California Debt Limit Allocation Committee: elimination and allocation of duties.

Existing federal law prescribes a volume ceiling on the aggregate amount of private activity bonds that may be issued in a state. Existing law creates the California Debt Limit Allocation Committee for the purpose of administering the volume limit for the state on private activity bonds through an allocation system. Existing law defines "private activity bonds" as a part or all of any bond, or other instrument, required to obtain a portion of the state's volume cap, as specified under federal law, in order to be exempt from taxation, which includes qualified mortgage bonds and qualified student loan bonds. Existing law requires the California Debt Limit Allocation Committee to annually…