California Legislature—2013–14 Regular Session

Assembly Bill No. 730

Introduced by Assembly Member Alejo

February 21, 2013

An act to amend Section 106062 of, and to repeal Section 106061 of, the Public Utilities Code, relating to transportation.

LEGISLATIVE COUNSEL’S DIGEST

AB 730, as introduced, Alejo. Monterey-Salinas Transit District.

Existing law creates the Monterey-Salinas Transit District to include all of the County of Monterey, with specified powers and duties relative to provision of public transit service. Existing law authorizes the district to issue bonds under the Revenue Bond Law of 1941, payable from revenues of any facility or enterprise to be acquired or constructed by the district. Under that law, issuance of revenue bonds generally requires voter approval, unless an exemption is provided.

This bill would revise these provisions. The bill would exempt the district from the requirement to seek voter approval prior to issuing revenue bonds, and would instead authorize those bonds to be issued by a 2⁄3 vote of the district’s board. The bill would authorize the district to pledge revenues or other moneys available to the district from any source, including a transactions and use tax, to payment of those bonds. The bill would impose a maximum amount of $50,000,000 on revenue bonds that may be issued by the district. The bill would limit use of revenue bonds to a project or projects not located on or adjacent to the former Fort Ord. The bill would make other related changes.

Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.

The people of the State of California do enact as follows:

SECTION 1.  

Section 106061 of the Public Utilities Code is
repealed.

begin delete

106061.  

As an alternative procedure for the raising of funds,
the district may issue bonds, payable from revenues of any facility
or enterprise to be acquired or constructed by the district, in the
manner provided by the Revenue Bond Law of 1941 (Chapter 6
(commencing with Section 54300) of Part 1 of Division 2 of Title
5 of the Government Code), all of the provisions of which are
applicable to the district.

end delete

SEC. 2.  

Section 106062 of the Public Utilities Code is amended
to read:

106062.  

The district begin insert may issue bonds not to exceed the amount
of fifty million dollars ($50,000,000), payable in whole or in part
from revenues of any enterprise acquired, constructed, or
completed, or to be acquired, constructed, or completed, by the
district, in the manner provided by the Revenue Bond Law of 1941
(Chapter 6 (commencing with Section 54300) of Part 1 of Division
2 of Title 5 of the Government Code), all of the provisions of which
are applicable to the district, except that Article 3 (commencing
with 54380) of Chapter 6 of Part 1 of Division 2 of Title 5 of the
Government Code and the restrictions in that article, including,
but not limited to, restrictions on the securing of bonds by the
taxing power or the proceeds of taxation, do not apply to the
issuance and sale of bonds pursuant to this article and, instead,
the district shall authorize the issuance of those bonds by resolution
of its governing board approved by a two-thirds vote of the board.
The district end insert is a local agency within the meaning of the Revenue
Bond Law of 1941 begin delete (Chapter 6 (commencing with Section 54300)
of Part 1 of Division 2 of Title 5 of the Government Code) end delete . The
term “enterprise” as used in the Revenue Bond Law of 1941 shall,
for all purposes of this begin delete part end delete begin insert section end insert , include transit begin insert equipment or end insert
facilities and any and all begin delete parts thereof and all end delete additions begin delete , extensions, end delete
and improvements thereto and all other begin insert equipment or end insert facilities
authorized to be acquired, constructed, or completed by begin delete a end delete begin insert the end insert
district begin delete or, in the alternative, may issue revenue bonds under the
Revenue Bond Law of 1941, for the acquisition, construction, and
completion of any one of those facilities end delete begin insert , but only for a project or
projects not located on or adjacent to the former Fort Ord. Any
revenues or other income, receipts, or amounts made available to
the district, including, but not limited to, the proceeds of a
transactions and use tax, shall be deemed revenues of the
enterprise for purposes of the Revenue Bond Law of 1941 end insert . Nothing
in this article shall prevent the district from availing itself of, or
making use of, any procedure provided in this part for the issuance
of bonds of any type or character for any begin delete of the facilities or works end delete
begin insert enterprise end insert authorized under this part, and all proceedings may be
carried on simultaneously or in the alternative, as the begin delete directors end delete
begin insert board end insert may determine. begin insert As used in this section, “equipment”
includes “vehicles.” end insert