AB 2411, as amended, Frazier. Transportation revenues.
Article XIX of the California Constitution restricts the expenditure of revenues from taxes imposed by the state on fuels used in motor vehicles upon public streets and highways to street and highway and certain mass transit purposes. Existing law requires certain miscellaneous revenues deposited in the State Highway Account that are not restricted as to expenditure by Article XIX of the California Constitution to be transferred to the Transportation Debt Service Fund in the State Transportation Fund, as specified, and requires the Controller to transfer from the fund to the General Fund an amount of those revenues necessary to offset the current year debt service made from the General Fund on general obligation transportation bonds issued pursuant to Proposition 116 of 1990.
This billbegin delete wouldend deletebegin insert
would, on July 1, 2017,end insert delete the transfer of these miscellaneous revenues to the Transportation Debt Service Fund, thereby eliminating the offsetting transfer to the General Fund for debt service on general obligation transportation bonds issued pursuant to Proposition 116 of 1990. The bill, subject to a specified exception,begin delete wouldend deletebegin insert would, on July 1, 2017,end insert instead require the miscellaneous revenues to be retained in the State Highway Account and to be used solely for transportation expenditures consistent with the restrictions for expenditure of fuel tax revenues in Article XIX of the California Constitution.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
begin insertSection 16965 of the end insertbegin insertGovernment Codeend insertbegin insert is
2amended to read:end insert
(a) (1) The Transportation Debt Service Fund is hereby
4created in the State Treasury. Moneys in the fund shall be dedicated
5to all of the following purposes:
6(A) Payment of debt service with respect to designated bonds,
7as defined in subdivision (c) of Section 16773, and as further
8provided in paragraph (3) and subdivision (b).
9(B) To reimburse the General Fund for debt service with respect
10to bonds.
11(C) To redeem or retire bonds, pursuant to Section 16774,
12maturing in a subsequent fiscal year.
13(2) The bonds eligible under subparagraph (B) or (C) of
14
paragraph (1) include bonds issued pursuant to the Clean Air and
15Transportation Improvement Act of 1990 (Part 11.5 (commencing
16with Section 99600) of Division 10 of the Public Utilities Code),
17the Passenger Rail and Clean Air Bond Act of 1990 (Chapter 17
18(commencing with Section 2701) of Division 3 of the Streets and
19Highways Code), the Seismic Retrofit Bond Act of 1996 (Chapter
2012.48 (commencing with Section 8879) of Division 1 of Title 2),
21and the Safe, Reliable High-Speed Passenger Train Bond Act for
22the 21st Century (Chapter 20 (commencing with Section 2704) of
23Division 3 of the Streets and Highways Code), and nondesignated
24bonds under Proposition 1B, as defined in subdivision (c) of
25Section 16773.
26(3) (A) The Transportation Bond Direct Payment Account is
27hereby created in the State Treasury, as a subaccount within the
28Transportation Debt Service Fund, for the purpose of directly
29paying the debt service, as defined in
paragraph (4), of designated
30bonds of Proposition 1B, as defined in subdivision (c) of Section
3116773. Notwithstanding Section 13340, moneys in the
P3 1Transportation Bond Direct Payment Account are continuously
2appropriated for payment of debt service with respect to designated
3bonds as provided in subdivision (c) of Section 16773. So long as
4any designated bonds remain outstanding, the moneys in the
5Transportation Bond Direct Payment Account may not be used
6for any other purpose, and may not be borrowed by or available
7for transfer to the General Fund pursuant to Section 16310 or any
8similar law, or to the General Cash Revolving Fund pursuant to
9Section 16381 or any similar law.
10(B) Once the Treasurer makes a certification that payment of
11debt service with respect to all designated bonds has been paid or
12provided for, any remaining moneys in the Transportation Bond
13Direct Payment Account shall be transferred back to the
14Transportation Debt Service
Fund.
15(C) The moneys in the Transportation Bond Direct Payment
16Account shall be invested in the Surplus Money Investment Fund,
17and all investment earnings shall accrue to the account.
18(D) The Controller may establish subaccounts within the
19Transportation Bond Direct Payment Account as may be required
20by the resolution, indenture, or other documents governing any
21designated bonds.
