Electricity. Initiative Statute

ELECTRICITY. INITIATIVE STATUTE. Establishes publicly-owned California Electrical Utility District to provide electric service, replacing most investor-owned utilities, such as PG&E, Southern California Edison, San Diego Gas & Electric, and Bear Valley Electric. Exempts publicly-owned electric utilities, unless they voluntarily elect to join. Requires the District be divided into 11 wards, approximately equal in population. Establishes an 11 member board of directors—one member per ward—each elected for 4-year terms. Grants the District the power to acquire property, construct facilities necessary to supply electricity, set electricity rates, impose taxes, and issue bonds. Fiscal impact: It is the opinion of the Legislative Analyst and Director of Finance that the measure would result in a substantial net change in state and local finances. (12-0017.