8500. Except when the context otherwise requires, the definitions
given in this chapter govern the construction of this chapter.
8501. As used in this chapter, the following definitions have the
following meanings:
(a) "Commission" means the Metropolitan Transportation Commission
created by Title 7.1 (commencing with Section 66500) of the
Government Code.
(b) "Region" means the region comprising the commission's
jurisdiction, prescribed by Section 66502 of the Government Code.
(c) "Bonds" means indebtedness and securities of any kind or
class, including bonds, notes, bond anticipation notes, and
commercial paper.
8502. The commission may impose, in addition to any other tax
authorized by this division, a tax on the privilege of selling within
the region, motor vehicle fuel, as defined by Section 7326. The tax
shall not apply to motor vehicle fuel used to power aircraft. The tax
shall be levied at a rate established by the commission, but not
exceeding ten cents ($0.10) per gallon. Commencing on January 1 of
the year following the election approving the tax, the tax may be
imposed for a period not to exceed 20 years.
8503. (a) Prior to imposing the tax, the commission shall adopt a
regional transportation expenditure plan for the revenues derived
from the tax. The regional transportation expenditure plan shall
describe specific proposed transportation projects and the estimated
cost of each project.
(b) The regional transportation expenditure plan shall also meet
the following minimum objectives and criteria:
(1) Project expenditures shall reflect an equitable distribution
of revenues throughout the region with not less than 95 percent of
revenues from each county, based on population, being invested over
the 20-year life of the tax in projects attributable to that county.
In addition, during every five-year period, no less than 80 percent
of the revenues from each county, based on population, invested
during that period shall be invested in projects attributable to that
county. The commission shall allocate any accrued interest according
to the same formula. At the time of the development of the
expenditure plan, the commission shall use population data from the
most recent United States census, and shall take into account
estimated increases in population over the 20-year period projected
by the Association of Bay Area Governments.
(2) Projects included in the expenditure plan shall be consistent
with the commission's regional transportation plan, a congestion
management program, or a countywide transportation plan. The
commission shall, in prioritizing projects in the expenditure plan,
give additional consideration to projects where local land use
policies reduce dependence on single-occupant motor vehicle travel.
The expenditure plan development process shall include consultation
with cities, counties, transit operators, congestion management
agencies, and other interested groups.
(3) Cost estimates for each project shall be prepared by the
commission, in consultation with project sponsors, and verified by an
independent cost-estimating firm retained by the commission for that
purpose. Estimates of other funding required to complete any project
shall be based on an estimate of funds reasonably expected to be
available during the 20-year period commencing with the year that the
tax is initially imposed.
(4) To be eligible for inclusion in the expenditure plan, a
project shall meet at least one of the following regional
transportation needs:
(A) Fund maintenance and rehabilitation of local streets and
roads, sidewalks, or bicycle routes, or close a gap in the local
street and road system.
(B) Fund capital or operating expenses of public transit systems.
(C) Fund transit expansion projects in the commission's Resolution
3434, Regional Transit Expansion Program as contained in the
commission's regional transportation plan.
(D) Provide an alternative to single occupancy automobile travel.
(E) Improve safety on specific roadway segments where accident or
fatality rates exceed the expected rate for those segments over a
multiyear timeframe, including, but not limited to, expansion or
realignment of the roadway.
(F) Improve the operational efficiency of the existing roadway
system without a physical expansion of the system. However, expansion
projects to reconfigure existing interchanges are eligible for
inclusion in the plan.
(G) Fund implementation of the requirements of the federal
Americans with Disabilities Act of 1990 (P.L. 101-336), or those
requirements as revised, on public transit systems and other
transportation-related facilities.
(H) Fund seismic retrofitting of transportation facilities.
(I) Fund intermodal freight or passenger facilities.
(J) Fund transportation enhancement activities, including projects
consistent with the commission's Transportation for Livable
Communities (TLC) Program and the Housing Incentive Program (HIP).
