs funded by this
measure would encourage homeownership for low- and moderate-income homebuyers.
The funds would be used to provide down payment assistance to homebuyers through
low-interest loans or grants. Typically, eligibility for this assistance would be based on
the household's income, the cost of the home being purchased, and whether it is the
household's first home purchase.
Multifamily Housing Programs ($590 Million). The measure also would fund programs aimed
at the construction or renovation of rental housing projects, such as apartment buildings. These
programs generally provide local governments, nonprofit organizations, and private
developers with low-interest (3 percent) loans to fund part of the construction cost. In
exchange, a project must reserve a portion of its units for low-income households for a period
of 55 years. This measure gives funding priority to projects in already developed areas and
near existing public services (such as public transportation).
Other Housing Programs ($285 Million). These funds would be used to provide loans
and grants to the developers of homeless shelters and housing for farm workers. In
addition, funds would be allocated to pilot projects aimed at reducing the costs of
affordable housing.
Recommended Action
It is recommended that the council consider whether to support Proposition 1 C.
Approved for submission:
Rick Kitson
Public Information Officer
-L~cf!lU,l UO<
KJ -Acting City Manager
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SB 1689
CHAPTER
An act to add Part 12 (commencing with Section 53540) and
Part 13 (commencing with Section 53560) to Division 31 of the
Health and Safety Code, relating to housing, by providing the
funds necessary therefor through an election for the issuance and
sale of bonds of the State of California and for the handling and
disposition of those funds, and declaring the urgency thereof, to
take effect immediately.
LEGISLATIVE COUNSEL'S DIGEST
SB 1689, Perata. Housing and Emergency Shelter Trust Fund
Act of 2006.
Under existing law, there are programs providing assistance
for, among other things, multifamily housing, emergency
housing, farmworker housing, home ownership for very low and
low-income households, and downpayment assistance for
first-time homebuyers.
This bill would enact the Housing and Emergency Shelter
Trust Fund Act of 2006, which, if adopted, would authorize the
issuance of bonds in the amount of $2,850,000,000 pursuant to
the State General Obligation Bond Law. Proceeds from the sale
of these bonds would be used to finance various existing housing
programs, capital outlay related to infill development, brownfield
cleanup that promotes infill development, and housing-related
parks.
The bill would also establish the Transit-Oriented
Development Implementation Program, to be administered by the
Department of Community Housing and Development. The
program would receive funding from the proceeds of the bond
act enacted by this bill.
The bill would provide for submission of the bond act to the
voters at the November 7, 2006, statewide general election in
accordance with specified law.
This bill would declare that it is to take effect immediately as
an urgency statute.
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The people of the State of California do enact as follows:
SECTION 1. The Legislature finds and declares as follows:
(a) Funding approved by the state's voters in 2002 for greater
production of affordable housing in California financed the
construction, rehabilitation, or preservation of 17,700 affordable
apartments, created or rehabilitated 9,055 shelter spaces, and
helped nearly 18,000 families become or remain homeowners.
Nearly all of the voter-approved funding for affordable housing
is expected to be awarded by the end of 2006.
(b) Only 14 percent of families statewide are able to afford the
median-priced home in California, now estimated at more than
five hundred sixty-one thousand dollars ($561,000). California is
home to 21 of the 25 least affordable metropolitan areas in the
country for home ownership and 9 of the 10 least affordable
counties nationwide for renters.
(c) Increasingly, California working families endure longer
commute times as they seek affordable housing outside of the
urban areas in which they work. Commute times in each of the
state's 10 most populous counties have risen by double-digit
percentages over the last 10 years.
(d) California's congestion problems and strain on its
transportation system are made worse by the lack of available
affordable housing in the state's urban areas. To the extent
additional affordable housing can be maintained or provided in
the state's urban areas, additional traffic and related expenditures
on transportation facilities is avoidable, and allows limited
transportation resources to be deployed more efficiently.
SEC. 2. Part 12 (commencing with Section 53540) is added
to Division 31 of the Health and Safety Code, to read:
PART 12. HOUSING AND EMERGENCY SHELTER TRUST
FUND ACT OF 2006
CHAPTER I. GENERAL PROVISIONS
53540. (a) This part shall be known as the Housing and
Emergency Shelter Trust Fund Act of 2006.
