30796. The San Diego-Coronado Bridge is the bridge, together with
necessary approaches, across San Diego Bay connecting the Cities of
San Diego and Coronado.
30796.1. The department shall endeavor to obtain funds from the
federal government and from other nonstate sources to conduct a study
on the feasibility of maintaining and operating a ferry system for
nonvehicular traffic, such as pedestrian traffic, between the Cities
of San Diego and Coronado. The department shall conduct such study
only if adequate funding is obtained.
30796.2. Upon a finding by the department that the operation of a
ferry system for nonvehicular traffic between the Cities of San Diego
and Coronado is feasible, the authority shall promptly take the
necessary steps to secure the consent of the holders of the
outstanding bonds secured by the revenues of the bridge to the
operation of such a ferry system.
30796.3. Upon the authority securing the consent of the bondholders
to the operation of a ferry system for nonvehicular traffic between
the Cities of San Diego and Coronado, the department shall grant a
franchise for the operation of such a ferry system at the earliest
possible date.
30796.4. The net revenues received by the department from the
operation of the ferry system shall be deposited in the San
Diego-Coronado Toll Bridge Revenue Fund.
30796.7. (a) Notwithstanding any other provision of law, the San
Diego Association of Governments, on behalf of the state, may impose
a toll on vehicles crossing the San Diego-Coronado Bridge. The toll
shall be established by the association after conducting at least one
public hearing.
(b) The authority of the commission relative to tolls on the
bridge is hereby transferred to the San Diego Association of
Governments. All tolls on the bridge shall be at the rates
established by the San Diego Association of Governments, except that
at no time shall the rate of toll for class 1 vehicles exceed one
dollar and fifty cents ($1.50) per vehicle.
(c) (1) The revenues from any tolls imposed on the bridge shall be
used first for expenses related to the collection of tolls,
including, but not limited to, the installation and operation of an
automated toll collection system, if that system is installed by the
association, and operation of the bridge, including, but not limited
to, reimbursement for any operating and retrofitting costs and,
second, for improvements to the bridge and its approaches. Tolls
shall be established at an amount which will generate revenue
sufficient to meet the requirements set forth in this paragraph, as
determined by the department. Maintenance of the bridge shall be
funded by the state under Section 188.4.
(2) The revenues from any tolls imposed on the bridge may also be
used for costs incurred by the San Diego Association of Governments
in administering this section and for any of the following:
(A) Transportation services that either increase the capacity of
the bridge and its approaches or reduce the demand for travel in the
transportation corridor that includes the bridge.
(B) Alternative forms of transportation, within the transportation
corridor that includes the bridge, that reduce congestion and air
pollution, including, but not limited to, ferry service and public
transit.
(C) Capital improvements and related expenditures within the
transportation corridor for construction and maintenance of bikeways.
(d) For the purposes of this section, "transportation corridor"
means the San Diego-Coronado Bridge and its approaches which extend
from Route 5 in the City of San Diego to the North Island Naval Air
Station via Route 282, and to the Naval Amphibious Base via Route 75
in the City of Coronado.
(e) All money deposited in the San Diego-Coronado Toll Bridge
Revenue Fund prior to March 26, 1992, and not expended, encumbered,
or programmed before January 1, 1994, is appropriated to the
Controller for allocation to the San Diego Association of Governments
for the purposes of paragraph (2) of subdivision (c).
(f) The San Diego Association of Governments shall include in the
regional transportation improvement program, and every update
thereof, an expenditure plan specifying the projects and programs
that are to be funded with toll revenues.
(g) If the San Diego Association of Governments, on behalf of the
state, imposes tolls pursuant to subdivision (a), it shall reimburse
the department for costs incurred by the department in operating the
bridge, collecting tolls, and performing other related services. The
association and the department shall enter into an agreement which
provides for the full reimbursement of the department for all
operating costs.
(h) The San Diego Association of Governments shall prepare an
annual audit of expenditures that are funded with toll revenues. The
audit shall be funded solely with toll revenues and shall not include
expenditures made by the department. The association shall review
the annual financial report on state-owned toll bridges that is
prepared by the department for revenues collected under this section.
