CA AB305

Expands definition of "publicly owned utility" to include wastewater service utilities serving at least 25,000 customers, in addition to existing water service utilities.

Authorizes authorities to issue rate reduction bonds to finance or refinance water and wastewater utility projects, with costs paid through utility project charges to customers.

Extends the deadline for issuing rate reduction bonds from December 31, 2020 to December 31, 2026.

Requires California Pollution Control Financing Authority to continue submitting annual reports to the Legislature on rate reduction bond activities indefinitely (previously set to expire after 2020).

Eliminates certain oversight duties of the California Pollution Control Financing Authority if a local agency's determinations are subject to review by a ratepayer advocate or similar independent entity.