(b) This part shall only become operative upon adoption by the
voters at the November 7,2006, statewide general election.
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53541. As used in this part, the following terms have the
following meanings:
(a) "Board" means the Department of Housing and
Community Development for programs administered by the
department, and the California Housing Finance Agency for
programs administered by the agency.
(b) "Committee" means the Housing Finance Committee
created pursuant to Section 53524 and continued in existence
pursuant to Section 53548.
(c) "Fund" means the Housing and Emergency Shelter Trust
Fund created pursuant to Section 53545.
CHAPTER 2. HOUSING AND EMERGENCY SHELTER TRUST
FUND OF 2006 AND PROGRAM
53545. The Housing and Emergency Shelter Trust Fund of
2006 is hereby created in the State Treasury. The Legislature
intends that the proceeds of bonds deposited in the fund shall be
used to fund the housing-related programs described in this
chapter over the course of the next decade. The proceeds of
bonds issued and sold pursuant to this part for the purposes
specified in this chapter shall be allocated in the following
manner:
(a) (I) One billion five hundred million dollars
($1,500,000,000) to be deposited in the Affordable Housing
Account, which is hereby created in the fund. Notwithstanding
Section 13340 of the Government Code, the money in the
account shall be continuously appropriated in accordance with
the following schedule:
(A) (i) Three hundred forty-five million dollars
($345,000,000) shall be transferred to the Housing Rehabilitation
Loan Fund to be expended for the Multifamily Housing Program
authorized by Chapter 6.7 (commencing with Section 50675) of
Part 2. The priorities specified in Section 50675.13 shall apply to
the expenditure of funds pursuant to this clause.
(ii) Fifty million dollars ($50,000,000) shall be transferred to
the Housing Rehabilitation Loan Fund to be expended under the
Multifamily Housing Program authorized by Chapter 6.7
(commencing with Section 50675) of Part 2 for housing meeting
the definitions in paragraphs (2) and (3) of subdivision (e) of
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SB 1689
Section 11139.3 of the Government Code. The department may
provide higher per-unit loan limits as necessary to achieve
affordable housing costs to the target population. Any funds not
encumbered for the purposes of this clause within 30 months of
availability shall revert for general use in the Multifamily
Housing Program.
(B) One hundred ninety-five million dollars ($195,000,000)
shall be transferred to the Housing Rehabilitation Loan Fund to
be expended for the Multifamily Housing Program authorized by
Chapter 6.7 (commencing with Section 50675) of Part 2, to be
used for supportive housing for individuals and households
moving from emergency shelters or transitional housing or those
at risk of homelessness. The Department of Housing and
Community Development shall provide for higher per-unit loan
limits as reasonably necessary to achieve housing costs
affordable to those individuals and households. For purposes of
this subparagraph, "supportive housing" means housing with no
limit on length of stay, that is occupied by the target population,
as defined in subdivision (d) of Section 53260, and that is linked
to onsite or offsite services that assist the tenant to retain the
housing, improve his or her health status, maximize his or her
ability to live, and, when possible, work in the community. The
criteria for selecting projects shall give priority to:
(i) Supportive housing for people with disabilities who would
otherwise be at high risk of homelessness where the applications
represent collaboration with programs that meet the needs of the
person's disabilities.
(ii) Projects that demonstrate funding commitments from local
governments for operating subsidies or services funding, or both,
for five years or longer.
(C) One hundred thirty-five million dollars ($135,000,000)
shall be transferred to the fund created by subdivision (b) of
Section 50517.5 to be expended for the programs authorized by
Chapter 3 .2 (commencing with Section 50517.5) of Part 2.
(D) Three hundred million dollars ($300,000,000) shall be
transferred to the Self-Help Housing Fund created by Section
50697.1. These funds shall be available to the Department of
Housing and Community Development, to be expended for the
purposes of enabling households to become or remain
homeowners pursuant to the CalHome Program authorized by
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SB 1689
Chapter 6 (commencing with Section 50650) of Part 2, except ten
million dollars ($10,000,000) shall be expended for construction
management under the California Self-Help Housing Program
pursuant to subdivision (b) of Section 50696.
