Hermosa Beach Tideland Oil Revenue Loan Legislation Passes Assembly Natural Resources Committee

Sacramento, CA – Assembly Bill (AB) 2711, authored by Assemblymember Muratsuchi (D—Torrance), passed the Assembly Natural Resources Committee with a 5-2 vote.

AB 2711 would loan the City of Hermosa Beach money from the state tideland oil revenues to pay back E&B the amount owed to them, $17.5 million, under the terms of a settlement agreement if citizens vote to uphold the oil ban. Hermosa Beach would be required to pay the loan back at a rate of $500,000 per year and all payments would be deposited into the State Coastal Conservancy Trust Fund to be used for its Climate Ready Program.

The Assemblymember held a press conference last Friday to unveil the details of AB 2711 and was joined by numerous environmental groups, including: Stop Hermosa Beach Oil, Heal the Bay, Los Angeles Waterkeeper, Surfrider, South Bay 350 and Earthworks, in saying “no to oil drilling in Hermosa Beach.”

Stacey Armato, Committee Chair for Stop Hermosa Beach Oil, spoke on the bill, “I am here on behalf of the group of Hermosa Beach neighbors and friends who have been working to keep our community safe and healthy, we are Stop Hermosa Beach Oil, and I’m sure you have seen our banners that read ‘Keep Hermosa Hermosa’ and that is what this legislation helps us to do. This legislation makes clear that the residents of Hermosa Beach are not alone in the fight to protect our city.”

Senator Ted Lieu and Hermosa Beach Councilmember Nanette Barragan were also present to express their support of AB 2711. Barragan voiced her support as an environmentalist and concerned resident of Hermosa Beach.

“Residents of Hermosa Beach are not alone in their opposition to oil drilling and I will represent their voices in the Legislature,” stated Muratsuchi. “Oil drilling does not belong in the beautiful little beach city and AB 2711 gives Hermosans the opportunity to vote based on their conscience, not their fears of financial penalties.”

The bill now moves on to Assembly Appropriations Committee.

Click here to read more on the Hermosa Beach Settlement Agreement.

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Assemblymember Muratsuchi represents the 66th Assembly District, which includes the cities of Gardena, Hermosa Beach, Lomita, the Los Angeles communities of Harbor City and Harbor Gateway, Manhattan Beach, Palos Verdes Estates, Rancho Palos Verdes, Redondo Beach, Rolling Hills, Rolling Hills Estates, Torrance and the unincorporated communities of El Camino Village and West Carson.

Please visit the Assemblymember’s website, http://asmdc.org/members/a66/ for more information.