(K) Defray interest costs and other expenses associated with the
issuance of revenue bonds or revenue anticipation notes.
(5) If not otherwise available, sufficient funding shall be
included in the cost estimates and expenditure plan presented to the
voters to operate and maintain each included project for the duration
of the tax.
8504. (a) Following the adoption by the commission of a regional
transportation expenditure plan, the board of supervisors of each
county and city and county in the region shall, upon the request of
the commission, submit to the voters at a local election consolidated
with a statewide primary or general election specified by the
commission, a measure, adopted by the commission, authorizing the
commission to impose the tax throughout the region.
(b) The measure may not be grouped with state or local measures on
the ballot, but shall be set forth in a separate category and shall
be identified as Regional Measure 2.
(c) Regardless of the system of voting used, the wording of the
measure shall read as follows:
"Shall The Metropolitan Transportation Commission be authorized to
impose a tax of ____ per gallon on the sale of gasoline to build and
operate transportation projects identified in the expenditure plan
adopted by the commission "
(d) The commission shall reimburse each county and city and county
in the region for the cost of submitting the measure to the voters.
These costs shall be reimbursed from revenues derived from the tax if
the measure is approved by the voters or, if the measure is not
approved, from any funds of the commission that are available for
general transportation planning.
(e) The board of supervisors of a county or city and county may
elect not to submit the measure adopted by the commission to the
voters if it submits an alternative countywide transportation funding
measure to the voters at the same election.
8505. Upon approval of the measure by the margin of voters within
the region voting at a local election as determined necessary by the
California Constitution or other applicable statutory provisions, the
commission may impose the tax in all counties in the region in which
the measure appeared on the ballot.
8506. The commission shall contract with the State Board of
Equalization for the administration of any tax imposed under this
chapter, and the board shall be reimbursed for its actual cost in the
administration of the tax and for its actual cost of preparation to
administer the tax based upon an independent audit.
8507. The State Board of Equalization shall adopt the necessary
rules and regulations to administer the tax.
8508. After deducting its cost of administering the tax, the State
Board of Equalization shall periodically transmit the net revenues to
the commission as promptly as possible. Transmittal of those
revenues shall be made at least twice in each calendar quarter.
8509. The net revenues received by the commission shall be expended
only in accordance with the regional transportation expenditure plan
adopted pursuant to Section 8503, except that the commission may
deduct from those revenues funds to reimburse it for expenses
incurred in the initial implementation of this chapter, and
thereafter, its cost of administration, not to exceed 1 percent of
annual net revenues.
8510. In order to be eligible for funds derived from the tax,
project sponsors shall comply with all applicable commission rules
and regulations including, but not limited to, those adopted pursuant
to Section 66516 of the Government Code and Sections 99244 and 99246
of the Public Utilities Code. In consultation with cities, counties,
transit operators, congestion management agencies, and other
interested groups, the commission shall also develop and implement a
program to ensure that project sponsors expend funds derived from the
tax in an efficient and effective manner. No operating or
maintenance funding provided from the tax shall be used to supplant
any funds within the discretionary control of the recipient agency
that are used for existing transportation operating or maintenance
activities.
8511. The commission's regional transportation expenditure plan
shall include a process of ensuring periodic public review of the
progress of the regional transportation expenditure plan and citizen
oversight.
8512. The commission may, by a two-thirds vote, amend the regional
transportation expenditure plan after a minimum of two public
hearings in accordance with Section 8511. Any amendment shall comply
with all of the requirements for the plan prescribed by this chapter.
8513. (a) If requested to do so by the commission in its resolution
calling for an election, the board of supervisors, as part of the
ballot proposition to approve the imposition of the tax, shall
include authorization for the commission to issue bonds for capital
outlay expenditures as may be provided for in the ordinance
expenditure plan payable from the proceeds of the tax.
