BILL ANALYSIS Ó
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CONCURRENCE IN SENATE AMENDMENTS
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As Amended June 9, 2011
Majority vote
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|ASSEMBLY: |70-0 |(April 25, |SENATE: |36-0 |(June 11, |
| | |2011) | | |2011) |
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Original Committee Reference: TRANS.
SUMMARY : Memorializes the President of the United States (U.S.)
and the Secretary of the United States Department of
Transportation to award a federal Transportation Infrastructure
Finance and Innovation Act loan to the State Route 91 Corridor
Improvement Project.
The Senate amendments make a technical correction.
EXISTING LAW : Authorizes the Riverside County Transportation
Commission (RCTC) to impose and collect tolls on State Highway
Route 91 in Riverside County and to issue bonds and other forms
of indebtedness for specified purposes.
AS PASSED BY THE ASSEMBLY , this bill memorializes the President
of the United States (U.S.) and the Secretary of the United
States Department of Transportation to award a federal
Transportation Infrastructure Finance and Innovation Act (TIFIA)
loan guarantee to the State Route 91 Corridor Improvement
Project.
FISCAL EFFECT : Unknown
COMMENTS : In 2008, the Legislature enacted SB 1316 (Correa),
Chapter 714, Statutes of 2008, that gave RCTC the authority to
develop the State Highway Route 91 Corridor Improvements
Project. The project, between the Orange County line to
Interstate 15 in Riverside County, includes a general purpose
traffic lane in each direction, improved ramps and intersections
at major city streets that intersect the freeway in Corona,
better connections between Interstate 15 and State Highway Route
91, and the extension of the State Highway Route 91 Express
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Lanes, which are currently located on State Highway Route 91 in
Orange County to Interstate 15. The project is a $1.2 billion
project that is expected to create 18,000 jobs.
Project proponents assert that the key to the project's success
is RCTC's financing plan, which is based on a mix of TIFIA loan
guarantees and revenue bonds. TIFIA provides federal credit
assistance in the form of direct loans, loan guarantees, and
standby lines of credit to finance surface transportation
projects of national and regional significance. TIFIA credit
assistance provides improved access to capital markets, flexible
repayment terms, and potentially more favorable interest rates
than can be found in private capital markets for similar
instruments. TIFIA loans are intended to help advance
qualified, large-scale projects that otherwise might be delayed
or deferred because of size, complexity, or uncertainty over the
timing of revenues. Many surface transportation projects, such
as highway, transit, railroad, intermodal freight, and port
access, are eligible for assistance.
The author has introduced this bill to ensure that, during the
highly-competitive TIFIA application process, California's
largest job-creating transportation project-the State Highway
Route 91 Corridor Improvements Project-receives a full and fair
hearing from the U.S. Department of Transportation in
consideration of awarding RCTC with a TIFIA loan.
Analysis Prepared by : Janet Dawson / TRANS. / (916) 319-2093
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