22(4) For purposes of this subdivision and subdivision (b), and
23subdivision (c) of Section 16773, “debt service” means payment
24of all of the following costs and expenses with respect to any
25designated bond:
26(A) The principal of and interest on the bonds.
27(B) Amounts payable as the result of tender on any bonds, as
28
described in clause (iv) of subparagraph (B) of paragraph (1) of
29subdivision (d) of Section 16731.
30(C) Amounts payable under any contractual obligation of the
31state to repay advances and pay interest thereon under a credit
32enhancement or liquidity agreement as described in clause (iv) of
33subparagraph (B) of paragraph (1) of subdivision (d) of Section
3416731.
35(D) Any amount owed by the state to a counterparty after any
36offset for payments owed to the state on any hedging contract as
37described in subparagraph (A) of paragraph (2) of subdivision (d)
38of Section 16731.
39(b) From the moneys transferred to the fund pursuant to
40paragraph (2) or (3) of subdivision (c) of Section 9400.4 of the
P4 1Vehicle Code, there shall first be deposited into the Transportation
2Bond Direct Payment Account in each month sufficient funds to
3equal
the amount designated in a certificate submitted by the
4Treasurer to the Controller and the Director of Finance at the start
5of each fiscal year, and as may be modified by the Treasurer
6thereafter upon issuance of any new issue of designated bonds or
7upon change in circumstances that requires such a modification.
8This certificate shall be calculated by the Treasurer to identify, for
9each month, the amount necessary to fund all of the debt service
10with respect to all designated bonds. This calculation shall be done
11in a manner provided in the resolution, indenture, or other
12documents governing the designated bonds. In the event that
13transfers to the Transportation Bond Direct Payment Account in
14any month are less than the amounts required in the Treasurer’s
15certificate, the shortfall shall carry over to be part of the required
16payment in the succeeding month or months.
17(c) The state hereby covenants with the holders from time to
18time of any
designated bonds that it will not alter, amend, or restrict
19the provisions of subdivision (c) of Section 16773 of the
20Government Code, or Sections 9400, 9400.1, 9400.4, and 42205
21of the Vehicle Code, which provide directly or indirectly for the
22transfer of weight fees to the Transportation Debt Service Fund
23or the Transportation Bond Direct Payment Account, or
24subdivisions (a) and (b) of this section, or reduce the rate of
25imposition of vehicle weight fees under Sections 9400 and 9400.1
26of the Vehicle Code as they existed on the date of the first issuance
27of any designated bonds, if that alteration, amendment, restriction,
28or reduction would result in projected weight fees for the next
29fiscal year determined by the Director of Finance being less than
30two times the maximum annual debt service with respect to all
31outstanding designated bonds, as such calculation is determined
32pursuant to the resolution, indenture, or other documents governing
33the designated bonds. The state may include this covenant in the
34
resolution, indenture, or other documents governing the designated
35bonds.
36(d) Once the required monthly deposit, including makeup of
37any shortfalls from any prior month, has been made pursuant to
38subdivision (b), from moneys transferred to the fund pursuant to
39paragraph (2) or (3) of subdivision (c) of Section 9400.4 of the
40Vehicle Code, or pursuant to Section 16965.1 or 63048.67, the
P5 1Controller shall transfer as an expenditure reduction to the General
2Fund any amount necessary to offset the cost of current year debt
3service payments made from the General Fund with respect to any
4bonds issued pursuant to Proposition 192 (1996) and three-quarters
5of the amount of current year debt service payments made from
6the General Fund with respect to any nondesignated bonds, as
7defined in subdivision (c) of Section 16773, issued pursuant to
8Proposition 1B (2006). In the alternative, these funds may also be
9used to redeem or retire the applicable bonds,
pursuant to Section
1016774, maturing in a subsequent fiscal year as directed by the
11Director of Finance.
12(e) From moneys transferred to the fund pursuant to Section
13183.1 of the Streets and Highways Code, the Controller shall
14transfer as an expenditure reduction to the General Fund any
15amount necessary to offset the cost of current year debt service
16payments made from the General Fund with respect to any bonds
17issued pursuant to Proposition 116 (1990). In the alternative, these
18funds may also be used to redeem or retire the applicable bonds,
19pursuant to Section 16774, maturing in a subsequent fiscal year
20as directed by the Director of Finance.
