State Codes and Statutes

Statutes > California > Shc > 30950-30963

STREETS AND HIGHWAYS CODE
SECTION 30950-30963



30950.  For the purposes of this chapter, Chapter 4 (commencing with
Section 30910), and Chapter 4.5 (commencing with Section 31000),
"the authority" is the Bay Area Toll Authority, which is hereby
created. The authority is a public instrumentality governed by the
same board as that governing the Metropolitan Transportation
Commission. The authority is, however, a separate entity from the
Metropolitan Transportation Commission.



30950.1.  The authority shall adopt an annual budget. The members of
the authority shall be compensated as determined by the authority
and shall be reimbursed for necessary and reasonable expenses
incurred in connection with performing authority duties. The
authority shall pay all costs required by this section.



30950.2.  (a) Except as provided in subdivision (b), the authority
is responsible for the administration of all toll revenues from
state-owned toll bridges within the geographic jurisdiction of the
Metropolitan Transportation Commission.
   (b) Notwithstanding any other provision of law, until such time as
obligations of the California Infrastructure and Economic
Development Bank secured by the seismic retrofit surcharge imposed
pursuant to subdivision (a) of Section 31010 are no longer
outstanding, as that term is defined in the constituent instruments
defining the rights of the holders of those obligations, both of the
following apply:
   (1) The phrase "toll revenues" as used in Chapter 4 (commencing
with Section 30910) and this chapter shall not include the seismic
retrofit surcharge imposed pursuant to subdivision (a) of Section
31010.
   (2) The seismic retrofit surcharge imposed pursuant to subdivision
(a) of Section 31010 shall remain pledged to the payment of
obligations incurred by the California Infrastructure and Economic
Development Bank under Chapter 4.6 (commencing with Section 31070).



30950.3.  (a) The authority shall prepare, adopt, and from time to
time revise, a long-range plan for the completion of all projects
within its jurisdiction, including those of the Regional Traffic
Relief Plan.
   (b) The authority shall give first priority to projects and
expenditures that are deemed necessary by the department to preserve
and protect the bridge structures.



30950.4.  All authority of the California Transportation Commission
as to the bay area bridges is transferred to the authority.



30951.  The authority is authorized in its own name to do all acts
necessary or convenient for the exercise of its powers under this
division and the financing of projects, including, but not limited
to, the following:
   (a) To make and enter into contracts.
   (b) To employ agents or employees.
   (c) To acquire, construct, manage, maintain, lease, or operate any
public facility or improvements.
   (d) To sue and be sued in its own name.
   (e) To issue bonds and otherwise to incur debts, liabilities, or
obligations.
   (f) To apply for, accept, receive, and disburse grants, loans, and
other assistance from any agency of the United States of America or
of the State of California.
   (g) To invest any money not required for the immediate necessities
of the authority, as the authority determines is advisable.
   (h) To apply for letters of credit or other forms of financial
guarantees in order to secure the repayment of bonds and to enter
into agreements in connection with those letters of credit or
financial guarantees.


30952.  The department shall collect tolls, operate, maintain, and
provide rehabilitation of all bridges described in Section 30910,
including toll facilities, and be responsible for the design and
construction of improvements on those bridges in accordance with
programming and scheduling requirements adopted by the authority. The
department and the authority shall enter into a cooperative
agreement upon terms and conditions that they shall deem mutually
agreeable, including, without limitation, provisions for the
department to provide for the operation of the bridges and the
planning, design, and construction of improvements to the bridges
paid for by revenues from tolls collected.



30952.05.  (a) The authority and the department shall amend the
cooperative agreement required by Section 30952 to incorporate the
project oversight and control responsibilities described in this
section relative to the construction of the Benicia-Martinez Bridge,
as described in Section 30917, and the state toll bridge seismic
retrofit program, as described in Section 188.5 as that section read
on January 1, 2005.
   (b) The department shall develop specifications and bid documents
and invite bids and award contracts for the Benicia-Martinez Bridge,
as described in Section 30917, and the state toll bridge seismic
retrofit program projects. All contract specifications and bid
documents shall be reviewed and approved by the authority prior to
their release.
   (c) The Toll Bridge Program Oversight Committee, created pursuant
to Section 30952.1, shall implement a project oversight and project
control process for the Benicia-Martinez Bridge project and the state
toll bridge seismic retrofit program projects. The committee's
project oversight and control processes shall include, but not be
limited to, reviewing bid specifications and documents, providing
field staff to review ongoing costs, reviewing and approving
significant change orders and claims (as determined by the
committee), and preparing project reports.
   (d) The authority may contract with, and oversee, one or more
consulting firms to provide the services described in subdivision (c)
and subdivision (a) of Section 30952.1. All contracts shall be
reviewed and approved by the committee prior to their execution. The
authority's expenses incurred for project oversight and control
services may be reimbursed by toll revenue collected pursuant to
Section 30916, 31010, or 31011.
   (e) To ensure that the department manages the risks associated
with the toll bridge seismic retrofit projects, the department shall,
at a minimum, take all of the following actions:
   (1) Establish a comprehensive risk management plan that clearly
defines roles and responsibilities for risk management and addresses
the process by which it will identify and quantify project risks,
implement and track risk response activities, and monitor and control
risks throughout the duration of the project.
   (2) Quantify the effect of identified risks in financial terms.
   (3) Develop and maintain documents to track identified risks and
related mitigation steps.
   (4) Regularly update its estimates of capital and capital outlay
support costs.
   (5) Regularly reassess its reserves for potential claims and
unknown risks, incorporating information related to risks identified
and quantified through its risk assessment processes.
   (6) Regularly integrate estimates for capital, capital outlay
support costs, and contingency reserves into a programwide report.
   (7) Ensure that reports to the Federal Highway Administration and
others reflect current data and provide an accurate representation of
the project's status.
   (8) When unexpected events occur, quickly inform the committee
created in Section 30952.1 describing the effects of these key events
on the project's overall budget and schedule.



