CA AB2387

Authorizes issuance and sale of $7,430,000,000 in state general obligation bonds, subject to voter approval at the November 8, 2022 general election.

Allocates bond proceeds across seven programs: $1,100,000,000 for wildfire prevention; $1,160,000,000 for coastal protection; $2,075,000,000 for safe drinking water, drought preparation, and flood protection; $940,000,000 for fish and wildlife protection; $320,000,000 for agricultural climate resilience; $725,000,000 for extreme heat mitigation; and $1,110,000,000 for regional climate resilience projects.

Requires at least 35% of funds to benefit vulnerable populations, under-resourced communities, or disadvantaged communities, with at least 10% allocated to severely disadvantaged communities.

Establishes the Safe Drinking Water, Wildfire Prevention, Drought Preparation, Flood Protection, Extreme Heat Mitigation, and Workforce Development Bond Finance Committee to oversee bond issuance and administration.

Requires independent audits, annual public reporting on expenditures, and prioritizes projects that leverage private, federal, and local funding while promoting climate resilience, equity, and workforce development opportunities.