21(f) Once the required monthly deposit, including makeup of any
22shortfalls from any prior month, has been made pursuant to
23subdivision (b), from moneys transferred to the fund pursuant to
24paragraph (2) or (3) of subdivision (c) of Section
9400.4 of the
25Vehicle Code, or pursuant to Section 16965.1 or 63048.67, the
26Controller shall transfer as an expenditure reduction to the General
27Fund any amount necessary to offset the eligible cost of current
28year debt service payments made from the General Fund with
29respect to any bonds issued pursuant to Proposition 108 (1990)
30and Proposition 1A (2008), and one-quarter of the amount of
31current year debt service payments made from the General Fund
32with respect to any nondesignated bonds, as defined in subdivision
33(c) of Section 16773, issued pursuant to Proposition 1B (2006).
34The Department of Finance shall notify the Controller by July 30
35of every year of the percentage of debt service that is expected to
36be paid in that fiscal year with respect to bond-funded projects that
37qualify as eligible guideway projects consistent with the
38requirements applicable to the expenditure of revenues under
39Article XIX of the California Constitution, and the Controller shall
40make payments only for those eligible projects.
In the alternative,
P6 1these funds may also be used to redeem or retire the applicable
2bonds, pursuant to Section 16774, maturing in a subsequent fiscal
3year as directed by the Director of Finance.
4(g) On or before the second business day following the date on
5which transfers are made to the Transportation Debt Service Fund,
6and after the required monthly deposits for that month, including
7makeup of any shortfalls from any prior month, have been made
8to the Transportation Bond Direct Payment Account, the Controller
9shall transfer the funds designated for reimbursement of bond debt
10service with respect to nondesignated bonds, as defined in
11subdivision (c) of Section 16773, and other bonds identified in
12subdivisions (d), (e), and (f) in that month from the fund to the
13General Fund pursuant to this section.
14
(h) This section shall become inoperative on July 1, 2017, and,
15as of January 1, 2018, is repealed, unless a later enacted statute,
16that becomes operative on or before January 1, 2018, deletes or
17extends the dates on which it becomes inoperative and is repealed.
begin insertSection 16965 is added to the end insertbegin insertGovernment Codeend insertbegin insert, to
19read:end insert
(a) (1) The Transportation Debt Service Fund is hereby
21created in the State Treasury. Moneys in the fund shall be dedicated
22to all of the following purposes:
23
(A) Payment of debt service with respect to designated bonds,
24as defined in subdivision (c) of Section 16773, and as further
25provided in paragraph (3) and subdivision (b).
26
(B) To reimburse the General Fund for debt service with respect
27to bonds.
28
(C) To redeem or retire bonds, pursuant to Section 16774,
29maturing in a subsequent fiscal year.
30
(2) The bonds eligible under
subparagraph (B) or (C) of
31paragraph (1) include bonds issued pursuant to the Passenger
32Rail and Clean Air Bond Act of 1990 (Chapter 17 (commencing
33with Section 2701) of Division 3 of the Streets and Highways
34Code), the Seismic Retrofit Bond Act of 1996 (Chapter 12.48
35(commencing with Section 8879) of Division 1 of Title 2), and the
36Safe, Reliable High-Speed Passenger Train Bond Act for the 21st
37Century (Chapter 20 (commencing with Section 2704) of Division
383 of the Streets and Highways Code), and nondesignated bonds
39under Proposition 1B, as defined in subdivision (c) of Section
4016773.
P7 1
(3) (A) The Transportation Bond Direct Payment Account is
2hereby created in the State Treasury, as a subaccount within the
3Transportation Debt Service Fund, for the purpose of directly
4paying the debt service, as defined in paragraph (4), of designated
5bonds of Proposition 1B, as defined in subdivision (c) of Section
616773. Notwithstanding
Section 13340, moneys in the
7Transportation Bond Direct Payment Account are continuously
8appropriated for payment of debt service with respect to designated
9bonds as provided in subdivision (c) of Section 16773. So long as
10any designated bonds remain outstanding, the moneys in the
11Transportation Bond Direct Payment Account may not be used
12for any other purpose, and may not be borrowed by or available
13for transfer to the General Fund pursuant to Section 16310 or any
14similar law, or to the General Cash Revolving Fund pursuant to
15Section 16381 or any similar law.
