CA SB1477

Expands the definition of eligible "projects" and "pollution control facilities" to include any land, building, equipment, or property designed to control, reduce, or prevent pollution, improve air/water/soil quality, ensure safe handling or recycling of materials, or provide environmental restoration and cleanup.

Authorizes the California Pollution Control Financing Authority to issue bonds, notes, and other securities with maturities up to 50 years to finance pollution control projects for single or multiple participating parties.

Permits bonds to bear fixed or variable interest rates, be sold at public or private sales, and allows the Treasurer to sell bonds below par value and issue interim certificates pending definitive bond preparation.

Allows trust agreements to pledge revenues, mortgage projects, and include provisions protecting bondholders and credit enhancement providers, while restricting individual bondholder lawsuits and establishing trustee rights and remedies.

Takes effect immediately as an urgency statute to ensure environmental protection at the earliest possible time.