(b) The maximum bonded indebtedness that may be outstanding at any
one time shall be an amount equal to the sum of the principal of,
and interest on, the bonds, but not to exceed the estimated proceeds
of the tax, as determined by the plan. The amount of bonds
outstanding at any one time does not include the amount of bonds,
refunding bonds, or bond anticipation notes for which funds necessary
for the payment thereof have been set aside for that purpose in a
trust or escrow account.
(c) The proposition shall set forth each of the following:
(1) The actual percent of the tax.
(2) The duration of the tax if the plan specifies a time limit.
(3) The amount of bonds, if any, payable from the proceeds of the
tax.
(4) The commission as the agency imposing the tax.
(5) The appropriations limit of the commission, pursuant to
Section 4 of Article XIII B of the California Constitution.
(d) The sample ballot to be mailed to the voters, pursuant to
Section 13303 of the Elections Code, shall be the full proposition,
as set forth in the ordinance calling the election, and the voter
information handbook shall include the entire ordinance expenditure
plan.
8514. (a) The bonds authorized by the voters concurrently with the
approval of the tax may be issued at any time by the commission and
shall be payable from the proceeds of the tax. The bonds shall be
referred to as "limited tax bonds."
The bonds may be secured by a pledge of revenues from the proceeds
of the tax.
(b) The pledge of the tax to the limited tax bonds authorized
under this chapter shall have priority over the use of any of the tax
for "pay-as-you-go" financing, except to the extent that this
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.
8515. Limited tax bonds shall be issued pursuant to a resolution
adopted at any time by a two-thirds vote of the commission. Each
resolution shall provide for the issuance of bonds in the amounts as
may be necessary, until the full amount of bonds authorized have been
issued. The full amount of bonds may be divided into two or more
series and different dates of payment fixed for the bonds of each
series. A bond need not mature on its anniversary date.
8516. (a) A resolution authorizing the issuance of bonds shall
state all of the following:
(1) The purposes for which the proposed debt is to be incurred,
which may include all costs and estimated costs incidental to, or
connected with, the accomplishment of those purposes, including,
without limitation, engineering, inspection, legal, fiscal agent,
financial consultant and other fees, bond and other reserve funds,
working capital, bond interest estimated to accrue during the
construction period and for a period not to exceed three years
thereafter, and expenses of all proceedings for the authorization,
issuance, and sale of the bonds.
(2) The estimated cost of accomplishing those purposes.
(3) The amount of the principal of the indebtedness.
(4) The maximum term the bonds proposed to be issued shall run
before maturity, which shall not be beyond the date of termination of
the imposition of the tax.
(5) The maximum rate of interest to be paid, which shall not
exceed the maximum allowable by law.
(6) The denomination or denominations of the bonds, which shall
not be less than five thousand dollars ($5,000).
(7) The form of the bonds, including, without limitation,
registered bonds and coupon bonds, to the extent permitted by federal
law, and the form of any coupons to be attached thereto, the
registration, conversion, and exchange privileges, if any, pertaining
thereto, and the time when all of, or any part of, the principal
becomes due and payable.
(b) The resolution may also contain any other matters authorized
by this chapter or any other law.
8517. The bonds shall bear interest at a rate or rates not
exceeding the maximum allowable by law, payable at intervals
determined by the commission, except that the first interest payable
on the bonds, or any series thereof, may be for any period not
exceeding one year, as determined by the commission.
8518. In the resolution authorizing the issuance of the bonds, the
commission may also provide for the call and redemption of the bonds
prior to maturity at the times and prices and upon other terms as
specified. However, no bond is subject to call or redemption prior to
maturity, unless it contains a recital to that effect or unless a
statement to that effect is printed.
8519. The principal of, and interest on, the bonds shall be payable
in lawful money of the United States at the office of the treasurer
of the commission, or at other places as may be designated, or at
both the office and other places at the option of the holders of the
bonds.
8520. The bonds, or each series thereof, shall be dated and
numbered consecutively and shall be signed by the chairperson or vice
chairperson of the commission and the auditor-controller of the
commission, and the official seal, if any, of the commission shall be
attached.