16
(B) Once the Treasurer makes a certification that payment of
17debt service with respect to all designated bonds has been paid or
18provided for, any remaining moneys in the Transportation Bond
19Direct Payment Account shall be transferred back to the
20Transportation Debt Service Fund.
21
(C) The moneys in the Transportation Bond
Direct Payment
22Account shall be invested in the Surplus Money Investment Fund,
23and all investment earnings shall accrue to the account.
24
(D) The Controller may establish subaccounts within the
25Transportation Bond Direct Payment Account as may be required
26by the resolution, indenture, or other documents governing any
27designated bonds.
28
(4) For purposes of this subdivision and subdivision (b), and
29subdivision (c) of Section 16773, “debt service” means payment
30of all of the following costs and expenses with respect to any
31designated bond:
32
(A) The principal of and interest on the bonds.
33
(B) Amounts payable as the result of tender on any bonds, as
34described in clause (iv) of subparagraph (B) of paragraph (1) of
35subdivision (d) of Section 16731.
36
(C) Amounts payable under any contractual obligation of the
37state to repay advances and pay interest thereon under a credit
38enhancement or liquidity agreement as described in clause (iv) of
39subparagraph (B) of paragraph (1) of subdivision (d) of Section
4016731.
P8 1
(D) Any amount owed by the state to a counterparty after any
2offset for payments owed to the state on any hedging contract as
3described in subparagraph (A) of paragraph (2) of subdivision (d)
4of Section 16731.
5
(b) From the moneys transferred to the fund pursuant to
6paragraph (2) or (3) of subdivision (c) of Section 9400.4 of the
7Vehicle Code, there shall first be deposited into the Transportation
8Bond Direct Payment Account in each month sufficient funds to
9equal the amount designated in a certificate submitted by the
10Treasurer to the Controller and the Director
of Finance at the
11start of each fiscal year, and as may be modified by the Treasurer
12thereafter upon issuance of any new issue of designated bonds or
13upon change in circumstances that requires such a modification.
14This certificate shall be calculated by the Treasurer to identify,
15for each month, the amount necessary to fund all of the debt service
16with respect to all designated bonds. This calculation shall be
17done in a manner provided in the resolution, indenture, or other
18documents governing the designated bonds. In the event that
19transfers to the Transportation Bond Direct Payment Account in
20any month are less than the amounts required in the Treasurer’s
21certificate, the shortfall shall carry over to be part of the required
22payment in the succeeding month or months.
23
(c) The state hereby covenants with the holders from time to
24time of any designated bonds that it will not alter, amend, or
25restrict the provisions of subdivision (c) of Section
16773 of the
26Government Code, or Sections 9400, 9400.1, 9400.4, and 42205
27of the Vehicle Code, which provide directly or indirectly for the
28transfer of weight fees to the Transportation Debt Service Fund
29or the Transportation Bond Direct Payment Account, or
30subdivisions (a) and (b) of this section, or reduce the rate of
31imposition of vehicle weight fees under Sections 9400 and 9400.1
32of the Vehicle Code as they existed on the date of the first issuance
33of any designated bonds, if that alteration, amendment, restriction,
34or reduction would result in projected weight fees for the next
35fiscal year determined by the Director of Finance being less than
36two times the maximum annual debt service with respect to all
37outstanding designated bonds, as such calculation is determined
38pursuant to the resolution, indenture, or other documents governing
39the designated bonds. The state may include this covenant in the
P9 1resolution, indenture, or other documents governing the designated
2bonds.
3
(d) Once the required monthly deposit, including makeup of
4any shortfalls from any prior month, has been made pursuant to
5subdivision (b), from moneys transferred to the fund pursuant to
6paragraph (2) or (3) of subdivision (c) of Section 9400.4 of the
7Vehicle Code, or pursuant to Section 16965.1 or 63048.67, the
8Controller shall transfer as an expenditure reduction to the
9General Fund any amount necessary to offset the cost of current
10year debt service payments made from the General Fund with
11respect to any bonds issued pursuant to Proposition 192 (1996)
12and three-quarters of the amount of current year debt service
13payments made from the General Fund with respect to any
14nondesignated bonds, as defined in subdivision (c) of Section
1516773, issued pursuant to Proposition 1B (2006). In the alternative,
16these funds may also be used to redeem or retire the applicable
17bonds, pursuant to Section 16774, maturing in a subsequent fiscal
18year as directed by
the Director of Finance.
