AB 2707 Summary

• Requires the State Treasurer to establish the COVID-19 Credit Facility to support cashflow borrowing by local governments during the COVID-19 public health emergency.

• Authorizes the facility to assist all local governments regardless of population size in purchasing tax anticipation notes, tax and revenue anticipation notes, bond anticipation notes, and other short-term debt through the California Debt and Investment Advisory Commission.

• Requires the facility to establish methods allowing cities with populations under 250,000 and counties with populations under 500,000 to access the Federal Reserve's Municipal Liquidity Facility through debt pooling or joint applications.

• Requires the Treasurer to adopt and publish guidelines enabling local governments to quickly and easily access COVID-19 Credit Facility services.

• Declares the bill an urgency statute effective immediately to allow California local governments to access Federal Reserve resources.