30796.8. The department may permit any class of vehicles to use the
bridge on a credit basis without posting the security required by
Section 30158.
30796.9. (a) The San Diego Association of Governments shall deposit
thirty-three million dollars ($33,000,000) in the Toll Bridge
Seismic Retrofit Account in the State Transportation Fund.
(b) Maintenance of the San Diego-Coronado Bridge shall be funded
by the state pursuant to Section 188.4.
(c) Of the thirty-three million dollars ($33,000,000) in local
funds to be paid by the San Diego Association of Governments as the
local toll authority for the San Diego-Coronado Bridge, not less than
ten million dollars ($10,000,000) shall be paid from local toll
revenue reserve funds. The balance of funds shall be paid from toll
bridge revenue bonds, as specified in Section 30796.10, supported by
toll revenue. This revenue shall consist of the net toll revenue
gained from shifting the cost of bridge maintenance to be funded by
the state pursuant to Section 188.4 and by all or part of the
remaining toll revenues.
30796.10. (a) The San Diego Association of Governments may issue
bonds payable from the revenues derived from the tolls imposed on the
bridge. The bonds may be issued by the San Diego Association of
Governments at any time, and from time to time payable from the
revenues from the tolls. The bonds shall be referred to as "toll
bridge revenue bonds." The association shall be an instrumentality of
the state for the purposes of those issuances.
(b) The revenues from the tolls on the bridge shall be subject to
a statutory lien in favor of the bondholders to secure all amounts
due on the bonds and in favor of any provider of credit enhancement
for the bonds to secure all amounts due to the provider with respect
to those bonds. The lien shall immediately attach to the toll
revenues and be effective, binding, and enforceable against the San
Diego Association of Governments, its successors, creditors, and all
others asserting the rights therein, irrespective of whether those
parties have notice of the lien and without the need for any physical
delivery, recordation, filing, or further act. The toll revenues
shall remain subject to the lien until all bonds are paid in full or
provisions are made therefor. The bridge shall not become a free
public bridge until that time.
(c) The liens on toll revenues created by this section shall be
subject to expenditures for the collection of tolls, if those
expenditures are not otherwise provided for by statute, including,
but not limited to, expenditures relating to the installation and
operation of an automated toll collection system, if that system is
installed by the association, but shall have priority over the use of
any of the toll revenues for improvements undertaken pursuant to the
authorization contained in subdivision (c) of Section 30796.7.
(d) Toll bridge revenue bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by the San
Diego Association of Governments by a majority vote of the governing
board of the association.
The San Diego Association of Governments may from time to time,
issue bonds in accordance with the Revenue Bond Law of 1941 (Chapter
6 (commencing with Section 54300) of Part 1 of Division 2 of Title 5
of the Government Code), for the purpose of constructing, improving,
or equipping the bridge, or for any of the purposes authorized by
Section 30796.7 for the expenditure of toll revenues. Operation of
the bridge shall constitute an "enterprise" within the meaning of
Section 54309 of the Government Code, and the San Diego Association
of Governments shall constitute a "local agency" within the meaning
of Section 54307 of the Government Code. Article 3 (commencing with
Section 54380) of Chapter 6 of Part 1 of Division 2 of Title 5 of the
Government Code shall not apply to the issuance and sale of bonds
pursuant to this section. Instead, the San Diego Association of
Governments shall authorize the issuance of bonds by resolution,
which resolution shall specify all of the following:
(1) The purposes for which the bonds are to be issued.
(2) The maximum principal amount of the bonds.
(3) The maximum term for the bonds.
(e) The maximum rate of interest to be payable upon the bond which
interest rates shall not exceed the maximum rate specified in
Section 53531 of the Government Code. The rate may be either fixed or
variable and shall be payable at the times and in the manner
specified in the resolution.
(f) Interest on any bonds issued pursuant to this section shall at
all times be free from state personal income tax and corporate
income tax.
