BILL ANALYSIS Ó AB 2620 Page 1 Date of Hearing: May 4, 2016 ASSEMBLY COMMITTEE ON APPROPRIATIONS Lorena Gonzalez, Chair AB 2620 (Dababneh) - As Amended April 11, 2016 ----------------------------------------------------------------- |Policy |Transportation |Vote:|15 - 0 | |Committee: | | | | | | | | | | | | | | |-------------+-------------------------------+-----+-------------| | | | | | | | | | | | | | | | |-------------+-------------------------------+-----+-------------| | | | | | | | | | | | | | | | ----------------------------------------------------------------- Urgency: No State Mandated Local Program: NoReimbursable: No SUMMARY: This bill authorizes the California Transportation Commission (CTC), if all funds from the Proposition 116 (1990) program not encumbered or expended by July 1, 2020, to reallocate those funds for other existing passenger rail projects with existing AB 2620 Page 2 rail service. FISCAL EFFECT: No additional state costs, as any bond funds remaining after July1, 2020, will be allocated to other passenger rail projects. COMMENTS: Purpose. Proposition 116, which was approved by voters in 1990, authorized $1.99 billion in general obligation bonds for a variety of intercity passenger rail, commuter rail, transit and other projects. In its 2015 annual report to the Legislature, the CTC indicated that the most recent allocation of funds from the program occurred in 2014-15, and that, as of June 30, 2015, only $12.7 million remains unallocated. The CTC urged the Legislature to sunset the program. The CTC is working with the remaining local agencies on their programmed projects to try to finalize any allocations. AB 2620 allows the CTC to continue this process until 2020 before any reallocation would occur. Analysis Prepared by:Chuck Nicol / APPR. / (916) 319-2081 AB 2620 Page 3