Proposal seeks bonds for wildfire prevention work
After series of deadly blazes, senator pitches plan to borrow money toward safety projects.
SACRAMENTO — A new bill would allow the state to issue bonds and borrow money from investors to finance projects that reduce wildfire risks in California.
State Sen. Benjamin Allen (D-Santa Monica) introduced the Wildfire, Drought and Flood Protection Bond Act of 2020 as another tool the state can use to offset a pattern of increasingly destructive and deadly blazes.
“This year’s deadly wildfires, on the heels of last year’s catastrophic events and a devastating multiyear drought, clearly demonstrate that the impacts of climate change are here now and we need to be prepared,” Allen said in a statement. “This legislation sets a course to reduce the impacts of rising global temperatures and invest in necessary measures to protect communities.”
Senate Bill 45 would give the state’s director of finance, treasurer and controller the ability to authorize the sale of general obligation bonds to pay for a variety of projects to retrofit buildings, improve the 911 emergency alert system, and restore and protect habitats affected by climate change and wildfires, among other tasks outlined in the bill.
If approved by two-thirds of the California Legislature, the proposal would require voter approval and appear on the 2020 ballot.
Under the bond structure, the state borrows money from investors and pays it back with interest.
The total dollar amount of the bond has not yet been determined and is subject to negotiation among the Senate, Assembly and incoming governor’s office.
Voters approved a $4-billion parks bond on the June ballot and, in November, $7.5 billion split across three bond measures to fund housing projects, homelessness prevention and children’s hospitals.