(g) Any bonds issued pursuant to this section are a legal
investment for all trust funds; for the funds of insurance companies,
commercial and savings banks, and trust companies; and for state
school funds. Whenever any money or funds may, by any law now or
hereafter enacted, be invested in bonds of cities, counties, school
districts, or other districts within the state, those funds may be
invested in the bonds issued pursuant to this section, and whenever
bonds of cities, counties, school districts, or other districts
within this state may, by any law now or hereafter enacted, be used
as security for the performance of any act or the deposit of any
public money, the bonds issued pursuant to this section may be so
used. The provisions of this section are in addition to all other
laws relating to legal investments and shall be controlling as the
latest expression of the Legislature with respect thereto.
(h) The State of California pledges and agrees with the holders of
the bonds issued pursuant to this chapter, and with those parties
who may enter into contracts with the San Diego Association of
Governments pursuant to the provisions of this chapter, that the
state will not limit, alter, or restrict the rights hereby vested in
the San Diego Association of Governments to finance the toll bridge
improvements and other projects and programs authorized by this
chapter. The State of California pledges and agrees not to impair the
terms of any agreements made with the holders of bonds, and with the
parties who may enter into contracts with the San Diego Association
of Governments pursuant to this chapter, and pledges and agrees not
to impair the rights or remedies of the holders of any revenue bonds
or any parties until the bonds, together with interest, are fully
paid and discharged and any contracts are fully performed on the part
of the San Diego Association of Governments.
(i) The San Diego Association of Governments may include the
pledges made under this section in its revenue bonds.
30796. The San Diego-Coronado Bridge is the bridge, together with
necessary approaches, across San Diego Bay connecting the Cities of
San Diego and Coronado.
30796.1. The department shall endeavor to obtain funds from the
federal government and from other nonstate sources to conduct a study
on the feasibility of maintaining and operating a ferry system for
nonvehicular traffic, such as pedestrian traffic, between the Cities
of San Diego and Coronado. The department shall conduct such study
only if adequate funding is obtained.
30796.2. Upon a finding by the department that the operation of a
ferry system for nonvehicular traffic between the Cities of San Diego
and Coronado is feasible, the authority shall promptly take the
necessary steps to secure the consent of the holders of the
outstanding bonds secured by the revenues of the bridge to the
operation of such a ferry system.
30796.3. Upon the authority securing the consent of the bondholders
to the operation of a ferry system for nonvehicular traffic between
the Cities of San Diego and Coronado, the department shall grant a
franchise for the operation of such a ferry system at the earliest
possible date.
30796.4. The net revenues received by the department from the
operation of the ferry system shall be deposited in the San
Diego-Coronado Toll Bridge Revenue Fund.
30796.7. (a) Notwithstanding any other provision of law, the San
Diego Association of Governments, on behalf of the state, may impose
a toll on vehicles crossing the San Diego-Coronado Bridge. The toll
shall be established by the association after conducting at least one
public hearing.
(b) The authority of the commission relative to tolls on the
bridge is hereby transferred to the San Diego Association of
Governments. All tolls on the bridge shall be at the rates
established by the San Diego Association of Governments, except that
at no time shall the rate of toll for class 1 vehicles exceed one
dollar and fifty cents ($1.50) per vehicle.
(c) (1) The revenues from any tolls imposed on the bridge shall be
used first for expenses related to the collection of tolls,
including, but not limited to, the installation and operation of an
automated toll collection system, if that system is installed by the
association, and operation of the bridge, including, but not limited
to, reimbursement for any operating and retrofitting costs and,
second, for improvements to the bridge and its approaches. Tolls
shall be established at an amount which will generate revenue
sufficient to meet the requirements set forth in this paragraph, as
determined by the department. Maintenance of the bridge shall be
funded by the state under Section 188.4.
(2) The revenues from any tolls imposed on the bridge may also be
used for costs incurred by the San Diego Association of Governments
in administering this section and for any of the following:
(A) Transportation services that either increase the capacity of
the bridge and its approaches or reduce the demand for travel in the
transportation corridor that includes the bridge.
(B) Alternative forms of transportation, within the transportation
corridor that includes the bridge, that reduce congestion and air
pollution, including, but not limited to, ferry service and public
transit.