30952.1.  (a) The authority and the department shall establish a
Toll Bridge Program Oversight Committee, which shall consist of the
director, the authority's executive director, and the Executive
Director of the California Transportation Commission. The committee
may establish a project management team to assist it in performing
the duties required of it under this section and Section 30952.05.
   (b) The Toll Bridge Program Oversight Committee shall review
project status, program costs, and schedules; resolve project issues;
evaluate project changes; develop and regularly update cost
estimates, risk assessments, and cashflow requirements for all phases
of the toll bridge projects; and provide program direction.
   (c) In addition to the duties described in subdivision (b), the
committee shall review project staffing levels and structures, and
consultant and contractor services related to the Benicia-Martinez
Bridge construction project, as described in Section 30917, and the
state toll bridge seismic retrofit program, as described in Section
188.5.
   (d) Expenses incurred by the department, the authority, and the
California Transportation Commission for costs directly related to
duties required by this section, Section 30952, and Section 30952.05
shall be reimbursed by toll revenue collected pursuant to Section
30916, 31010, or 31011.
   (e) The Toll Bridge Program Oversight Committee is not a state
body as that term is defined in Article 9 (commencing with Section
11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the
Government Code or a local agency as that term is defined in the
Ralph M. Brown Act (Chapter 9 (commencing with Section 54950) of Part
1 of Division 2 of Title 5 of the Government Code).



30952.2.  (a) The department shall provide monthly reports to the
Toll Bridge Program Oversight Committee, including, but not limited
to, the construction status, actual expenditures, and forecasted
costs and schedules for the Benicia-Martinez Bridge construction
project and the state toll bridge seismic retrofit program projects.
   (b) (1) Commencing August 15, 2005, and quarterly thereafter until
completion of all applicable projects, the Toll Bridge Program
Oversight Committee shall provide quarterly reports within 45 days of
the end of each quarter to the transportation and fiscal committees
of both houses of the Legislature and the California Transportation
Commission for the toll bridge seismic retrofit program in
subdivision (a) of Section 188.5.
   (2) The report shall include details of each toll bridge seismic
retrofit project and all information necessary to clearly describe
the status of the project, including, but not limited to, all of the
following:
   (A) A progress report.
   (B) The baseline budget for capital and capital outlay support
costs for the revised program cost estimate, as described in Section
188.6.
   (C) The current or projected budget for capital and capital outlay
support costs.
   (D) Expenditures to date for capital and capital outlay support
costs.
   (E) A comparison of the current or projected schedule and the
baseline schedule that was assumed.
   (F) A summary of milestones achieved during the quarterly period
and any issues identified and actions taken to address those issues.
   (G) A summary of the expenses incurred by the Toll Bridge Program
Oversight Committee to perform the duties required by Sections
30952.05 and 30952.1.
   (H) A summary of the incentives, disincentives, and criteria for
each utilized by the department, and the expenses incurred by the
department, pursuant to Section 30952.3.
   (3) The report described in paragraph (1) shall also include a
programwide summary of the program's budget status for capital and
capital outlay support costs.



30952.3.  Notwithstanding any other provision of law, the department
may, from the resources provided in, and for the purpose of,
Sections 188.5 and 188.6, include incentives or disincentives, or
both, to maximize the number of bidders participating in a bid
process relative to toll bridge seismic retrofit and replacement
projects, and to encourage the timely and thorough completion of
contracts awarded for those projects.



30953.  Toll revenues and all other income derived from bridges
pursuant to Chapter 4 (commencing with Section 30910) shall be
deposited in the Bay Area Toll Account, which is hereby created.



30954.  At such time as obligations of the California Infrastructure
and Economic Development Bank secured by the seismic retrofit
surcharge imposed under subdivision (a) of Section 31010 are no
longer outstanding, as that term is defined in the constituent
instruments defining the rights of the holders of those obligations,
all revenues, interest earned, and existing fund balances in the Toll
Bridge Seismic Retrofit Account shall be transferred to the
authority for deposit in the Bay Area Toll Account.



30958.  After payments for debt service on outstanding bonds, and
the costs for the operation and maintenance expenses set forth in
Section 30952 are provided for, and after all direct operating costs
of the authority are provided for, the authority may retain, for its
cost in administering this article, an amount not to exceed 1 percent
of the gross annual bridge revenues.



30959.  The authority may make contributions to the commission in
furtherance of the exercise of the authority's powers under this
division, including, without limitation, contributions in the form of
personnel services, office space, and funding. The authority may
also make contributions to the commission on a reimbursement-for-cost
basis; provided, however, that reimbursement shall not be required
to the extent that the contributions provided to the commission are
determined by the authority to be in furtherance of the exercise of
the authority's powers under this division.



30960.  (a) The authority may issue both defeasance and future
capital project bonds payable from the revenues of the tolls imposed
on the bridges described in Section 30910. The bonds or commercial
paper may be issued by the authority at any time, and from time to
time, payable from the revenues from the tolls. The bonds or
commercial paper shall be referred to as "toll bridge revenue bonds."
   (b) The revenues from the tolls on the bridges described in
Section 30910 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 that provider with respect to those bonds, and the
lien shall immediately attach to those toll revenues and be
effective, binding, and enforceable against the authority, its
successors, creditors, and all others asserting 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, and the toll revenues shall remain subject to that lien
until all bonds are paid in full or provision made therefor, and the
bridges shall not become toll-free prior to that time.
   (c) The liens on toll revenues created by this chapter shall be
subject to expenditures for operation and maintenance of the bridges,
including toll collection, unless those expenditures are otherwise
provided for by statute.
   (d) Interest on any bonds issued pursuant to this chapter shall at
all times be free from state personal income tax and corporate
income tax.