19
(e) Once the required monthly deposit, including makeup of any
20shortfalls from any prior month, has been made pursuant to
21subdivision (b), from moneys transferred to the fund pursuant to
22paragraph (2) or (3) of subdivision (c) of Section 9400.4 of the
23Vehicle Code, or pursuant to Section 16965.1 or 63048.67, the
24Controller shall transfer as an expenditure reduction to the
25General Fund any amount necessary to offset the eligible cost of
26current year debt service payments made from the General Fund
27with respect to any bonds issued pursuant to Proposition 108
28(1990) and Proposition 1A (2008), and one-quarter of the amount
29of current year debt service payments made from the General Fund
30with respect to any nondesignated bonds, as defined in subdivision
31(c) of Section 16773, issued pursuant to Proposition 1B (2006).
32The Department of Finance shall notify the Controller by July 30
33of every year of the percentage of debt
service that is expected to
34be paid in that fiscal year with respect to bond-funded projects
35that qualify as eligible guideway projects consistent with the
36requirements applicable to the expenditure of revenues under
37Article XIX of the California Constitution, and the Controller shall
38make payments only for those eligible projects. In the alternative,
39these funds may also be used to redeem or retire the applicable
P10 1bonds, pursuant to Section 16774, maturing in a subsequent fiscal
2year as directed by the Director of Finance.
3
(f) On or before the second business day following the date on
4which transfers are made to the Transportation Debt Service Fund,
5and after the required monthly deposits for that month, including
6makeup of any shortfalls from any prior month, have been made
7to the Transportation Bond Direct Payment Account, the Controller
8shall transfer the funds designated for reimbursement of bond debt
9service with respect to nondesignated
bonds, as defined in
10subdivision (c) of Section 16773, and other bonds identified in
11subdivisions (d) and (e) in that month from the fund to the General
12Fund pursuant to this section.
13
(g) This section shall become operative on July 1, 2017.
begin insertSection 183.1 of the end insertbegin insertStreets and Highways Codeend insertbegin insert is
15amended to read:end insert
(a) Notwithstanding subdivision (a) of Section 182 or
17any other provision of law, money deposited into the account that
18is not subject to Article XIX of the California Constitution,
19including, but not limited to, money that is derived from the sale
20of documents, charges for miscellaneous services to the public,
21condemnation deposits fund investments, rental of state property,
22or any other miscellaneous uses of property or money, may be
23used for any transportation purpose authorized by statute, upon
24appropriation by the Legislature or, after transfer to another fund,
25upon appropriation by the Legislature from that fund.
26(b) Commencing with the 2013-14 fiscal year, and not later
27than November 1 of each fiscal year thereafter, based on prior year
28financial
statements, the Controller shall transfer the funds
29identified in subdivision (a) for the prior fiscal year from the State
30Highway Account to the Transportation Debt Service Fund in the
31State Transportation Fund, and those funds are continuously
32appropriated for the purposes specified for the Transportation Debt
33Service Fund.
34
(c) This section shall become inoperative on July 1, 2017, and,
35as of January 1, 2018, is repealed, unless a later enacted statute,
36that becomes operative on or before January 1, 2018, deletes or
37extends the dates on which it becomes inoperative and is repealed.
begin insertSection 183.1 is added to the end insertbegin insertStreets and Highways
39Codeend insertbegin insert, to read:end insert
(a) Except as otherwise provided in Section 54237.7
2of the Government Code, money deposited into the account that
3is not subject to Article XIX of the California Constitution,
4including, but not limited to, money that is derived from the sale
5of documents, charges for miscellaneous services to the public,
6condemnation deposits fund investments, rental of state property,
7or any other miscellaneous uses of property or money, shall be
8used solely for transportation expenditures consistent with Section
92 of Article XIX of the California Constitution.
10
(b) This section shall become operative on July 1, 2017.
Section 16965 of the Government Code is
12amended to read:
(a) (1) The Transportation Debt Service Fund is hereby
14created in the State Treasury. Moneys in the fund shall be dedicated
15to all of the following purposes:
16(A) Payment of debt service with respect to designated bonds,
17as defined in subdivision (c) of Section 16773, and as further
18provided in paragraph (3) and subdivision (b).