(C) Capital improvements and related expenditures within the
transportation corridor for construction and maintenance of bikeways.
(d) For the purposes of this section, "transportation corridor"
means the San Diego-Coronado Bridge and its approaches which extend
from Route 5 in the City of San Diego to the North Island Naval Air
Station via Route 282, and to the Naval Amphibious Base via Route 75
in the City of Coronado.
(e) All money deposited in the San Diego-Coronado Toll Bridge
Revenue Fund prior to March 26, 1992, and not expended, encumbered,
or programmed before January 1, 1994, is appropriated to the
Controller for allocation to the San Diego Association of Governments
for the purposes of paragraph (2) of subdivision (c).
(f) The San Diego Association of Governments shall include in the
regional transportation improvement program, and every update
thereof, an expenditure plan specifying the projects and programs
that are to be funded with toll revenues.
(g) If the San Diego Association of Governments, on behalf of the
state, imposes tolls pursuant to subdivision (a), it shall reimburse
the department for costs incurred by the department in operating the
bridge, collecting tolls, and performing other related services. The
association and the department shall enter into an agreement which
provides for the full reimbursement of the department for all
operating costs.
(h) The San Diego Association of Governments shall prepare an
annual audit of expenditures that are funded with toll revenues. The
audit shall be funded solely with toll revenues and shall not include
expenditures made by the department. The association shall review
the annual financial report on state-owned toll bridges that is
prepared by the department for revenues collected under this section.
30796.8. The department may permit any class of vehicles to use the
bridge on a credit basis without posting the security required by
Section 30158.
30796.9. (a) The San Diego Association of Governments shall deposit
thirty-three million dollars ($33,000,000) in the Toll Bridge
Seismic Retrofit Account in the State Transportation Fund.
(b) Maintenance of the San Diego-Coronado Bridge shall be funded
by the state pursuant to Section 188.4.
(c) Of the thirty-three million dollars ($33,000,000) in local
funds to be paid by the San Diego Association of Governments as the
local toll authority for the San Diego-Coronado Bridge, not less than
ten million dollars ($10,000,000) shall be paid from local toll
revenue reserve funds. The balance of funds shall be paid from toll
bridge revenue bonds, as specified in Section 30796.10, supported by
toll revenue. This revenue shall consist of the net toll revenue
gained from shifting the cost of bridge maintenance to be funded by
the state pursuant to Section 188.4 and by all or part of the
remaining toll revenues.
30796.10. (a) The San Diego Association of Governments may issue
bonds payable from the revenues derived from the tolls imposed on the
bridge. The bonds may be issued by the San Diego Association of
Governments at any time, and from time to time payable from the
revenues from the tolls. The bonds shall be referred to as "toll
bridge revenue bonds." The association shall be an instrumentality of
the state for the purposes of those issuances.
(b) The revenues from the tolls on the bridge shall be subject to
a statutory lien in favor of the bondholders to secure all amounts
due on the bonds and in favor of any provider of credit enhancement
for the bonds to secure all amounts due to the provider with respect
to those bonds. The lien shall immediately attach to the toll
revenues and be effective, binding, and enforceable against the San
Diego Association of Governments, its successors, creditors, and all
others asserting the rights therein, irrespective of whether those
parties have notice of the lien and without the need for any physical
delivery, recordation, filing, or further act. The toll revenues
shall remain subject to the lien until all bonds are paid in full or
provisions are made therefor. The bridge shall not become a free
public bridge until that time.
(c) The liens on toll revenues created by this section shall be
subject to expenditures for the collection of tolls, if those
expenditures are not otherwise provided for by statute, including,
but not limited to, expenditures relating to the installation and
operation of an automated toll collection system, if that system is
installed by the association, but shall have priority over the use of
any of the toll revenues for improvements undertaken pursuant to the
authorization contained in subdivision (c) of Section 30796.7.
(d) Toll bridge revenue bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by the San
Diego Association of Governments by a majority vote of the governing
board of the association.