The interest coupons of the bonds shall be signed by the
auditor-controller of the commission. All of the signatures and seal
may be printed, lithographed, or mechanically reproduced.
If any officer whose signature appears on the bonds or coupons
ceases to be that officer before the delivery of the bonds, the
officer's signature is as effective as if the officer had remained in
office.
8521. The bonds may be sold as the commission determines by
resolution, and the bonds may be sold at a price below par, whether
by negotiated or public sale.
8522. Delivery of any bonds may be made at any place either inside
or outside the state, and the purchase price may be received in cash
or bank credits.
8523. All accrued interest and premiums received on the sale of the
bonds shall be placed in the fund to be used for the payment of the
principal of, and interest on, the bonds, and the remainder of the
proceeds of the bonds shall be placed in the treasury of the
commission and applied to secure the bonds or for the purposes for
which the debt was incurred. However, when the purposes have been
accomplished, any money remaining shall be either (a) transferred to
the fund to be used for the payment of principal of, and interest on,
the bonds or (b) placed in a fund to be used for the purchase of the
outstanding bonds in the open market at prices and in the manner,
either at public or private sale or otherwise, as determined by the
commission. Bonds so purchased shall be canceled immediately.
8524. (a) The commission may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire any bonds issued by
the commission upon the terms, at the times, and in the manner which
it determines.
(b) Refunding bonds may be issued in a principal amount sufficient
to pay all, or any part of, the principal of the outstanding bonds,
the premiums, if any, due upon call and redemption thereof prior to
maturity, all expenses of the refunding, and either of the following:
(1) The interest upon the refunding bonds from the date of sale
thereof to the date of payment of the bonds to be refunded out of the
proceeds of the sale of the refunding bonds or to the date upon
which the bonds to be refunded will be paid pursuant to call or
agreement with the holders of the bonds.
(2) The interest upon the bonds to be refunded from the date of
sale of the refunding bonds to the date of payment of the bonds to be
refunded or to the date upon which the bonds to be refunded will be
paid pursuant to call or agreement with the holder of the bonds.
(c) The provisions of this chapter for the issuance and sale of
bonds apply to the issuance and sale of refunding bonds.
8525. (a) The commission may borrow money in anticipation of the
sale of bonds which have been authorized pursuant to this chapter,
but which have not been sold or delivered, and may issue negotiable
bond anticipation notes therefor and may renew the bond anticipation
notes from time to time. However, the maximum maturity of any bond
anticipation notes, including the renewals thereof, shall not exceed
five years from the date of delivery of the original bond
anticipation notes.
(b) The bond anticipation notes, and the interest thereon, may be
paid from any money of the commission available therefor, including
the revenues from the tax. If not previously otherwise paid, the bond
anticipation notes, or any portion thereof, or the interest thereon,
shall be paid from the proceeds of the next sale of the bonds of the
commission in anticipation of which the notes were issued.
(c) The bond anticipation notes shall not be issued in any amount
in excess of the aggregate amount of the bonds which the commission
has been authorized to issue, less the amount of any bonds of the
authorized issue previously sold, and also less the amount of other
bond anticipation notes therefor issued and then outstanding. The
bond anticipation notes shall be issued and sold in the same manner
as the bonds.
(d) The bond anticipation notes and the resolutions authorizing
them may contain any provisions, conditions, or limitations which a
resolution of the commission may contain.
8526. Any bonds issued under this chapter are legal investment for
all trust funds; for the funds of insurance companies, commercial and
savings banks, and trust companies; and for state school funds; and
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, that money or those funds may be
invested in the bonds issued under this chapter, and whenever bonds
of cities, counties, school districts, or other districts within the
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 under 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.
8500. Except when the context otherwise requires, the definitions
given in this chapter govern the construction of this chapter.
