CA AB305

Authorizes issuance of $4.5 billion in state general obligation bonds for flood protection projects, subject to voter approval at the November 5, 2024 statewide general election.

Allocates bond funds across five categories: $1 billion for multibenefit flood protection projects (including $50 million for Central Valley floodway modernization and $100 million for land/easement acquisition); $1 billion for urban flood risk reduction; $1 billion for dam safety and resilience improvements; $1 billion for Sacramento-San Joaquin Valley flood management; and $500 million for levee rehabilitation and upgrades.

Requires a minimum 50 percent non-state cost share for projects, with reduced or waived cost-sharing requirements for projects benefiting economically distressed areas, disadvantaged communities, and severely disadvantaged communities.

Allows up to 5 percent of grant program funds for administrative costs and up to 7.5 percent for technical assistance and capacity building in economically distressed and disadvantaged communities.

Requires projects receiving bond funding to provide workforce education, training, and job opportunities for vulnerable populations and socially disadvantaged groups to the extent practicable.