The San Diego Association of Governments may from time to time,
issue bonds in accordance with the Revenue Bond Law of 1941 (Chapter
6 (commencing with Section 54300) of Part 1 of Division 2 of Title 5
of the Government Code), for the purpose of constructing, improving,
or equipping the bridge, or for any of the purposes authorized by
Section 30796.7 for the expenditure of toll revenues. Operation of
the bridge shall constitute an "enterprise" within the meaning of
Section 54309 of the Government Code, and the San Diego Association
of Governments shall constitute a "local agency" within the meaning
of Section 54307 of the Government Code. Article 3 (commencing with
Section 54380) of Chapter 6 of Part 1 of Division 2 of Title 5 of the
Government Code shall not apply to the issuance and sale of bonds
pursuant to this section. Instead, the San Diego Association of
Governments shall authorize the issuance of bonds by resolution,
which resolution shall specify all of the following:
(1) The purposes for which the bonds are to be issued.
(2) The maximum principal amount of the bonds.
(3) The maximum term for the bonds.
(e) The maximum rate of interest to be payable upon the bond which
interest rates shall not exceed the maximum rate specified in
Section 53531 of the Government Code. The rate may be either fixed or
variable and shall be payable at the times and in the manner
specified in the resolution.
(f) Interest on any bonds issued pursuant to this section shall at
all times be free from state personal income tax and corporate
income tax.
(g) Any bonds issued pursuant to this section are a legal
investment for all trust funds; for the funds of insurance companies,
commercial and savings banks, and trust companies; and for state
school funds. Whenever any money or funds may, by any law now or
hereafter enacted, be invested in bonds of cities, counties, school
districts, or other districts within the state, those funds may be
invested in the bonds issued pursuant to this section, and whenever
bonds of cities, counties, school districts, or other districts
within this state may, by any law now or hereafter enacted, be used
as security for the performance of any act or the deposit of any
public money, the bonds issued pursuant to this section may be so
used. The provisions of this section are in addition to all other
laws relating to legal investments and shall be controlling as the
latest expression of the Legislature with respect thereto.
(h) The State of California pledges and agrees with the holders of
the bonds issued pursuant to this chapter, and with those parties
who may enter into contracts with the San Diego Association of
Governments pursuant to the provisions of this chapter, that the
state will not limit, alter, or restrict the rights hereby vested in
the San Diego Association of Governments to finance the toll bridge
improvements and other projects and programs authorized by this
chapter. The State of California pledges and agrees not to impair the
terms of any agreements made with the holders of bonds, and with the
parties who may enter into contracts with the San Diego Association
of Governments pursuant to this chapter, and pledges and agrees not
to impair the rights or remedies of the holders of any revenue bonds
or any parties until the bonds, together with interest, are fully
paid and discharged and any contracts are fully performed on the part
of the San Diego Association of Governments.
(i) The San Diego Association of Governments may include the
pledges made under this section in its revenue bonds.
30796. The San Diego-Coronado Bridge is the bridge, together with
necessary approaches, across San Diego Bay connecting the Cities of
San Diego and Coronado.
30796.1. The department shall endeavor to obtain funds from the
federal government and from other nonstate sources to conduct a study
on the feasibility of maintaining and operating a ferry system for
nonvehicular traffic, such as pedestrian traffic, between the Cities
of San Diego and Coronado. The department shall conduct such study
only if adequate funding is obtained.
30796.2. Upon a finding by the department that the operation of a
ferry system for nonvehicular traffic between the Cities of San Diego
and Coronado is feasible, the authority shall promptly take the
necessary steps to secure the consent of the holders of the
outstanding bonds secured by the revenues of the bridge to the
operation of such a ferry system.
30796.3. Upon the authority securing the consent of the bondholders
to the operation of a ferry system for nonvehicular traffic between
the Cities of San Diego and Coronado, the department shall grant a
franchise for the operation of such a ferry system at the earliest
possible date.
30796.4. The net revenues received by the department from the
operation of the ferry system shall be deposited in the San
Diego-Coronado Toll Bridge Revenue Fund.
30796.7. (a) Notwithstanding any other provision of law, the San
Diego Association of Governments, on behalf of the state, may impose
a toll on vehicles crossing the San Diego-Coronado Bridge. The toll
shall be established by the association after conducting at least one
public hearing.
