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 :
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
begin delete any public facility or improvementsend delete.
14(d) To sue and be sued in its own name.
15(e) To issue bonds and otherwise to incur debts, liabilities, or
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
5necessities of the authority, as the authority determines is advisable.
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
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 make contributions to the
15commission in furtherance of the exercise of the authority’s powers
16under this division, including
begin delete, without limitation,end delete contributions in
17the form of personnel services, office space, and
18 funding. The authority may also make
21 contributions to the commission on a
22reimbursement-for-cost basis; provided
begin delete, however, that .
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