19(B) To reimburse the General Fund for debt service with respect
20to bonds.
21(C) To redeem or retire bonds, pursuant to Section 16774,
22maturing in a subsequent fiscal year.
23(2) The bonds eligible under subparagraph (B) or (C) of
24
paragraph (1) include bonds issued pursuant to
the Passenger Rail
25and Clean Air Bond Act of 1990 (Chapter 17 (commencing with
26Section 2701) of Division 3 of the Streets and Highways Code),
27the Seismic Retrofit Bond Act of 1996 (Chapter 12.48
28(commencing with Section 8879) of Division 1 of Title 2), and the
29Safe, Reliable High-Speed Passenger Train Bond Act for the 21st
30Century (Chapter 20 (commencing with Section 2704) of Division
313 of the Streets and Highways Code), and nondesignated bonds
32under Proposition 1B, as defined in subdivision (c) of Section
3316773.
34(3) (A) The Transportation Bond Direct Payment Account is
35hereby created in the State Treasury, as a subaccount within the
36Transportation Debt Service Fund, for the purpose of directly
37paying the debt service, as defined in paragraph (4), of designated
38bonds of Proposition 1B, as defined in
subdivision (c) of Section
3916773. Notwithstanding Section 13340, moneys in the
40Transportation Bond Direct Payment Account are continuously
P12 1appropriated for payment of debt service with respect to designated
2bonds as provided in subdivision (c) of Section 16773. So long as
3any designated bonds remain outstanding, the moneys in the
4Transportation Bond Direct Payment Account may not be used
5for any other purpose, and may not be borrowed by or available
6for transfer to the General Fund pursuant to Section 16310 or any
7similar law, or to the General Cash Revolving Fund pursuant to
8Section 16381 or any similar law.
9(B) Once the Treasurer makes a certification that payment of
10debt service with respect to all designated bonds has been paid or
11provided for, any remaining moneys in the Transportation Bond
12Direct Payment Account shall be
transferred back to the
13Transportation Debt Service Fund.
14(C) The moneys in the Transportation Bond Direct Payment
15Account shall be invested in the Surplus Money Investment Fund,
16and all investment earnings shall accrue to the account.
17(D) The Controller may establish subaccounts within the
18Transportation Bond Direct Payment Account as may be required
19by the resolution, indenture, or other documents governing any
20designated bonds.
21(4) For purposes of this subdivision and subdivision (b), and
22subdivision (c) of Section 16773, “debt service” means payment
23of all of the following costs and expenses with respect to any
24designated bond:
25(A) The principal of and interest on the bonds.
26(B) Amounts payable as the result of tender on any bonds, as
27described in clause (iv) of subparagraph (B) of paragraph (1) of
28subdivision (d) of Section 16731.
29(C) Amounts payable under any contractual obligation of the
30state to repay advances and pay interest thereon under a credit
31enhancement or liquidity agreement as described in clause (iv) of
32subparagraph (B) of paragraph (1) of subdivision (d) of Section
3316731.
34(D) Any amount owed by the state to a counterparty after any
35offset for payments owed to the state on any hedging contract as
36described in subparagraph (A) of paragraph (2) of subdivision (d)
37of Section 16731.
38(b) From the moneys transferred to the fund pursuant to
39paragraph (2) or (3) of subdivision (c) of Section 9400.4 of the
40Vehicle Code, there shall first be deposited into the Transportation
P13 1Bond Direct Payment Account in each month sufficient funds to
2equal the amount designated in a certificate submitted by the
3Treasurer to the Controller and the Director of Finance at the start
4of each fiscal year, and as may be modified by the Treasurer
5thereafter upon issuance of any new issue of designated bonds or
6upon change in circumstances that requires such a modification.
7This certificate shall be calculated by the Treasurer to identify, for
8each month, the amount necessary to fund all of the debt service
9with respect to all designated bonds. This calculation shall be done
10in a manner provided in the resolution, indenture, or other
11documents governing the designated bonds. In the event that
12transfers
to the Transportation Bond Direct Payment Account in
13any month are less than the amounts required in the Treasurer’s
14certificate, the shortfall shall carry over to be part of the required
15payment in the succeeding month or months.
