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7.1.B. - Page 5 San Francisco Bay Restoration Authority <br /> 0 Fact Sheet • AB 746 (Ting) <br /> PURPOSE federal and state funds are available for wetlands restoration <br /> projects,so SFBRA is responsible for raising new revenue to <br /> AB 746 WILL AMEND GOVERNMENT CODE SECTIONS 66703,66704, leverage these funds and narrow the remaining funding gap. <br /> 66704.05,AND 66706 TO CLARIFY THE SAN FRANCISCO BAY <br /> RESTORATION AUTHORITY'S(SFBRA)ABILITY TO USE ITS EXISTING SFBRA's authorizing legislation grants the entity's Governing <br /> POWERS TO RAISE AND ALLOCATE RESOURCES FOR THE RESTORATION, Board powers to carry out the Authority's mission, including <br /> ENHANCEMENT,PROTECTION,AND ENJOYMENT OF WETLANDS AND powers to levy taxes and issue bonds. However the current <br /> WILDLIFE HABITAT IN THE SAN FRANCISCO BAY AND ALONG ITS SHORELINE. statute includes certain limitations that effectively preclude <br /> SFBRA from using these powers to maximum benefit. AB 746 <br /> BACKGROUND clarifies several provisions of the underlying statute to ensure <br /> that SFBRA will have the ability to issue bonds in an amount <br /> SFBRA is a new regional government agency charged with and for a duration that will allow it to fulfill the mission set <br /> raising and allocating resources for the restoration, out in the original act, and will have sufficient time to <br /> enhancement, protection,and enjoyment of wetlands and propose a revenue measure to finance any such bonds. <br /> wildlife habitat in the San Francisco Bay and along its WHAT THIS BILL WOULD DO <br /> shoreline. SFBRA was created by the California legislature in <br /> 2008 with the enactment of AB 2954(Lieber). <br /> AB 746 would: <br /> Today,only 20 percent of the Bay's original wetlands remain a)eliminate the uniquely restrictive limitation of SFBRA's <br /> due to filling and diking.Wetlands absorb and filter many bonding authority to 10%of its prior year's revenue, which <br /> pollutants found in runoff.They also provide natural flood makes it functionally impossible for the Authority to bond; <br /> control and can be an effective way to reduce the impact of <br /> future sea level rise due to global warming. By providing b)extend SFBRA's existence to January 1,2049, long enough <br /> clean water,flood control, habitat, recreation, and economic for it to meet the obligations of any General Obligation Bonds <br /> benefits,wetlands are crucial to the health of the San or Revenue Bonds that it may issue financed by a forthcoming <br /> Francisco Bay and the well-being of the millions of residents revenue measure for terms of up to 30 years; <br /> in the communities that surround it. <br /> c)extend until January 1, 2019 elements of SB 279(Hancock, <br /> Restoring the Bay's wetlands requires long-term capital 2013) providing that in the first election where SFBRA <br /> investments and SFBRA is charged with raising needed proposes a revenue measure, it is required to reimburse each <br /> revenue by a variety of means. SFBRA has statutory powers county in which the measure appears on the ballot only for <br /> to levy benefit assessments, special taxes,and property- the incremental costs incurred by the county elections official <br /> related fees consistent with the requirements of Proposition related to submitting the measure to the voters; <br /> 218 throughout its nine-county jurisdiction.The procedures <br /> under which elections will be conducted on any regional d)specify that the SFBRA chair shall be an elected official of a <br /> measure the SFBRA proposes were specified further by AB bayside city or county,consistent with other regional bodies <br /> 2103 (Hill,2010)and SB 279(Hancock,2013). chaired by elected officials from within their jurisdictions; <br /> NEED FOR THE BILL e)clarify that the SFBRA currently has no state revenues,and <br /> therefore that its appropriations limit will be established <br /> SFBRA's mission is to raise local revenues to help restore based on receipts from its initial revenue measure. <br /> 36,000 acres of publicly-owned bay shoreline into tidal <br /> wetlands(AB 2954, Lieber, 2008).The estimated cost of this These changes will allow SFBRA to move forward in planning <br /> endeavor is about$1.43 billion over 50 years. Only limited and seeking voter approval for an appropriately robust initial <br /> revenue measure that is fully consistent with its mission. <br /> www.sfbayrestore.org <br />