(E) Two hundred million dollars ($200,000,000) shall be
transferred to the Self-Help Housing Fund created by Section
50697.1. These funds shall be available to the California Housing
Finance Agency, to be expended for the purposes of the
California Homebuyer's Downpayment Assistance Program
authorized by Chapter 11 (commencing with Section 51500) of
Part 3. Up to one hundred million dollars ($100,000,000) of these
funds may be expended pursuant to subdivision (b) of Section
51504.
(F) One hundred million dollars ($100,000,000) shall be
transferred to the Affordable Housing Innovation Fund, which is
hereby created in the State Treasury, to be administered by the
Department of Housing and Community Development. Funds
shall be expended for competitive grants or loans to sponsoring
entities that develop, own, lend, or invest in affordable housing
and used to create pilot programs to demonstrate innovative,
cost-saving approaches to creating or preserving affordable
housing. Specific criteria establishing eligibility for and use of
the funds shall be established in statute as approved by a 2/3 vote
of each house of the Legislature. Any funds not encumbered for
the purposes set forth in this subparagraph within 30 months of
availability shall revert to the Self-Help Housing Fund created by
Section 50697.1 and shall be available for the purposes described
in subparagraph (D).
(G) One hundred twenty-five million dollars ($125,000,000)
shall be transferred to the Building Equity and Growth in
Neighborhoods Fund to be used for the Building Equity and
Growth in Neighborhoods (BEGIN) Program pursuant to Chapter
14.5 (commencing with Section 50860) of Part 1. Any funds not
encumbered for the purposes set forth in this subparagraph within
30 months of availability shall revert for general use in the
CalHome Program.
(H) Fifty million dollars ($50,000,000) shall be transferred to
the Emergency Housing and Assistance Fund to be distributed in
the form of capital development grants under the Emergency
Housing and Assistance Program authorized by Chapter 11.5
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(commencing with Section 50800) of Part 2 of Division 31. The
funds shall be administered by the Department of Housing and
Community Development in a manner consistent with the
restrictions and authorizations contained in Provision 3 of Item
2240-105-0001 of the Budget Act of 2000, except that any
appropriations in that item shall not apply. The competitive
system used by the department shall incorporate priorities set by
the designated local boards and their input as to the relative
merits of submitted applications from within the designated local
board's county in relation to those priorities. In addition, the
funding limitations contained in this section shall not apply to the
appropriation in that budget item.
(2) The Legislature may, from time to time, amend the
provisions of law related to programs to which funds are, or have
been, allocated pursuant to this subdivision for the purpose of
improving the efficiency and effectiveness of the program, or for
the purpose of furthering the goals of the program.
(3) The Bureau of State Audits shall conduct periodic audits to
ensure that bond proceeds are awarded in a timely fashion and in
a manner consistent with the requirements of this subdivision,
and that awardees of bond proceeds are using funds in
compliance with applicable provisions of this subdivision. The
first audit shall be conducted no later than one year from voter
approval of this part.
(4) In its annual report to the Legislature, the Department of
Housing and Community Development shall report how funds
that were made available pursuant to this subdivision and
allocated in the prior year were expended. The department shall
make the report available to the public on its Internet Web site.
(b) Eight hundred fifty million dollars ($850,000,000) shall be
deposited in the Regional Planning, Housing, and Infill Incentive
Account, which is hereby created in the fund. Funds in the
account shall be available, upon appropriation by the Legislature,
and subject to such other conditions and criteria as the
Legislature may provide in statute, for the following purposes:
(1) For infill incentive grants for capital outlay related to infill
housing development and other related infill development,
including, but not limited to, all of the following:
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(A) No more than two hundred million dollars ($200,000,000)
for park creation, development, or rehabilitation to encourage
infill development.
(B) Water, sewer, or other public infrastructure costs
associated with infill development.
(C) Transportation improvements related to infill development
projects.