30961.  Toll bridge revenue bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by the
authority by a majority vote of all members of the authority.
   (a) The authority 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 any of the
bridges or for any of the purposes authorized by this chapter,
Chapter 4 (commencing with Section 30910), or Chapter 4.5 (commencing
with Section 31000). Operation of the bridges or any grouping or
units thereof shall constitute an "enterprise" within the meaning of
Section 54309 of the Government Code, and the authority 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
chapter. Instead, the authority shall authorize the issuance of bonds
by resolution, and that 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 or commercial paper.
   (4) The maximum rate of interest to be payable upon the bonds or
commercial paper. That interest rate 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.
   (b) The authority shall keep full and complete accounts for toll
revenues and expenses of the toll bridges and shall annually prepare
balance sheets showing the financial condition of the entire toll
bridge enterprise as well as toll revenues and operating costs for
each toll bridge. The accounts and related reports shall be
maintained and prepared in accordance with generally accepted
accounting practices and shall be subject to an annual audit
conducted by an independent certified public accountancy firm
licensed to practice in the state.
   (c) The authority may issue toll bridge revenue bonds to provide
the department with sufficient funds to combine with the unspent
proceeds of outstanding obligations of the California Infrastructure
and Economic Development Bank under Chapter 4.6 (commencing with
Section 31070) to establish that those obligations are no longer
outstanding, as that term is defined in the constituent instruments
defining the rights of the holders of those obligations.
   (d) As and when requested by the authority, the department and the
California Infrastructure and Economic Development Bank shall take
all actions necessary or appropriate to promptly establish that
obligations of the bank under Chapter 4.6 (commencing with Section
31070) are no longer outstanding and to effect the consolidation of
toll revenues in accordance with Section 188.6.



30961.1.  Not later than December 31, 2005, the California
Transportation Commission, in consultation with the department and
the authority, shall adopt a schedule for the payment of the
remaining state contributions identified in Sections 188.5 and 188.6
for the toll bridge seismic retrofit and replacement projects
identified in Section 188.5. The schedule shall include the timing
and sources of the state contributions to the state toll bridge
seismic retrofit and replacement program. The schedule shall provide
for the state contributions to be made available for expenditure
commencing in the fiscal year 2005-06, and in a manner that
distributes the state contributions over the years during which
construction of the toll bridge seismic retrofit and replacement
program occurs, ensures that the state contributions provide a timely
balance between those sources and the contribution from toll
revenues, and, to the extent possible, minimizes the impact on state
transportation programs. The schedule shall include and make
available for expenditure, the state contribution identified in
subparagraph (B) of paragraph (8) of subdivision (b) of Section 188.5
commencing in fiscal year 2008-09, and shall distribute it over that
fiscal year and each of the fiscal years during which construction
of the state toll bridge seismic retrofit and replacement program
occurs. The California Transportation Commission, in consultation
with the department and the authority, may update and revise the
schedule as it determines is necessary.



30962.  Any bonds or commercial paper issued pursuant to this
chapter 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 chapter, 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 chapter may be so used. The provisions of this chapter 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.


30963.  (a) 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 authority pursuant to
this chapter, that the state will not limit, alter, or restrict the
rights hereby vested in the authority to finance the toll bridge
improvements authorized by this chapter, Chapter 4 (commencing with
Section 30910), or Chapter 4.5 (commencing with Section 31000). 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 authority 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 authority.
   (b) Nothing in this section shall be deemed to pledge the full
faith and credit of the State of California.
   (c) The authority may include the pledges made pursuant to this
section in its revenue bonds.


State Codes and Statutes

Statutes > California > Shc > 30950-30963

STREETS AND HIGHWAYS CODE
SECTION 30950-30963



30950.  For the purposes of this chapter, Chapter 4 (commencing with
Section 30910), and Chapter 4.5 (commencing with Section 31000),
"the authority" is the Bay Area Toll Authority, which is hereby
created. The authority is a public instrumentality governed by the
same board as that governing the Metropolitan Transportation
Commission. The authority is, however, a separate entity from the
Metropolitan Transportation Commission.



30950.1.  The authority shall adopt an annual budget. The members of
the authority shall be compensated as determined by the authority
and shall be reimbursed for necessary and reasonable expenses
incurred in connection with performing authority duties. The
authority shall pay all costs required by this section.



30950.2.  (a) Except as provided in subdivision (b), the authority
is responsible for the administration of all toll revenues from
state-owned toll bridges within the geographic jurisdiction of the
Metropolitan Transportation Commission.
   (b) Notwithstanding any other provision of law, until such time as
obligations of the California Infrastructure and Economic
Development Bank secured by the seismic retrofit surcharge imposed
pursuant to subdivision (a) of Section 31010 are no longer
outstanding, as that term is defined in the constituent instruments
defining the rights of the holders of those obligations, both of the
following apply:
   (1) The phrase "toll revenues" as used in Chapter 4 (commencing
with Section 30910) and this chapter shall not include the seismic
retrofit surcharge imposed pursuant to subdivision (a) of Section
31010.
   (2) The seismic retrofit surcharge imposed pursuant to subdivision
(a) of Section 31010 shall remain pledged to the payment of
obligations incurred by the California Infrastructure and Economic
Development Bank under Chapter 4.6 (commencing with Section 31070).



