FLOOR SESSION AGENDA - Regular Session: 9:00 a.m.

SB 1438, as it passed the Senate, revised and recast provisions regulating investment of public funds by specified local agencies to, among other things, authorize investment in commercial paper issued by an entity organized as a federally or state-chartered bank or a federally or state-licensed branch of a foreign bank and in senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the Inter-American Investment Corporation. SB 1438, as it passed the Senate, removed the January 1, 2031, sunset date for investments in United States-issued securities in a period of negative market interest rates, thereby extending that exception indefinitely. SB 1438, as it passed the Senate, also revised and recast provisions that impose various limits on local government investment in commercial paper and removed the January 1, 2031, reduction of the maximum investment to 25% of total investment for certain local governments and agencies with $100,000,000 or more in investment assets. For a county, city and county, or local agency that pools money in deposits or investments with other agencies, SB 1438, as it passed the Senate, authorized an eligible bank headquartered outside the state to submit letters of credit drawn on its regional federal home loan bank.

The Assembly amendments make nonsubstantive changes to the above-described provisions, including updating cross-references.

Vote: 21. Substantial substantive change: no.

SB 1175, as it passed the Senate, amended the Political Reform Act of 1974 to require an individual lobbyist to submit an amended certification or notice of termination directly to the Secretary of State, in lieu of submitting the certification or notice to the lobbyist’s lobbying firm or lobbyist employer for filing with the Secretary of State. SB 1175 would declare that it is to take effect immediately as an urgency statute.

The Assembly amendments make conforming changes to the act’s filing requirements for lobbyist employers and other persons that will become operative when the Secretary of State certifies that the online filing and disclosure system for lobbyist employers and other specified persons is functional, as well as other conforming changes that will become operative one year after this certification.

Vote: 27. Substantial substantive change: yes.

SB 1344, as it passed the Senate, provided that, in a civil action brought by a plaintiff to challenge a housing development project that meets or exceeds the requirements for low- or moderate-income housing or a priority care development, a defendant may seek an order requiring the plaintiff to furnish an undertaking as security of not more than $1,000,000. As it passed the Senate, SB 1344 also permitted a defendant in such a civil action to bring a special motion to strike the pleading. As it passed the Senate, SB 1344 required that a special motion be filed within 60 days of service, or later at the court’s discretion. As it passed the Senate, SB 1344 required that a hearing on a special motion be scheduled to occur within 30 days of service of the motion.

The Assembly amendments remove the requirement that a hearing on a special motion be scheduled within 30 days of service of the motion.

Vote: 21. Substantial substantive change: yes.

SB 830, as it passed the Senate, required the Inspector General of the Department of Corrections and Rehabilitation to keep papers or memoranda used to support a completed review for an additional 2 years.

The Senate amendments delete those provisions and instead revise the election procedures pertaining to a local tax measure authorized to be submitted to the voters of the Public Transit Revenue Measure District at the November 3, 2026, statewide general election. The Senate amendments also declare that the bill is to take effect immediately as an urgency statute.

Vote: 27. Substantial substantive change: yes.