(b) The authority of the commission relative to tolls on the
bridge is hereby transferred to the San Diego Association of
Governments. All tolls on the bridge shall be at the rates
established by the San Diego Association of Governments, except that
at no time shall the rate of toll for class 1 vehicles exceed one
dollar and fifty cents ($1.50) per vehicle.
(c) (1) The revenues from any tolls imposed on the bridge shall be
used first for expenses related to the collection of tolls,
including, but not limited to, the installation and operation of an
automated toll collection system, if that system is installed by the
association, and operation of the bridge, including, but not limited
to, reimbursement for any operating and retrofitting costs and,
second, for improvements to the bridge and its approaches. Tolls
shall be established at an amount which will generate revenue
sufficient to meet the requirements set forth in this paragraph, as
determined by the department. Maintenance of the bridge shall be
funded by the state under Section 188.4.
(2) The revenues from any tolls imposed on the bridge may also be
used for costs incurred by the San Diego Association of Governments
in administering this section and for any of the following:
(A) Transportation services that either increase the capacity of
the bridge and its approaches or reduce the demand for travel in the
transportation corridor that includes the bridge.
(B) Alternative forms of transportation, within the transportation
corridor that includes the bridge, that reduce congestion and air
pollution, including, but not limited to, ferry service and public
transit.
(C) Capital improvements and related expenditures within the
transportation corridor for construction and maintenance of bikeways.
(d) For the purposes of this section, "transportation corridor"
means the San Diego-Coronado Bridge and its approaches which extend
from Route 5 in the City of San Diego to the North Island Naval Air
Station via Route 282, and to the Naval Amphibious Base via Route 75
in the City of Coronado.
(e) All money deposited in the San Diego-Coronado Toll Bridge
Revenue Fund prior to March 26, 1992, and not expended, encumbered,
or programmed before January 1, 1994, is appropriated to the
Controller for allocation to the San Diego Association of Governments
for the purposes of paragraph (2) of subdivision (c).
(f) The San Diego Association of Governments shall include in the
regional transportation improvement program, and every update
thereof, an expenditure plan specifying the projects and programs
that are to be funded with toll revenues.
(g) If the San Diego Association of Governments, on behalf of the
state, imposes tolls pursuant to subdivision (a), it shall reimburse
the department for costs incurred by the department in operating the
bridge, collecting tolls, and performing other related services. The
association and the department shall enter into an agreement which
provides for the full reimbursement of the department for all
operating costs.
(h) The San Diego Association of Governments shall prepare an
annual audit of expenditures that are funded with toll revenues. The
audit shall be funded solely with toll revenues and shall not include
expenditures made by the department. The association shall review
the annual financial report on state-owned toll bridges that is
prepared by the department for revenues collected under this section.
30796.8. The department may permit any class of vehicles to use the
bridge on a credit basis without posting the security required by
Section 30158.
30796.9. (a) The San Diego Association of Governments shall deposit
thirty-three million dollars ($33,000,000) in the Toll Bridge
Seismic Retrofit Account in the State Transportation Fund.
(b) Maintenance of the San Diego-Coronado Bridge shall be funded
by the state pursuant to Section 188.4.
(c) Of the thirty-three million dollars ($33,000,000) in local
funds to be paid by the San Diego Association of Governments as the
local toll authority for the San Diego-Coronado Bridge, not less than
ten million dollars ($10,000,000) shall be paid from local toll
revenue reserve funds. The balance of funds shall be paid from toll
bridge revenue bonds, as specified in Section 30796.10, supported by
toll revenue. This revenue shall consist of the net toll revenue
gained from shifting the cost of bridge maintenance to be funded by
the state pursuant to Section 188.4 and by all or part of the
remaining toll revenues.
30796.10. (a) The San Diego Association of Governments may issue
bonds payable from the revenues derived from the tolls imposed on the
bridge. The bonds may be issued by the San Diego Association of
Governments at any time, and from time to time payable from the
revenues from the tolls. The bonds shall be referred to as "toll
bridge revenue bonds." The association shall be an instrumentality of
the state for the purposes of those issuances.