30950.3.  (a) The authority shall prepare, adopt, and from time to
time revise, a long-range plan for the completion of all projects
within its jurisdiction, including those of the Regional Traffic
Relief Plan.
   (b) The authority shall give first priority to projects and
expenditures that are deemed necessary by the department to preserve
and protect the bridge structures.



30950.4.  All authority of the California Transportation Commission
as to the bay area bridges is transferred to the authority.



30951.  The authority is authorized in its own name to do all acts
necessary or convenient for the exercise of its powers under this
division and the financing of projects, including, but not limited
to, the following:
   (a) To make and enter into contracts.
   (b) To employ agents or employees.
   (c) To acquire, construct, manage, maintain, lease, or operate any
public facility or improvements.
   (d) To sue and be sued in its own name.
   (e) To issue bonds and otherwise to incur debts, liabilities, or
obligations.
   (f) To apply for, accept, receive, and disburse grants, loans, and
other assistance from any agency of the United States of America or
of the State of California.
   (g) To invest any money not required for the immediate necessities
of the authority, as the authority determines is advisable.
   (h) To apply for letters of credit or other forms of financial
guarantees in order to secure the repayment of bonds and to enter
into agreements in connection with those letters of credit or
financial guarantees.


30952.  The department shall collect tolls, operate, maintain, and
provide rehabilitation of all bridges described in Section 30910,
including toll facilities, and be responsible for the design and
construction of improvements on those bridges in accordance with
programming and scheduling requirements adopted by the authority. The
department and the authority shall enter into a cooperative
agreement upon terms and conditions that they shall deem mutually
agreeable, including, without limitation, provisions for the
department to provide for the operation of the bridges and the
planning, design, and construction of improvements to the bridges
paid for by revenues from tolls collected.



30952.05.  (a) The authority and the department shall amend the
cooperative agreement required by Section 30952 to incorporate the
project oversight and control responsibilities described in this
section relative to the construction of the Benicia-Martinez Bridge,
as described in Section 30917, and the state toll bridge seismic
retrofit program, as described in Section 188.5 as that section read
on January 1, 2005.
   (b) The department shall develop specifications and bid documents
and invite bids and award contracts for the Benicia-Martinez Bridge,
as described in Section 30917, and the state toll bridge seismic
retrofit program projects. All contract specifications and bid
documents shall be reviewed and approved by the authority prior to
their release.
   (c) The Toll Bridge Program Oversight Committee, created pursuant
to Section 30952.1, shall implement a project oversight and project
control process for the Benicia-Martinez Bridge project and the state
toll bridge seismic retrofit program projects. The committee's
project oversight and control processes shall include, but not be
limited to, reviewing bid specifications and documents, providing
field staff to review ongoing costs, reviewing and approving
significant change orders and claims (as determined by the
committee), and preparing project reports.
   (d) The authority may contract with, and oversee, one or more
consulting firms to provide the services described in subdivision (c)
and subdivision (a) of Section 30952.1. All contracts shall be
reviewed and approved by the committee prior to their execution. The
authority's expenses incurred for project oversight and control
services may be reimbursed by toll revenue collected pursuant to
Section 30916, 31010, or 31011.
   (e) To ensure that the department manages the risks associated
with the toll bridge seismic retrofit projects, the department shall,
at a minimum, take all of the following actions:
   (1) Establish a comprehensive risk management plan that clearly
defines roles and responsibilities for risk management and addresses
the process by which it will identify and quantify project risks,
implement and track risk response activities, and monitor and control
risks throughout the duration of the project.
   (2) Quantify the effect of identified risks in financial terms.
   (3) Develop and maintain documents to track identified risks and
related mitigation steps.
   (4) Regularly update its estimates of capital and capital outlay
support costs.
   (5) Regularly reassess its reserves for potential claims and
unknown risks, incorporating information related to risks identified
and quantified through its risk assessment processes.
   (6) Regularly integrate estimates for capital, capital outlay
support costs, and contingency reserves into a programwide report.
   (7) Ensure that reports to the Federal Highway Administration and
others reflect current data and provide an accurate representation of
the project's status.
   (8) When unexpected events occur, quickly inform the committee
created in Section 30952.1 describing the effects of these key events
on the project's overall budget and schedule.



30952.1.  (a) The authority and the department shall establish a
Toll Bridge Program Oversight Committee, which shall consist of the
director, the authority's executive director, and the Executive
Director of the California Transportation Commission. The committee
may establish a project management team to assist it in performing
the duties required of it under this section and Section 30952.05.
   (b) The Toll Bridge Program Oversight Committee shall review
project status, program costs, and schedules; resolve project issues;
evaluate project changes; develop and regularly update cost
estimates, risk assessments, and cashflow requirements for all phases
of the toll bridge projects; and provide program direction.
   (c) In addition to the duties described in subdivision (b), the
committee shall review project staffing levels and structures, and
consultant and contractor services related to the Benicia-Martinez
Bridge construction project, as described in Section 30917, and the
state toll bridge seismic retrofit program, as described in Section
188.5.
   (d) Expenses incurred by the department, the authority, and the
California Transportation Commission for costs directly related to
duties required by this section, Section 30952, and Section 30952.05
shall be reimbursed by toll revenue collected pursuant to Section
30916, 31010, or 31011.
   (e) The Toll Bridge Program Oversight Committee is not a state
body as that term is defined in Article 9 (commencing with Section
11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the
Government Code or a local agency as that term is defined in the
Ralph M. Brown Act (Chapter 9 (commencing with Section 54950) of Part
1 of Division 2 of Title 5 of the Government Code).



