SB 903, as introduced, Nguyen. Transportation funds: loan repayment.
Existing law creates the Traffic Congestion Relief Fund, as a continuously appropriated fund, for the purpose of funding a list of transportation projects specified in statute. Existing law provided for the transfer of specified amounts from the General Fund to the Traffic Congestion Relief Fund, beginning in the 2000-01 fiscal year. Existing law also provided for the transfer of a portion of the sales tax on gasoline to the Transportation Investment Fund subsequent to voter approval on March 5, 2002, of Article XIX B of the California Constitution, which thereafter dedicated those sales tax revenues to specified transportation purposes. Existing law required a portion of the revenues in the Transportation Investment Fund to be transferred to the Traffic Congestion Relief Fund.
Existing law provides for loans of revenues from various transportation funds and accounts to the General Fund, including loans from the Traffic Congestion Relief Fund, with various repayment dates.
This bill would acknowledge, as of June 30, 2015, $879,000,000 in outstanding loans of certain transportation revenues, and would require this amount to be repaid from the General Fund by June 30, 2016, to the Traffic Congestion Relief Fund for allocation to the Traffic Congestion Relief Program, the Trade Corridors Improvement Fund, the Public Transportation Account, and the State Highway Account, as specified. The bill would thereby make an appropriation.
This bill would declare that it is to take effect immediately as an urgency statute.
Vote: 2⁄3. Appropriation: yes. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 14556.9 is added to the Government
2Code, to read:
As of June 30, 2015, eight hundred seventy-nine
4million dollars ($879,000,000) in loans made pursuant to Section
514556.8 were outstanding. Notwithstanding any other section of
6law, this amount shall be repaid from the General Fund pursuant
7to subdivision (c) of Section 20 of Article XVI of the California
8Constitution no later than June 30, 2016, and upon repayment of
9this amount all loans authorized pursuant to Section 14556.8 shall
10be deemed repaid. Pursuant to subdivision (c) of Section 14556.8,
11the Director of Finance may transfer from the General Fund to the
12Traffic Congestion Relief Fund any amount necessary to fund
13projects as follows:
14(a) One hundred forty-eight million dollars ($148,000,000) to
15be allocated by the commission to fund construction and
associated
16support costs for projects that are programmed in the Traffic
17Congestion Relief Program, but which have not received a full
18allocation.
19(b) Three hundred thirty-four million dollars ($334,000,000)
20for transfer to the Trade Corridors Improvement Fund, continued
21in existence by Section 2192 of the Streets and Highways Code,
22to be allocated consistent with the provisions of Chapter 4.8
23(commencing with Section 2192) of Division 3 of the Streets and
24Highways Code, for associated construction and support costs.
25(c) Two hundred sixty-five million dollars ($265,000,000) for
26transfer to the Public Transportation Account, for allocation in the
27Transit and Intercity Rail Capital Program established in Part 2
28(commencing with Section 75220) of Division 44 of the Public
29Resources Code.
P3 1(d) One hundred thirty-two
million dollars ($132,000,000) for
2transfer to the State Highway Account, for the State Highway
3Operation and Protection Program.
This act is an urgency statute necessary for the
5immediate preservation of the public peace, health, or safety within
6the meaning of Article IV of the Constitution and shall go into
7immediate effect. The facts constituting the necessity are:
8In order to provide additional resources for transportation
9purposes as quickly as possible, it is necessary that this act take
10effect immediately.
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