BILL ANALYSIS �
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CONSENT
Bill No: AB 1070
Author: Frazier (D)
Amended: 4/3/13 in Assembly
Vote: 21
SENATE TRANSPORTATION & HOUSING COMMITTEE : 10-0, 6/18/13
AYES: DeSaulnier, Gaines, Beall, Galgiani, Hueso, Lara, Liu,
Pavley, Roth, Wyland
NO VOTE RECORDED: Cannella
SENATE APPROPRIATIONS COMMITTEE : Senate Rule 28.8
ASSEMBLY FLOOR : 75-0, 5/9/13 (Consent) - See last page for vote
SUBJECT : California Transportation Financing Authority
SOURCE : Treasurer Bill Lockyer
DIGEST : This bill clarifies that specific bond issuance
powers and responsibilities may apply to either the California
Transportation Financing Authority or the project sponsor.
ANALYSIS : Existing law establishes the California
Transportation Financing Authority (CTFA) within the California
State Treasurer's Office to assist transportation agencies in
obtaining financing for transportation projects. The objective
of CTFA is to increase new capacity in the state transportation
system in a manner consistent with the state's greenhouse gas
reduction, air quality improvement, and natural resource
conservation goals. CTFA will accomplish this one of two ways:
CONTINUED
AB 1070
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Issuing revenue bonds directly; or
Approving a project sponsor's issuance of bonds backed by
specified transportation-related revenues.
Existing law grants certain powers and responsibilities to the
revenue bond issuer, such as ensuring that the project financed
with the bonds is technically feasible, conforms to federal
standards, and meets environmental requirements.
This bill clarifies that specific bond issuance powers and
responsibilities may apply to CTFA or the CTFA-approved project
sponsor and makes conforming changes to CTFA enabling statutes.
FISCAL EFFECT : Appropriation: No Fiscal Com.: Yes
Local: No
SUPPORT : (Verified 8/13/13)
Treasurer Bill Lockyer (source)
ARGUMENTS IN SUPPORT : According to the author's office,
paying for transportation projects has grown increasingly
difficult. CTFA provides an alternative financing mechanism for
local and regional entities to support transportation solutions.
The author contends, however, that some CTFA provisions need
clarification, specifically to whom certain bond issuance powers
and responsibilities are assigned. This bill makes the
technical changes necessary to clarify that the bond issuer,
whether CTFA or the project sponsor, is responsible to meet the
statutory requirements.
ASSEMBLY FLOOR : 75-0, 5/9/13
AYES: Achadjian, Alejo, Allen, Ammiano, Atkins, Bigelow, Bloom,
Blumenfield, Bocanegra, Bonilla, Bonta, Bradford, Brown,
Buchanan, Ian Calderon, Campos, Chau, Ch�vez, Chesbro, Conway,
Cooley, Dahle, Daly, Dickinson, Eggman, Fong, Fox, Frazier,
Beth Gaines, Garcia, Gatto, Gomez, Gordon, Gorell, Gray,
Grove, Hagman, Hall, Harkey, Roger Hern�ndez, Jones,
Jones-Sawyer, Levine, Linder, Lowenthal, Maienschein, Mansoor,
Medina, Melendez, Mitchell, Morrell, Mullin, Muratsuchi,
Nazarian, Nestande, Olsen, Pan, Patterson, Perea, V. Manuel
P�rez, Quirk, Quirk-Silva, Rendon, Salas, Skinner, Stone,
Ting, Torres, Wagner, Weber, Wieckowski, Wilk, Williams,
AB 1070
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3
Yamada, John A. P�rez
NO VOTE RECORDED: Donnelly, Holden, Logue, Waldron, Vacancy
JA:nl 8/13/13 Senate Floor Analyses
SUPPORT/OPPOSITION: SEE ABOVE
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