30952.2.  (a) The department shall provide monthly reports to the
Toll Bridge Program Oversight Committee, including, but not limited
to, the construction status, actual expenditures, and forecasted
costs and schedules for the Benicia-Martinez Bridge construction
project and the state toll bridge seismic retrofit program projects.
   (b) (1) Commencing August 15, 2005, and quarterly thereafter until
completion of all applicable projects, the Toll Bridge Program
Oversight Committee shall provide quarterly reports within 45 days of
the end of each quarter to the transportation and fiscal committees
of both houses of the Legislature and the California Transportation
Commission for the toll bridge seismic retrofit program in
subdivision (a) of Section 188.5.
   (2) The report shall include details of each toll bridge seismic
retrofit project and all information necessary to clearly describe
the status of the project, including, but not limited to, all of the
following:
   (A) A progress report.
   (B) The baseline budget for capital and capital outlay support
costs for the revised program cost estimate, as described in Section
188.6.
   (C) The current or projected budget for capital and capital outlay
support costs.
   (D) Expenditures to date for capital and capital outlay support
costs.
   (E) A comparison of the current or projected schedule and the
baseline schedule that was assumed.
   (F) A summary of milestones achieved during the quarterly period
and any issues identified and actions taken to address those issues.
   (G) A summary of the expenses incurred by the Toll Bridge Program
Oversight Committee to perform the duties required by Sections
30952.05 and 30952.1.
   (H) A summary of the incentives, disincentives, and criteria for
each utilized by the department, and the expenses incurred by the
department, pursuant to Section 30952.3.
   (3) The report described in paragraph (1) shall also include a
programwide summary of the program's budget status for capital and
capital outlay support costs.



30952.3.  Notwithstanding any other provision of law, the department
may, from the resources provided in, and for the purpose of,
Sections 188.5 and 188.6, include incentives or disincentives, or
both, to maximize the number of bidders participating in a bid
process relative to toll bridge seismic retrofit and replacement
projects, and to encourage the timely and thorough completion of
contracts awarded for those projects.



30953.  Toll revenues and all other income derived from bridges
pursuant to Chapter 4 (commencing with Section 30910) shall be
deposited in the Bay Area Toll Account, which is hereby created.



30954.  At such time as obligations of the California Infrastructure
and Economic Development Bank secured by the seismic retrofit
surcharge imposed under subdivision (a) of Section 31010 are no
longer outstanding, as that term is defined in the constituent
instruments defining the rights of the holders of those obligations,
all revenues, interest earned, and existing fund balances in the Toll
Bridge Seismic Retrofit Account shall be transferred to the
authority for deposit in the Bay Area Toll Account.



30958.  After payments for debt service on outstanding bonds, and
the costs for the operation and maintenance expenses set forth in
Section 30952 are provided for, and after all direct operating costs
of the authority are provided for, the authority may retain, for its
cost in administering this article, an amount not to exceed 1 percent
of the gross annual bridge revenues.



30959.  The authority may make contributions to the commission in
furtherance of the exercise of the authority's powers under this
division, including, without limitation, contributions in the form of
personnel services, office space, and funding. The authority may
also make contributions to the commission on a reimbursement-for-cost
basis; provided, however, that reimbursement shall not be required
to the extent that the contributions provided to the commission are
determined by the authority to be in furtherance of the exercise of
the authority's powers under this division.



30960.  (a) The authority may issue both defeasance and future
capital project bonds payable from the revenues of the tolls imposed
on the bridges described in Section 30910. The bonds or commercial
paper may be issued by the authority at any time, and from time to
time, payable from the revenues from the tolls. The bonds or
commercial paper shall be referred to as "toll bridge revenue bonds."
   (b) The revenues from the tolls on the bridges described in
Section 30910 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 that provider with respect to those bonds, and the
lien shall immediately attach to those toll revenues and be
effective, binding, and enforceable against the authority, its
successors, creditors, and all others asserting 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, and the toll revenues shall remain subject to that lien
until all bonds are paid in full or provision made therefor, and the
bridges shall not become toll-free prior to that time.
   (c) The liens on toll revenues created by this chapter shall be
subject to expenditures for operation and maintenance of the bridges,
including toll collection, unless those expenditures are otherwise
provided for by statute.
   (d) Interest on any bonds issued pursuant to this chapter shall at
all times be free from state personal income tax and corporate
income tax.



30961.  Toll bridge revenue bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by the
authority by a majority vote of all members of the authority.
   (a) The authority 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 any of the
bridges or for any of the purposes authorized by this chapter,
Chapter 4 (commencing with Section 30910), or Chapter 4.5 (commencing
with Section 31000). Operation of the bridges or any grouping or
units thereof shall constitute an "enterprise" within the meaning of
Section 54309 of the Government Code, and the authority 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
chapter. Instead, the authority shall authorize the issuance of bonds
by resolution, and that 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 or commercial paper.
   (4) The maximum rate of interest to be payable upon the bonds or
commercial paper. That interest rate 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.
   (b) The authority shall keep full and complete accounts for toll
revenues and expenses of the toll bridges and shall annually prepare
balance sheets showing the financial condition of the entire toll
bridge enterprise as well as toll revenues and operating costs for
each toll bridge. The accounts and related reports shall be
maintained and prepared in accordance with generally accepted
accounting practices and shall be subject to an annual audit
conducted by an independent certified public accountancy firm
licensed to practice in the state.
   (c) The authority may issue toll bridge revenue bonds to provide
the department with sufficient funds to combine with the unspent
proceeds of outstanding obligations of the California Infrastructure
and Economic Development Bank under Chapter 4.6 (commencing with
Section 31070) to establish that those obligations are no longer
outstanding, as that term is defined in the constituent instruments
defining the rights of the holders of those obligations.
   (d) As and when requested by the authority, the department and the
California Infrastructure and Economic Development Bank shall take
all actions necessary or appropriate to promptly establish that
obligations of the bank under Chapter 4.6 (commencing with Section
31070) are no longer outstanding and to effect the consolidation of
toll revenues in accordance with Section 188.6.