(D) Traffic mitigation.
(2) For brownfield cleanup that promotes infill housing
development and other related infill development consistent with
regional and local plans.
(c) Three hundred million dollars ($300,000,000) to be
deposited in the Transit-Oriented Development Account, which
is hereby created in the fund, for transfer to the Transit-Oriented
Development Implementation Fund, for expenditure, upon
appropriation by the Legislature, pursuant to the Transit-Oriented
Development Implementation Program authorized by Part 13
(commencing with Section 50560).
(d) Two hundred million dollars ($200,000,000) shall be
deposited in the Housing Urban-Suburban-and-Rural Parks
Account, which is hereby created in the fund. Funds in the
account shall be available upon appropriation by the Legislature
for housing-related parks grants in urban, suburban, and rural
areas, subject to the conditions and criteria that the Legislature
may provide in statute.
CHAPTER 3. FISCAL PROVISIONS
53546. Bonds in the total amount of two billion eight hundred
fifty million dollars ($2,850,000,000), exclusive of refunding
bonds, or so much thereof as is necessary, are hereby authorized
to be issued and sold for carrying out the purposes expressed in
this part and to reimburse the General Obligation Bond Expense
Revolving Fund pursuant to Section 16724.5 of the Government
Code. All bonds herein authorized which have been duly sold
and delivered as provided herein shall constitute valid and legally
binding general obligations of the state, and the full faith and
credit of the state is hereby pledged for the punctual payment of
both principal and interest thereof.
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53547. The bonds authorized by this part shall be prepared,
executed, issued, sold, paid, and redeemed as provided in the
State General Obligation Bond Law (Chapter 4 (commencing
with Section 16720) of Part 3 of Division 4), except subdivision
(a) of Section 16727 to the extent that it is inconsistent with this
part, and all of the other provisions of that law as amended from
time to time apply to the bonds and to this part and are hereby
incorporated in this part as though set forth in full in this part.
53548. (a) Solely for the purpose of authorizing the issuance
and sale, pursuant to the State General Obligation Bond Law, of
the bonds authorized by this part, the Housing Finance
Committee created pursuant to Section 53524 is continued in
existence. For the purposes of this part, the Housing Finance
Committee is "the committee" as that term is used in the State
General Obligation Bond Law.
(b) The committee may adopt guidelines establishing
requirements for administration of its financing programs to the
extent necessary to protect the validity of, and tax exemption for,
interest on the bonds. The guidelines shall not constitute rules,
regulations, orders, or standards of general application and are
not subject to Chapter 3.5 (commencing with Section 11340) of
Division 3 of Title 2 of the Government Code.
(c) For the purposes of the State General Obligation Bond
Law, the Department of Housing and Community Development
is designated the "board" for programs administered by the
department, and the California Housing Finance Agency is the
"board" for programs administered by the agency.
53549. Upon request of the board stating that funds are
needed for purposes of this part, the committee shall determine
whether or not it is necessary or desirable to issue bonds
authorized pursuant to this part in order to carry out the actions
specified in Section 53545, and, if so, the amount of bonds to be
issued and sold. Successive issues of bonds may be authorized
and sold to carry out those actions progressively, and are not
required to be sold at anyone time. Bonds may bear interest
subject to federal income tax.
53550. There shall be collected annually, in the same manner
and at the same time as other state revenue is collected, a sum of
money in addition to the ordinary revenues of the state, sufficient
to pay the principal of, and interest on, the bonds as provided
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herein, and all officers required by law to perform any duty in
regard to the collections of state revenues shall collect that
additional sum.
53551. Notwithstanding Section 13340 of the Government
Code, there is hereby appropriated from the General Fund in the
State Treasury, for the purposes of this part, an amount that will
equal the total of the following:
(a) The sum annually necessary to pay the principal of, and
interest on, bonds issued and sold pursuant to this part, as the
principal and interest become due and payable.
(b) The sum which is necessary to carry out Section 53553,
appropriated without regard to fiscal years.
