JurisdictionCaliforniaCode GOVGovernment Code - GOV
Div.3.
Title 2.DIVISION 3. EXECUTIVE DEPARTMENT
Part 2.PART 2. CONSTITUTIONAL OFFICERS
Ch. 4.CHAPTER 4. Treasurer
Art. 2.ARTICLE 2. Duties
This text of California § 12330. (12330. (Amended by Stats. 2021, Ch. 50, Sec. 62.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)At the request of either house of the Legislature, or of a committee thereof, the Treasurer shall give written information as to the condition of the State Treasury, or upon a subject relating to the duties of the Treasurer’s office.
(b)The Treasurer annually shall prepare a debt affordability report, to be presented to the Governor and the Legislature by October 1 of each year.
(1)The report is intended to be a framework for the Legislature to evaluate and establish priorities for bills that propose the authorization of additional state debt supported by the General Fund, excluding self-liquidating general obligation debt, during the budget year. The
report may also be used to determine the amount to appropriate for debt service for the budget year.
(2)The report shall includ
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(a)
At the request of either house of the Legislature, or of a committee thereof, the Treasurer shall give written information as to the condition of the State Treasury, or upon a subject relating to the duties of the Treasurer’s office.
(b)
The Treasurer annually shall prepare a debt affordability report, to be presented to the Governor and the Legislature by October 1 of each year.
(1)
The report is intended to be a framework for the Legislature to evaluate and establish priorities for bills that propose the authorization of additional state debt supported by the General Fund, excluding self-liquidating general obligation debt, during the budget year. The
report may also be used to determine the amount to appropriate for debt service for the budget year.
(2)
The report shall include the following information:
(A)
A listing of authorized but unissued debt that the Treasurer intends to sell during the current year and the budget year and the projected increase in debt service as a result of those sales.
(B)
A description of the market for state bonds.
(C)
An analysis of the ratings of state bonds.
(D)
A listing of outstanding debt supported by the General Fund.
(E)
A listing of authorized but unissued debt that would be supported by the General Fund.
(F)
A schedule of debt service requirements for the items included in subparagraph (D).
(G)
Identification of pertinent debt ratios, such as debt service to General Fund revenues, debt to personal income, debt to estimated full-value of property, and debt per capita.
(H)
A comparison of the debt ratios prepared for subparagraph (G) with the comparable debt ratios for the 10 most populous states.
(I)
A description of the percentage of the state’s outstanding general obligation bonds constituting fixed rate bonds, variable rate bonds, bonds that have an effective fixed interest rate through a hedging contract, and bonds that have an effective variable interest rate through a hedging contract. The report shall also include, for each outstanding hedging
contract, a description of the hedging contract, the outstanding notional amount, the effective date, the expiration date, the name and ratings of the counterparty, the rate or floating index paid by the state and the rate or floating index paid by the counterparty, and a summary of the performance of the state’s hedging contracts in comparison to the objectives for which the hedging contracts were executed.