30961.1.  Not later than December 31, 2005, the California
Transportation Commission, in consultation with the department and
the authority, shall adopt a schedule for the payment of the
remaining state contributions identified in Sections 188.5 and 188.6
for the toll bridge seismic retrofit and replacement projects
identified in Section 188.5. The schedule shall include the timing
and sources of the state contributions to the state toll bridge
seismic retrofit and replacement program. The schedule shall provide
for the state contributions to be made available for expenditure
commencing in the fiscal year 2005-06, and in a manner that
distributes the state contributions over the years during which
construction of the toll bridge seismic retrofit and replacement
program occurs, ensures that the state contributions provide a timely
balance between those sources and the contribution from toll
revenues, and, to the extent possible, minimizes the impact on state
transportation programs. The schedule shall include and make
available for expenditure, the state contribution identified in
subparagraph (B) of paragraph (8) of subdivision (b) of Section 188.5
commencing in fiscal year 2008-09, and shall distribute it over that
fiscal year and each of the fiscal years during which construction
of the state toll bridge seismic retrofit and replacement program
occurs. The California Transportation Commission, in consultation
with the department and the authority, may update and revise the
schedule as it determines is necessary.



30962.  Any bonds or commercial paper issued pursuant to this
chapter 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 chapter, 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 chapter may be so used. The provisions of this chapter 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.


30963.  (a) 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 authority pursuant to
this chapter, that the state will not limit, alter, or restrict the
rights hereby vested in the authority to finance the toll bridge
improvements authorized by this chapter, Chapter 4 (commencing with
Section 30910), or Chapter 4.5 (commencing with Section 31000). 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 authority 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 authority.
   (b) Nothing in this section shall be deemed to pledge the full
faith and credit of the State of California.
   (c) The authority may include the pledges made pursuant to this
section in its revenue bonds.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Shc > 30950-30963

STREETS AND HIGHWAYS CODE
SECTION 30950-30963



30950.  For the purposes of this chapter, Chapter 4 (commencing with
Section 30910), and Chapter 4.5 (commencing with Section 31000),
"the authority" is the Bay Area Toll Authority, which is hereby
created. The authority is a public instrumentality governed by the
same board as that governing the Metropolitan Transportation
Commission. The authority is, however, a separate entity from the
Metropolitan Transportation Commission.



30950.1.  The authority shall adopt an annual budget. The members of
the authority shall be compensated as determined by the authority
and shall be reimbursed for necessary and reasonable expenses
incurred in connection with performing authority duties. The
authority shall pay all costs required by this section.



30950.2.  (a) Except as provided in subdivision (b), the authority
is responsible for the administration of all toll revenues from
state-owned toll bridges within the geographic jurisdiction of the
Metropolitan Transportation Commission.
   (b) Notwithstanding any other provision of law, until such time as
obligations of the California Infrastructure and Economic
Development Bank secured by the seismic retrofit surcharge imposed
pursuant to subdivision (a) of Section 31010 are no longer
outstanding, as that term is defined in the constituent instruments
defining the rights of the holders of those obligations, both of the
following apply:
   (1) The phrase "toll revenues" as used in Chapter 4 (commencing
with Section 30910) and this chapter shall not include the seismic
retrofit surcharge imposed pursuant to subdivision (a) of Section
31010.
   (2) The seismic retrofit surcharge imposed pursuant to subdivision
(a) of Section 31010 shall remain pledged to the payment of
obligations incurred by the California Infrastructure and Economic
Development Bank under Chapter 4.6 (commencing with Section 31070).



30950.3.  (a) The authority shall prepare, adopt, and from time to
time revise, a long-range plan for the completion of all projects
within its jurisdiction, including those of the Regional Traffic
Relief Plan.
   (b) The authority shall give first priority to projects and
expenditures that are deemed necessary by the department to preserve
and protect the bridge structures.



30950.4.  All authority of the California Transportation Commission
as to the bay area bridges is transferred to the authority.



30951.  The authority is authorized in its own name to do all acts
necessary or convenient for the exercise of its powers under this
division and the financing of projects, including, but not limited
to, the following:
   (a) To make and enter into contracts.
   (b) To employ agents or employees.
   (c) To acquire, construct, manage, maintain, lease, or operate any
public facility or improvements.
   (d) To sue and be sued in its own name.
   (e) To issue bonds and otherwise to incur debts, liabilities, or
obligations.
   (f) To apply for, accept, receive, and disburse grants, loans, and
other assistance from any agency of the United States of America or
of the State of California.
   (g) To invest any money not required for the immediate necessities
of the authority, as the authority determines is advisable.
   (h) To apply for letters of credit or other forms of financial
guarantees in order to secure the repayment of bonds and to enter
into agreements in connection with those letters of credit or
financial guarantees.


30952.  The department shall collect tolls, operate, maintain, and
provide rehabilitation of all bridges described in Section 30910,
including toll facilities, and be responsible for the design and
construction of improvements on those bridges in accordance with
programming and scheduling requirements adopted by the authority. The
department and the authority shall enter into a cooperative
agreement upon terms and conditions that they shall deem mutually
agreeable, including, without limitation, provisions for the
department to provide for the operation of the bridges and the
planning, design, and construction of improvements to the bridges
paid for by revenues from tolls collected.