53552. The board may request the Pooled Money Investment
Board to make a loan from the Pooled Money Investment
Account, in accordance with Section 16312 of the Government
Code, for purposes of this part. The amount of the request shall
not exceed the amount of the unsold bonds which the committee
has, by resolution, authorized to be sold for the purpose of this
part, less any amount withdrawn pursuant to Section 53553. The
board shall execute any documents as required by the Pooled
Money Investment Board to obtain and repay the loan. Any
amount loaned shall be deposited in the fund to be allocated in
accordance with this part.
53553. For the purpose of carrying out this part, the Director
of Finance may, by executive order, authorize the withdrawal
from the General Fund of any amount or amounts not to exceed
the amount of the unsold bonds which the committee has, by
resolution, authorized to be sold for the purpose of carrying out
this part. Any amounts withdrawn shall be deposited in the fund.
Any money made available under this section shall be returned to
the General Fund, plus the interest that the amounts would have
earned in the Pooled Money Investment Account, from money
received from the sale of bonds which would otherwise be
deposited in that fund.
53554. The bonds may be refunded in accordance with
Article 6 (commencing with Section 16780) of the State General
Obligation Bond Law. Approval by the electors of this act shall
constitute approval of any refunding bonds issued pursuant to the
State General Obligation Bond Law.
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53555. Notwithstanding any provisions in the State General
Obligation Bond Law, the maximum maturity of any bonds
authorized by this part shall not exceed 30 years from the date of
each respective series. The maturity of each series shall be
calculated from the date of each series.
53556. The Legislature hereby finds and declares that,
inasmuch as the proceeds from the sale of bonds authorized by
this part are not "proceeds of taxes" as that term is used in Article
XIII B of the California Constitution, the disbursement of these
proceeds is not subject to the limitations imposed by that article.
53557. Notwithstanding any provision of the State General
Obligation Bond Law with regard to the proceeds from the sale
of bonds authorized by this part that are subject to investment
under Article 4 (commencing with Section 16470) of Chapter 3
of Part 2 of Division 4 of Title 2 of the Government Code, the
Treasurer may maintain a separate account for investment
earnings, order the payment of those earnings to comply with any
rebate requirement applicable under federal law, and may
otherwise direct the use and investment of those proceeds so as to
maintain the tax-exempt status of those bonds and to obtain any
other advantage under federal law on behalf of the funds of this
state.
53558. All money derived from premium and accrued interest
on bonds sold pursuant to this chapter shall be transferred to the
General Fund as a credit to expenditures for bond interest.
SEC. 3. Part 13 (commencing with Section 53560) is added
to Division 31 of the Health and Safety Code, to read:
PART 13. TRANSIT-ORIENTED DEVELOPMENT
IMPLEMENTATION PROGRAM
53560. There is hereby established the Transit-Oriented
Development Implementation Program, to be administered by the
Department of Housing and Community Development, to
provide local assistance to cities, counties, cities and counties,
transit agencies, and developers for the purpose of developing or
facilitating the development of higher density uses within close
proximity to transit stations that will increase public transit
riderships.
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53561. (a) There is hereby created in the State Treasury the
Transit-Oriented Development Implementation Fund.
(b) Interest on loans made from the fund shall be deposited in
the fund.
( c) All interest, dividends, and pecuniary gains from
investments or deposits of moneys in the fund shall accrue to the
fund, notwithstanding Section 16305.7 of the Government Code.
There shall be paid into the fund all of the following:
(1) Any moneys appropriated and made available by the
Legislature for the purposes of the fund.
(2) Any moneys that the department receives in repayment of
loans made from the fund, including any interest on loans made
from the fund.
(3) Any other moneys that may be made available to the
department for the purposes of this part from any other source.
53562. (a) To the extent that funds are available, the
department shall make grants to cities, counties, cities and
counties, or transit agencies for the provision of infrastructure
necessary for the development of higher density uses within close
proximity to a transit station, or to facilitate connections between
that development and the station.
(b) To the extent that funds are available, the department shall
make loans for the development and construction of a housing
development project within close proximity to a transit station.
