The California Debt Limit Allocation Committee's mission is to allocate tax-exempt private activity bond authority for the State of California. Private activity bonds may only be used by the private sector for projects and programs that provide a public benefit.
The federal government limits the amount of tax-exempt private activity bond authority that can be issued in a state on an annual basis. The limit of bond authority in 2006 is calculated by multiplying the state population by $80. California has the largest population, and thus has the largest debt (or tax-exempt bond) limit, which totaled over $2.8 billion in 2006. More.....