SB 613, as introduced, DeSaulnier. Bay Area Toll Authority.
Existing law designates the Metropolitan Transportation Commission as the regional transportation planning agency for the San Francisco Bay Area. Existing law creates the Bay Area Toll Authority, governed by the same board as the commission, with specified powers and duties relative to the administration of certain toll revenues from state-owned toll bridges within the geographic jurisdiction of the commission. Existing law authorizes the authority to do all acts necessary or convenient for the exercise of its powers and the financing of projects, including the authorization to acquire, construct, manage, maintain, lease, or operate any public facility or improvements and to invest any money not required for immediate necessities as the authority deems advisable.
This bill would impose certain limitations on the actions of the authority in exercising its powers. The bill would provide that the authority may acquire, construct, manage, maintain, lease, or operate facilities required solely for the management of Bay Area state-owned toll bridges or to provide access to those bridges. The bill would prohibit revenues in any reserve funds established by bond covenants or other agreements from being invested in real estate. The bill would prohibit investments in real estate of money not required for immediate necessities.
Existing law authorizes the authority to make contributions to the commission in furtherance of the exercise of the authority’s powers, as specified. Existing law also authorizes the authority to make contributions to the commission on a reimbursement-for-cost basis, but reimbursement is not required to the extent the authority determines that the contributions are in furtherance of the exercise of the authority’s powers.
This bill would limit direct contributions by the authority to the commission to 1% of gross annual toll bridge revenues, and would include a contribution for overhead expenses as an authorized contribution. The bill would require contributions by the authority to the commission on a reimbursement-for-cost basis to be provided in the form of a loan to be repaid at a specified interest rate. The bill would limit the amount of these loans to 1% of gross annual toll bridge revenues.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 30951 of the Streets and Highways Code
2 is amended to read:
The authority is authorized in its own name to do all
4acts necessary or convenient for the exercise of its powers under
5this division and the financing of projects,begin delete including, but not limited begin insert as followsend insert:
6to, the followingend delete
7(a) To make and enter into contracts.
8(b) To employ agents or employees.
9(c) To acquire, construct, manage, maintain, lease, or operate
10begin delete any public facility or improvementsend deletebegin insert
facilities required solely for
11the management of state-owned toll bridges within the geographic
12jurisdiction of the commission, or to provide access to those toll
13bridgesend insert.
14(d) To sue and be sued in its own name.
15(e) To issue bonds and otherwise to incur debts, liabilities, or
16obligations.begin insert Revenues in any reserve funds established by bond
17covenants or other agreements shall not be invested in real
18property.end insert
P3 1(f) To apply for, accept, receive, and disburse grants, loans, and
2other assistance from any agency of the United States of America
3or of the State of California.
4(g) To invest any money not required for
the immediate
5necessities of the authority, as the authority determines is advisablebegin insert,
6except that investments shall not include real propertyend insert.
7(h) To apply for letters of credit or other forms of financial
8guarantees in order to secure the repayment of bonds and to enter
9into agreements in connection with those letters of credit or
10financial guarantees.
Section 30959 of the Streets and Highways Code, as
12added by Section 7 of Chapter 515 of the Statutes of 2009, is
13amended to read:
The authority may makebegin insert directend insert contributions to the
15commission in furtherance of the exercise of the authority’s powers
16under this division, includingbegin delete, without limitation,end delete contributions in
17the form of personnel services, office space,begin insert overhead,end insert andbegin insert otherend insert
18 fundingbegin insert necessary to carry out the function of the authority, with
19those contributions not to exceed 1 percent of the
gross annual
20bridge revenuesend insert. The authority may also makebegin insert additionalend insert
21 contributionsbegin insert in the form of loansend insert to the commission on a
22reimbursement-for-cost basis; providedbegin delete, however, that begin insert that those loans do not, independent of
23reimbursement shall not be required to the extent that the
24contributions provided to the commission are determined by the
25authority to be in furtherance of the exercise of the authority’s
26powers under this divisionend delete
27the direct contributions, exceed 1 percent of the gross annual
28bridge revenues and are fully repaid with interest at the same
29interest rate that would apply for toll bridge
revenue bonds of the
30same duration as any loan taken by the commission.end insertbegin insert As used in
31this section, “gross annual bridge revenues” shall have the same
32meaning as in Section 30958end insert.
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