LEGISLATIVE COUNSEL'S DIGEST
AB 798, as amended, Nava. California Transportation Financing
Authority: toll facilities.
(1) Existing law generally provides for programming and allocation
of transportation capital improvement funds pursuant to the state
transportation improvement program process administered by the
California Transportation Commission. Existing law authorizes the
development of toll road projects under certain conditions. Existing
law authorizes the commission and the Department of Transportation to
operate and manage the Transportation Finance Bank to make loans for
transportation projects. Existing law creates the California
Infrastructure and Economic Development Bank to assist in the
financing of various public infrastructure projects. Existing law
authorizes the state to issue tax-exempt revenue anticipation notes
backed by federal transportation appropriations.
This bill would create the California Transportation Financing
Authority with specified powers and duties relative to issuance of
bonds to fund transportation projects to be backed, in whole or in
part, by various revenue streams of transportation funds, and toll
revenues under certain conditions, in order to increase the
construction of new capacity or improvements for the state
transportation system consistent with specified goals. The bill would
set forth the requirements for a project sponsor to obtain bond
funding from the authority, would allow the authority to approve the
imposition and collection of tolls on a proposed project under
certain conditions, and would require the authority to report to the
California Transportation Commission annually beginning June 30,
2011. The bill would create the California Transportation Financing
Authority Fund, which would be continuously appropriated for these
purposes. The bill would enact other related provisions.
(2) Existing law, until January 1, 2012, authorizes a regional
transportation agency, in cooperation with the department, to apply
to the commission to develop and operate high-occupancy toll lanes,
with not more than 4 facilities to be approved under these
provisions. Following public hearings by the commission, the
commission is required to forward an eligible application and public
comments to the Legislature for approval or rejection of the project,
with approval to be achieved by the enactment of a statute.
This bill, with respect to these 4 projects, would delete the
requirement for the commission to forward the applications to the
Legislature for approval or rejection.
Comments/questions on AB 798 (Nava): California Transportation Financing Authority: toll facilities.
