CA SB1446

Legislature intends to establish one or more alternatives for financial assurances under the California Endangered Species Act to ensure public agencies fully fund habitat mitigation and monitoring obligations on an ongoing basis

Alternative financial assurance options should include formulas based on geographic size and population, letters of credit, memoranda of agreement, or other arrangements approved by the Department of Fish and Game

Any alternative must include mechanisms to establish when a public agency defaults on mitigation obligations, provide access to funds upon default, and allow for modification of agreements with Department approval

Original provisions requiring public agencies to meet specific financial certification requirements (budget deficits, bond ratings, accounting standards) and annual appropriation commitments were struck from the final bill