CA AB2711

Appropriates $11,500,000 from the General Fund (from 2014-15 oil and dry gas revenues) to the Controller for a loan to the City of Hermosa Beach if the city is obligated to make payment under a March 2, 2012 settlement agreement with Macpherson Oil Company and other parties.

Requires the City of Hermosa Beach to repay the loan at a minimum of $500,000 annually, due prior to June 30 each year.

Authorizes the State Board of Equalization to deduct any missed loan payments from the city's sales and use tax allocations and remit those amounts to the Controller.

Directs the Controller to deposit all loan repayments into the General Fund.

Declares the act an urgency statute effective immediately.