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AB 905

State general obligation bonds: disclosure requirements.

2025-2026 Regular Session Introduced by Blanca Pacheco

Requires all state GO bonds approved after Jan 1, 2026 to include goals, performance metrics, baseline data, and annual public disclosures to show outcomes.

From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
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Bill Summary · AB 905

AB 905 (Pacheco) — Bond Outcomes and Transparency Reporting Act

Status: In committee — Held under submission (as of 2025-05-23)
Introduced: 2025-02-19

Purpose / Intent

AB 905 seeks to increase transparency, accountability, and public access to information about state general obligation (GO) bond measures. The bill requires clearer goals, measurable performance indicators, baseline data, public reporting, and online disclosures so voters and the Legislature can monitor whether bond proceeds are spent as intended and achieve stated outcomes.

Scope

  • Applies to any state general obligation bond measure approved by voters on or after January 1, 2026.
  • Uses the short title "Bond Outcomes and Transparency Reporting Act."
  • Adds Section 16724.2 to the Government Code.

Key provisions

  • Bond act content requirements: Every qualifying bond act must include
    • Specific goals, purposes, and objectives for bond expenditures.
    • Detailed performance indicators to measure progress against those objectives.
    • Data collection requirements enabling public assessment of whether goals are met, including specified baseline measurements.
    • Annual data to be collected and remitted while the bond is being expended.
  • Evaluation timing: Criteria must evaluate intended outcomes both at issuance and after funded projects are completed.
  • Public website disclosures: The head of the lead state agency administering the bond must post a notification on its internet website that includes:
    • An overview of programs/projects authorized by the bond.
    • Status summaries of bond use by major program category.
    • An explanation of the accountability criteria governing bond funds.
    • Detailed information about expenditures by program or individual project and stated objectives.
  • Reporting to state oversight bodies: Agencies administering bond funds must provide written reports to the Department of Finance, the Legislative Analyst’s Office, and specified legislative committees (reports may be posted on agency websites or the state’s data portal). Reports must include whether projects, grants, or expenditures of bond proceeds were completed in a timely manner.
  • Public access findings: The bill contains legislative findings that the requirements further constitutional public access goals.

Impact / Effects

  • Transparency: Establishes standardized, outcome-focused disclosure and reporting for new state GO bond measures, making data more accessible to voters and policymakers.
  • Administrative burden: Imposes new reporting and data-collection duties on state agencies and local public bodies involved in bond implementation. The bill is identified as creating a state-mandated local program.
  • Fiscal: No appropriation is made; the bill states that no state reimbursement is required for local costs (per referenced statutory provisions). The Assembly fiscal committee has been consulted (fiscal committee: YES).

Legislative history (selected)

  • 2025-02-19: Introduced.
  • 2025-03-28: Amended and re-referred to committee.
  • 2025-04-24: Do pass from committee; re-referred to Appropriations.
  • 2025-05-14: Referred to Appropriations suspense file; first hearing set.
  • 2025-05-23: Held under submission in Appropriations.

Note: Text in legislative summaries was partially truncated in posted committee analyses; consult the full bill text for the complete list of required disclosure items and any technical details.

Compiled from official sources — confirm details with the bill’s official record.

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