16(c) The state hereby covenants with the holders from time to
17time of any designated bonds that it will not alter, amend, or restrict
18the provisions of subdivision (c) of Section 16773 of the
19Government Code, or Sections 9400, 9400.1, 9400.4, and 42205
20of the Vehicle Code, which provide directly or indirectly for the
21transfer of weight fees to the Transportation Debt Service Fund
22or the Transportation Bond Direct Payment Account, or
23subdivisions (a) and (b) of this section, or reduce the rate of
24imposition of vehicle weight fees under Sections 9400 and 9400.1
25of the Vehicle Code as they existed on the date of the
first issuance
26of any designated bonds, if that alteration, amendment, restriction,
27or reduction would result in projected weight fees for the next
28fiscal year determined by the Director of Finance being less than
29two times the maximum annual debt service with respect to all
30outstanding designated bonds, as such calculation is determined
31pursuant to the resolution, indenture, or other documents governing
32the designated bonds. The state may include this covenant in the
33resolution, indenture, or other documents governing the designated
34bonds.
35(d) Once the required monthly deposit, including makeup of
36any shortfalls from any prior month, has been made pursuant to
37subdivision (b), from moneys transferred to the fund pursuant to
38paragraph (2) or (3) of subdivision (c) of Section 9400.4 of the
39Vehicle Code, or pursuant to Section 16965.1 or
63048.67, the
40Controller shall transfer as an expenditure reduction to the General
P14 1Fund any amount necessary to offset the cost of current year debt
2service payments made from the General Fund with respect to any
3bonds issued pursuant to Proposition 192 (1996) and three-quarters
4of the amount of current year debt service payments made from
5the General Fund with respect to any nondesignated bonds, as
6defined in subdivision (c) of Section 16773, issued pursuant to
7Proposition 1B (2006). In the alternative, these funds may also be
8used to redeem or retire the applicable bonds, pursuant to Section
916774, maturing in a subsequent fiscal year as directed by the
10Director of Finance.
11(e) Once the required monthly deposit, including makeup of
12any shortfalls from any prior month, has been made pursuant to
13subdivision (b), from moneys transferred
to the fund pursuant to
14paragraph (2) or (3) of subdivision (c) of Section 9400.4 of the
15Vehicle Code, or pursuant to Section 16965.1 or 63048.67, the
16Controller shall transfer as an expenditure reduction to the General
17Fund any amount necessary to offset the eligible cost of current
18year debt service payments made from the General Fund with
19respect to any bonds issued pursuant to Proposition 108 (1990)
20and Proposition 1A (2008), and one-quarter of the amount of
21current year debt service payments made from the General Fund
22with respect to any nondesignated bonds, as defined in subdivision
23(c) of Section 16773, issued pursuant to Proposition 1B (2006).
24The Department of Finance shall notify the Controller by July 30
25of every year of the percentage of debt service that is expected to
26be paid in that fiscal year with respect to bond-funded projects that
27qualify as eligible guideway projects consistent
with the
28requirements applicable to the expenditure of revenues under
29Article XIX of the California Constitution, and the Controller shall
30make payments only for those eligible projects. In the alternative,
31these funds may also be used to redeem or retire the applicable
32bonds, pursuant to Section 16774, maturing in a subsequent fiscal
33year as directed by the Director of Finance.
34(f) On or before the second business day following the date on
35which transfers are made to the Transportation Debt Service Fund,
36and after the required monthly deposits for that month, including
37makeup of any shortfalls from any prior month, have been made
38to the Transportation Bond Direct Payment Account, the Controller
39shall transfer the funds designated for reimbursement of bond debt
40service with respect to nondesignated bonds, as defined in
P15 1subdivision (c)
of Section 16773, and other bonds identified in
2subdivisions (d) and (e) in that month from the fund to the General
3Fund pursuant to this section.
Section 183.1 of the Streets and Highways Code is
5amended to read:
Except as otherwise provided in Section 54237.7 of the
7Government Code, money deposited into the account that is not
8subject to Article XIX of the California Constitution, including,
9but not limited to, money that is derived from the sale of
10documents, charges for miscellaneous services to the public,
11condemnation deposits fund investments, rental of state property,
12or any other miscellaneous uses of property or money,
shall be
13used solely for transportation expenditures consistent with Section
142 of Article XIX of the California Constitution.
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