30952.05.  (a) The authority and the department shall amend the
cooperative agreement required by Section 30952 to incorporate the
project oversight and control responsibilities described in this
section relative to the construction of the Benicia-Martinez Bridge,
as described in Section 30917, and the state toll bridge seismic
retrofit program, as described in Section 188.5 as that section read
on January 1, 2005.
   (b) The department shall develop specifications and bid documents
and invite bids and award contracts for the Benicia-Martinez Bridge,
as described in Section 30917, and the state toll bridge seismic
retrofit program projects. All contract specifications and bid
documents shall be reviewed and approved by the authority prior to
their release.
   (c) The Toll Bridge Program Oversight Committee, created pursuant
to Section 30952.1, shall implement a project oversight and project
control process for the Benicia-Martinez Bridge project and the state
toll bridge seismic retrofit program projects. The committee's
project oversight and control processes shall include, but not be
limited to, reviewing bid specifications and documents, providing
field staff to review ongoing costs, reviewing and approving
significant change orders and claims (as determined by the
committee), and preparing project reports.
   (d) The authority may contract with, and oversee, one or more
consulting firms to provide the services described in subdivision (c)
and subdivision (a) of Section 30952.1. All contracts shall be
reviewed and approved by the committee prior to their execution. The
authority's expenses incurred for project oversight and control
services may be reimbursed by toll revenue collected pursuant to
Section 30916, 31010, or 31011.
   (e) To ensure that the department manages the risks associated
with the toll bridge seismic retrofit projects, the department shall,
at a minimum, take all of the following actions:
   (1) Establish a comprehensive risk management plan that clearly
defines roles and responsibilities for risk management and addresses
the process by which it will identify and quantify project risks,
implement and track risk response activities, and monitor and control
risks throughout the duration of the project.
   (2) Quantify the effect of identified risks in financial terms.
   (3) Develop and maintain documents to track identified risks and
related mitigation steps.
   (4) Regularly update its estimates of capital and capital outlay
support costs.
   (5) Regularly reassess its reserves for potential claims and
unknown risks, incorporating information related to risks identified
and quantified through its risk assessment processes.
   (6) Regularly integrate estimates for capital, capital outlay
support costs, and contingency reserves into a programwide report.
   (7) Ensure that reports to the Federal Highway Administration and
others reflect current data and provide an accurate representation of
the project's status.
   (8) When unexpected events occur, quickly inform the committee
created in Section 30952.1 describing the effects of these key events
on the project's overall budget and schedule.



30952.1.  (a) The authority and the department shall establish a
Toll Bridge Program Oversight Committee, which shall consist of the
director, the authority's executive director, and the Executive
Director of the California Transportation Commission. The committee
may establish a project management team to assist it in performing
the duties required of it under this section and Section 30952.05.
   (b) The Toll Bridge Program Oversight Committee shall review
project status, program costs, and schedules; resolve project issues;
evaluate project changes; develop and regularly update cost
estimates, risk assessments, and cashflow requirements for all phases
of the toll bridge projects; and provide program direction.
   (c) In addition to the duties described in subdivision (b), the
committee shall review project staffing levels and structures, and
consultant and contractor services related to the Benicia-Martinez
Bridge construction project, as described in Section 30917, and the
state toll bridge seismic retrofit program, as described in Section
188.5.
   (d) Expenses incurred by the department, the authority, and the
California Transportation Commission for costs directly related to
duties required by this section, Section 30952, and Section 30952.05
shall be reimbursed by toll revenue collected pursuant to Section
30916, 31010, or 31011.
   (e) The Toll Bridge Program Oversight Committee is not a state
body as that term is defined in Article 9 (commencing with Section
11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the
Government Code or a local agency as that term is defined in the
Ralph M. Brown Act (Chapter 9 (commencing with Section 54950) of Part
1 of Division 2 of Title 5 of the Government Code).



30952.2.  (a) The department shall provide monthly reports to the
Toll Bridge Program Oversight Committee, including, but not limited
to, the construction status, actual expenditures, and forecasted
costs and schedules for the Benicia-Martinez Bridge construction
project and the state toll bridge seismic retrofit program projects.
   (b) (1) Commencing August 15, 2005, and quarterly thereafter until
completion of all applicable projects, the Toll Bridge Program
Oversight Committee shall provide quarterly reports within 45 days of
the end of each quarter to the transportation and fiscal committees
of both houses of the Legislature and the California Transportation
Commission for the toll bridge seismic retrofit program in
subdivision (a) of Section 188.5.
   (2) The report shall include details of each toll bridge seismic
retrofit project and all information necessary to clearly describe
the status of the project, including, but not limited to, all of the
following:
   (A) A progress report.
   (B) The baseline budget for capital and capital outlay support
costs for the revised program cost estimate, as described in Section
188.6.
   (C) The current or projected budget for capital and capital outlay
support costs.
   (D) Expenditures to date for capital and capital outlay support
costs.
   (E) A comparison of the current or projected schedule and the
baseline schedule that was assumed.
   (F) A summary of milestones achieved during the quarterly period
and any issues identified and actions taken to address those issues.
   (G) A summary of the expenses incurred by the Toll Bridge Program
Oversight Committee to perform the duties required by Sections
30952.05 and 30952.1.
   (H) A summary of the incentives, disincentives, and criteria for
each utilized by the department, and the expenses incurred by the
department, pursuant to Section 30952.3.
   (3) The report described in paragraph (1) shall also include a
programwide summary of the program's budget status for capital and
capital outlay support costs.



30952.3.  Notwithstanding any other provision of law, the department
may, from the resources provided in, and for the purpose of,
Sections 188.5 and 188.6, include incentives or disincentives, or
both, to maximize the number of bidders participating in a bid
process relative to toll bridge seismic retrofit and replacement
projects, and to encourage the timely and thorough completion of
contracts awarded for those projects.



30953.  Toll revenues and all other income derived from bridges
pursuant to Chapter 4 (commencing with Section 30910) shall be
deposited in the Bay Area Toll Account, which is hereby created.