(b) The revenues from the tolls on the bridge shall be subject to
a statutory lien in favor of the bondholders to secure all amounts
due on the bonds and in favor of any provider of credit enhancement
for the bonds to secure all amounts due to the provider with respect
to those bonds. The lien shall immediately attach to the toll
revenues and be effective, binding, and enforceable against the San
Diego Association of Governments, its successors, creditors, and all
others asserting the rights therein, irrespective of whether those
parties have notice of the lien and without the need for any physical
delivery, recordation, filing, or further act. The toll revenues
shall remain subject to the lien until all bonds are paid in full or
provisions are made therefor. The bridge shall not become a free
public bridge until that time.
(c) The liens on toll revenues created by this section shall be
subject to expenditures for the collection of tolls, if those
expenditures are not otherwise provided for by statute, including,
but not limited to, expenditures relating to the installation and
operation of an automated toll collection system, if that system is
installed by the association, but shall have priority over the use of
any of the toll revenues for improvements undertaken pursuant to the
authorization contained in subdivision (c) of Section 30796.7.
(d) Toll bridge revenue bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by the San
Diego Association of Governments by a majority vote of the governing
board of the association.
The San Diego Association of Governments may from time to time,
issue bonds in accordance with the Revenue Bond Law of 1941 (Chapter
6 (commencing with Section 54300) of Part 1 of Division 2 of Title 5
of the Government Code), for the purpose of constructing, improving,
or equipping the bridge, or for any of the purposes authorized by
Section 30796.7 for the expenditure of toll revenues. Operation of
the bridge shall constitute an "enterprise" within the meaning of
Section 54309 of the Government Code, and the San Diego Association
of Governments shall constitute a "local agency" within the meaning
of Section 54307 of the Government Code. Article 3 (commencing with
Section 54380) of Chapter 6 of Part 1 of Division 2 of Title 5 of the
Government Code shall not apply to the issuance and sale of bonds
pursuant to this section. Instead, the San Diego Association of
Governments shall authorize the issuance of bonds by resolution,
which resolution shall specify all of the following:
(1) The purposes for which the bonds are to be issued.
(2) The maximum principal amount of the bonds.
(3) The maximum term for the bonds.
(e) The maximum rate of interest to be payable upon the bond which
interest rates shall not exceed the maximum rate specified in
Section 53531 of the Government Code. The rate may be either fixed or
variable and shall be payable at the times and in the manner
specified in the resolution.
(f) Interest on any bonds issued pursuant to this section shall at
all times be free from state personal income tax and corporate
income tax.
(g) Any bonds issued pursuant to this section are a legal
investment for all trust funds; for the funds of insurance companies,
commercial and savings banks, and trust companies; and for state
school funds. Whenever any money or funds may, by any law now or
hereafter enacted, be invested in bonds of cities, counties, school
districts, or other districts within the state, those funds may be
invested in the bonds issued pursuant to this section, and whenever
bonds of cities, counties, school districts, or other districts
within this state may, by any law now or hereafter enacted, be used
as security for the performance of any act or the deposit of any
public money, the bonds issued pursuant to this section may be so
used. The provisions of this section are in addition to all other
laws relating to legal investments and shall be controlling as the
latest expression of the Legislature with respect thereto.
(h) The State of California pledges and agrees with the holders of
the bonds issued pursuant to this chapter, and with those parties
who may enter into contracts with the San Diego Association of
Governments pursuant to the provisions of this chapter, that the
state will not limit, alter, or restrict the rights hereby vested in
the San Diego Association of Governments to finance the toll bridge
improvements and other projects and programs authorized by this
chapter. The State of California pledges and agrees not to impair the
terms of any agreements made with the holders of bonds, and with the
parties who may enter into contracts with the San Diego Association
of Governments pursuant to this chapter, and pledges and agrees not
to impair the rights or remedies of the holders of any revenue bonds
or any parties until the bonds, together with interest, are fully
paid and discharged and any contracts are fully performed on the part
of the San Diego Association of Governments.
(i) The San Diego Association of Governments may include the
pledges made under this section in its revenue bonds.
