CA AB758

Expands the definition of "publicly owned utility" to include local publicly owned electric utilities, allowing them to issue rate reduction bonds for generation, transmission, or distribution of electrical service.

Authorizes rate reduction bonds to finance or refinance utility projects, including costs for tangible and intangible property related to construction, renovation, and acquisition of facilities and rights-of-way.

Extends the sunset date for the authority to issue rate reduction bonds from December 31, 2026 to December 31, 2036.

Requires the California Pollution Control Financing Authority to review bond issuances for qualification and submit annual reports to the Legislature's relevant energy and public utilities committees.

Permits utilities with 500,000 or more retail customers to justify rate reduction bonds based on substantial benefits including lower interest rates and improved debt service coverage ratios, rather than requiring a showing of lower rates.