BILL NUMBER: AB 1770	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Bonnie Lowenthal

                        FEBRUARY 17, 2012

   An act to amend Section 64102 of the Government Code, relating to
transportation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1770, as introduced, Bonnie Lowenthal. California
Transportation Financing Authority.
   Existing law creates the California Transportation Financing
Authority, with specified powers and duties relative to issuance of
bonds to fund transportation projects to be backed, in whole or in
part, by various revenue streams of transportation funds, and toll
revenues under certain conditions, in order to increase the
construction of new capacity or improvements for the state
transportation system consistent with specified goals. Existing law
defines "project" for these purposes to include, among other things,
a rail project.
   This bill would provide that a rail project may consist of, or
include, rolling stock.
   Existing law requires a project undertaken under these provisions
to be supplemental to or improve existing facilities currently owned
and operated by an eligible project sponsor, as defined.
   This bill would instead require a project to be supplemental to or
improve existing facilities currently owned or operated by the
project sponsor.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 64102 of the Government Code is amended to
read:
   64102.  As used in this division, the following terms shall have
the following meanings, unless the context clearly indicates or
requires another or different meaning or intent:
   (a) "Authority" shall mean the California Transportation Financing
Authority.
   (b) "Bonds" shall mean bonds, notes, debentures, commercial paper,
or any other evidence of indebtedness, lease, installment, sale, or
certificate of participation thereon, issued by the authority or a
project sponsor pursuant to this division.
   (c) "Commission" shall mean the California Transportation
Commission.
   (d) "Cost," as applied to a project or portion of a project
financed under this division, shall mean and include all or any part
of the cost of construction and acquisition of all lands, structures,
real or personal property rights, rights-of-way, franchises,
easements, and interests acquired or used for a project, the cost of
demolishing or removing any buildings or structures on land so
acquired, including the cost of acquiring any lands to which those
buildings or structures may be moved, the cost of all machinery and
equipment, financing charges, interest prior to, during, and for a
period not to exceed the later of one year or one year following
completion of construction, as determined by the authority, the cost
of insurance during construction, the cost of funding or financing
noncapital expenses, reserves for principal and interest and for
extensions, enlargements, additions, replacements, renovations, and
improvements, the cost of engineering, architectural, financial,
legal, and other necessary services, plans, specifications, studies,
surveys, estimates, administrative expenses, and other expenses of
funding or financing, that are necessary or incident to determining
the feasibility of any project, or that are incident to the
construction, rehabilitation, acquisition, or financing of any
project.
   (e) "Department" shall mean the Department of Transportation.
   (f) "Project" shall mean and include all or a portion of the
planning, design, development, finance, construction, reconstruction,
rehabilitation, improvement, acquisition, lease, operation, or
maintenance of highway, public street, rail, bus, or related
facilities supplemental to or improvements upon existing facilities
currently owned  and   or  operated by the
department or other project sponsor.  A rail project may consist
of, or include, rolling stock. 
   (g) "Project sponsor" shall mean either the department, a regional
transportation planning agency designated pursuant to Section 29532
or 29532.1, a county transportation commission as defined in Section
130050, 130050.1, or 130050.2 of the Public Utilities Code, any other
local or regional transportation entity that is designated by
statute as a regional transportation agency, or a joint exercise of
powers authority as defined in Chapter 5 (commencing with Section
6500) of Division 7 of Title 1 or an agency designated pursuant to
Section 66531 to submit the county transportation plan, with the
consent of a transportation planning agency or a county
transportation commission for the jurisdiction in which the
transportation project will be developed.
   (h) "Working capital" means moneys to be used by, or on behalf of,
a project sponsor to pay or prepay maintenance or operation expenses
or any other costs that would be treated as an expense item, under
generally accepted accounting principles, in connection with the
ownership or operation of a project, including, but not limited to,
reserves for maintenance or operation expenses, interest for not to
exceed one year on any loan for working capital made pursuant to this
division, and reserves for debt service with respect to, and any
costs necessary or incidental to, that financing.