Just like that, arguably the most hated bill of the 2009-10 legislative session is revived.  Mere moments ago, Assembly Bill 155 by Assembly Member Tony Mendoza was removed from the Senate Inactive File by Senator Mark DeSaulnier and now awaits a vote by the Senate Floor.  Counties will recall that this bill requires a local agency wishing to seek Chapter 9 bankruptcy protection to secure the prior approval of the California Debt and Investment Advisory Commission (CDIAC).

CSAC has shared much information with you over the past months about our serious problems with this bill and have asked to you contact your legislative delegation to urge their “no” vote.  Well, we’re asking again and we really mean it this time.  Please share your county’s concerns with your Senators and Assembly Members immediately and send copies to the Governor.  Simply put, AB 155 is a recipe for fiscal disaster for the state and local governments. 

And don’t hesitate to contact me directly if you need any assistance.  We’re going to need all the help we can get!