To be eligible for a loan, at least 15 percent of the units in the
proposed development shall be made available at an affordable
rent or at an affordable housing cost to persons of very low or
low income for at least 55 years. Developments assisted pursuant
to this subdivision shall be on parcels at least a portion of which
are located within one-quarter mile of a transit station. A housing
development project may include a mixed-use development
consisting of residential and nonresidential uses.
(c) As used in this part, "transit station" shall have the same
meaning as defined in subdivision (b) of Section 65460.1 of the
Government Code.
53563. (a) In ranking applications pursuant to this part, the
department shall, among other criteria, consider the extent to
which the project or development will increase public transit
ridership and minimize automobile trips.
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(b) The department shall also grant bonus points to projects or
developments that are in an area designated by the appropriate
council of governments for infill development as part of a
regional plan.
53564. (a) The department may use up to 5 percent of the
funds appropriated for the purposes of this part for its costs in
administering the programs authorized by this part.
(b) The department may administer the programs pursuant to
guidelines that shall not be subject to the requirements of Chapter
3 .5 (commencing with Section 11340) of Division 3 of Title 2 of
the Government Code.
SEe. 4. Section 2 of this act shall become operative upon the
adoption by the voters of the Housing and Emergency Shelter
Trust Fund Act of 2006.
SEC. 5. Notwithstanding Sections 13115 and 13117 of the
Elections Code, the following measures shall be placed on the
ballot for the November 7,2006, statewide general election in the
following order:
(a) Senate Constitutional Amendment No.7 of the 2005-06
Regular Session shall be placed first on the ballot and shall be
designated as Proposition 1A.
(b) The Highway Safety, Traffic Reduction, Air Quality and
Port Security Act of 2006 shall be placed second on the ballot
and shall be designated as Proposition lB.
(c) The Housing and Emergency Shelter Trust Fund Act of
2006 shall be placed third on the ballot and shall be designated as
Proposition 1 e.
(d) The Kindergarten-University Public Education Facilities
Bond Act of 2006 shall be placed fourth on the ballot and shall
be designated as Proposition 1D.
(e) The Disaster Preparedness and Flood Prevention Bond Act
of 2006 shall be placed fifth on the ballot and shall be designated
as Proposition IE.
SEe. 6. (a) Notwithstanding any other provision of law, all
ballots of the November 7, 2006, statewide general election shall
have printed thereon and in a square thereof, exclusively, the
words: "Housing and Emergency Shelter Trust Fund Act of
2006" and in the same square under those words, the following in
8-point type: "For the purpose of providing shelters for battered
women and their children, clean and safe housing for low-income
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senior citizens; homeownership assistance for the disabled,
military veterans, and working families; and repairs and
accessibility improvements to apartment for families and
disabled citizens, the state shall issue bonds totaling two billion
eight hundred fifty thousand dollars ($2,850,000,000) paid from
existing state funds at an average annual cost of dollars
($ ) per year over the _ year life of the bonds. Requires
reporting and publication of annual independent audited reports
showing use of funds, and limits administration and overhead
costs. (The Attorney General shall fill in the blanks in this
subdivision with the figures provided by the Legislative Analyst
for the annual average cost of the bonds and the number of years
required to retire the bonds.)"
Opposite the square, there shall be left spaces in which the
voters may place a cross in the manner required by law to
indicate whether they vote for or against the act.
(b) Notwithstanding Sections 13247 and 13281 of the
Elections Code, the language in subdivision (a) shall be the only
language included in the ballot label for the condensed statement
of the ballot title, and the Attorney General shall not supplement,
subtract from, or revise that language, except that the Attorney
General may include the financial impact summary prepared
pursuant to Section 9087 of the Elections Code and Section
88003 of the Government Code. The ballot label is the condensed
statement of the ballot title and the financial impact summary.
(c) Where the voting in the election is done by means of
voting machines used pursuant to law in the manner that carries
out the intent of this section, the use of the voting machines and
the expression of the voters' choice by means thereof are in
compliance with this section.
SEC. 7. 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 provide for the submission of Section 2 of this act to
the voters at the November 7, 2006, statewide general election,
and to implement other housing and related programs in a timely
manner, it is necessary that this act take effect immediately.
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