30954.  At such time as obligations of the California Infrastructure
and Economic Development Bank secured by the seismic retrofit
surcharge imposed under subdivision (a) of Section 31010 are no
longer outstanding, as that term is defined in the constituent
instruments defining the rights of the holders of those obligations,
all revenues, interest earned, and existing fund balances in the Toll
Bridge Seismic Retrofit Account shall be transferred to the
authority for deposit in the Bay Area Toll Account.



30958.  After payments for debt service on outstanding bonds, and
the costs for the operation and maintenance expenses set forth in
Section 30952 are provided for, and after all direct operating costs
of the authority are provided for, the authority may retain, for its
cost in administering this article, an amount not to exceed 1 percent
of the gross annual bridge revenues.



30959.  The authority may make contributions to the commission in
furtherance of the exercise of the authority's powers under this
division, including, without limitation, contributions in the form of
personnel services, office space, and funding. The authority may
also make contributions to the commission on a reimbursement-for-cost
basis; provided, however, that reimbursement shall not be required
to the extent that the contributions provided to the commission are
determined by the authority to be in furtherance of the exercise of
the authority's powers under this division.



30960.  (a) The authority may issue both defeasance and future
capital project bonds payable from the revenues of the tolls imposed
on the bridges described in Section 30910. The bonds or commercial
paper may be issued by the authority at any time, and from time to
time, payable from the revenues from the tolls. The bonds or
commercial paper shall be referred to as "toll bridge revenue bonds."
   (b) The revenues from the tolls on the bridges described in
Section 30910 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 that provider with respect to those bonds, and the
lien shall immediately attach to those toll revenues and be
effective, binding, and enforceable against the authority, its
successors, creditors, and all others asserting 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, and the toll revenues shall remain subject to that lien
until all bonds are paid in full or provision made therefor, and the
bridges shall not become toll-free prior to that time.
   (c) The liens on toll revenues created by this chapter shall be
subject to expenditures for operation and maintenance of the bridges,
including toll collection, unless those expenditures are otherwise
provided for by statute.
   (d) Interest on any bonds issued pursuant to this chapter shall at
all times be free from state personal income tax and corporate
income tax.



30961.  Toll bridge revenue bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by the
authority by a majority vote of all members of the authority.
   (a) The authority 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 any of the
bridges or for any of the purposes authorized by this chapter,
Chapter 4 (commencing with Section 30910), or Chapter 4.5 (commencing
with Section 31000). Operation of the bridges or any grouping or
units thereof shall constitute an "enterprise" within the meaning of
Section 54309 of the Government Code, and the authority 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
chapter. Instead, the authority shall authorize the issuance of bonds
by resolution, and that 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 or commercial paper.
   (4) The maximum rate of interest to be payable upon the bonds or
commercial paper. That interest rate 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.
   (b) The authority shall keep full and complete accounts for toll
revenues and expenses of the toll bridges and shall annually prepare
balance sheets showing the financial condition of the entire toll
bridge enterprise as well as toll revenues and operating costs for
each toll bridge. The accounts and related reports shall be
maintained and prepared in accordance with generally accepted
accounting practices and shall be subject to an annual audit
conducted by an independent certified public accountancy firm
licensed to practice in the state.
   (c) The authority may issue toll bridge revenue bonds to provide
the department with sufficient funds to combine with the unspent
proceeds of outstanding obligations of the California Infrastructure
and Economic Development Bank under Chapter 4.6 (commencing with
Section 31070) to establish that those obligations are no longer
outstanding, as that term is defined in the constituent instruments
defining the rights of the holders of those obligations.
   (d) As and when requested by the authority, the department and the
California Infrastructure and Economic Development Bank shall take
all actions necessary or appropriate to promptly establish that
obligations of the bank under Chapter 4.6 (commencing with Section
31070) are no longer outstanding and to effect the consolidation of
toll revenues in accordance with Section 188.6.



30961.1.  Not later than December 31, 2005, the California
Transportation Commission, in consultation with the department and
the authority, shall adopt a schedule for the payment of the
remaining state contributions identified in Sections 188.5 and 188.6
for the toll bridge seismic retrofit and replacement projects
identified in Section 188.5. The schedule shall include the timing
and sources of the state contributions to the state toll bridge
seismic retrofit and replacement program. The schedule shall provide
for the state contributions to be made available for expenditure
commencing in the fiscal year 2005-06, and in a manner that
distributes the state contributions over the years during which
construction of the toll bridge seismic retrofit and replacement
program occurs, ensures that the state contributions provide a timely
balance between those sources and the contribution from toll
revenues, and, to the extent possible, minimizes the impact on state
transportation programs. The schedule shall include and make
available for expenditure, the state contribution identified in
subparagraph (B) of paragraph (8) of subdivision (b) of Section 188.5
commencing in fiscal year 2008-09, and shall distribute it over that
fiscal year and each of the fiscal years during which construction
of the state toll bridge seismic retrofit and replacement program
occurs. The California Transportation Commission, in consultation
with the department and the authority, may update and revise the
schedule as it determines is necessary.



30962.  Any bonds or commercial paper issued pursuant to this
chapter 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 chapter, 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 chapter may be so used. The provisions of this chapter 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.


30963.  (a) 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 authority pursuant to
this chapter, that the state will not limit, alter, or restrict the
rights hereby vested in the authority to finance the toll bridge
improvements authorized by this chapter, Chapter 4 (commencing with
Section 30910), or Chapter 4.5 (commencing with Section 31000). 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 authority 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 authority.
   (b) Nothing in this section shall be deemed to pledge the full
faith and credit of the State of California.
   (c) The authority may include the pledges made pursuant to this
section in its revenue bonds.