8501. As used in this chapter, the following definitions have the
following meanings:
(a) "Commission" means the Metropolitan Transportation Commission
created by Title 7.1 (commencing with Section 66500) of the
Government Code.
(b) "Region" means the region comprising the commission's
jurisdiction, prescribed by Section 66502 of the Government Code.
(c) "Bonds" means indebtedness and securities of any kind or
class, including bonds, notes, bond anticipation notes, and
commercial paper.
8502. The commission may impose, in addition to any other tax
authorized by this division, a tax on the privilege of selling within
the region, motor vehicle fuel, as defined by Section 7326. The tax
shall not apply to motor vehicle fuel used to power aircraft. The tax
shall be levied at a rate established by the commission, but not
exceeding ten cents ($0.10) per gallon. Commencing on January 1 of
the year following the election approving the tax, the tax may be
imposed for a period not to exceed 20 years.
8503. (a) Prior to imposing the tax, the commission shall adopt a
regional transportation expenditure plan for the revenues derived
from the tax. The regional transportation expenditure plan shall
describe specific proposed transportation projects and the estimated
cost of each project.
(b) The regional transportation expenditure plan shall also meet
the following minimum objectives and criteria:
(1) Project expenditures shall reflect an equitable distribution
of revenues throughout the region with not less than 95 percent of
revenues from each county, based on population, being invested over
the 20-year life of the tax in projects attributable to that county.
In addition, during every five-year period, no less than 80 percent
of the revenues from each county, based on population, invested
during that period shall be invested in projects attributable to that
county. The commission shall allocate any accrued interest according
to the same formula. At the time of the development of the
expenditure plan, the commission shall use population data from the
most recent United States census, and shall take into account
estimated increases in population over the 20-year period projected
by the Association of Bay Area Governments.
(2) Projects included in the expenditure plan shall be consistent
with the commission's regional transportation plan, a congestion
management program, or a countywide transportation plan. The
commission shall, in prioritizing projects in the expenditure plan,
give additional consideration to projects where local land use
policies reduce dependence on single-occupant motor vehicle travel.
The expenditure plan development process shall include consultation
with cities, counties, transit operators, congestion management
agencies, and other interested groups.
(3) Cost estimates for each project shall be prepared by the
commission, in consultation with project sponsors, and verified by an
independent cost-estimating firm retained by the commission for that
purpose. Estimates of other funding required to complete any project
shall be based on an estimate of funds reasonably expected to be
available during the 20-year period commencing with the year that the
tax is initially imposed.
(4) To be eligible for inclusion in the expenditure plan, a
project shall meet at least one of the following regional
transportation needs:
(A) Fund maintenance and rehabilitation of local streets and
roads, sidewalks, or bicycle routes, or close a gap in the local
street and road system.
(B) Fund capital or operating expenses of public transit systems.
(C) Fund transit expansion projects in the commission's Resolution
3434, Regional Transit Expansion Program as contained in the
commission's regional transportation plan.
(D) Provide an alternative to single occupancy automobile travel.
(E) Improve safety on specific roadway segments where accident or
fatality rates exceed the expected rate for those segments over a
multiyear timeframe, including, but not limited to, expansion or
realignment of the roadway.
(F) Improve the operational efficiency of the existing roadway
system without a physical expansion of the system. However, expansion
projects to reconfigure existing interchanges are eligible for
inclusion in the plan.
(G) Fund implementation of the requirements of the federal
Americans with Disabilities Act of 1990 (P.L. 101-336), or those
requirements as revised, on public transit systems and other
transportation-related facilities.
(H) Fund seismic retrofitting of transportation facilities.
(I) Fund intermodal freight or passenger facilities.
(J) Fund transportation enhancement activities, including projects
consistent with the commission's Transportation for Livable
Communities (TLC) Program and the Housing Incentive Program (HIP).
(K) Defray interest costs and other expenses associated with the
issuance of revenue bonds or revenue anticipation notes.
(5) If not otherwise available, sufficient funding shall be
included in the cost estimates and expenditure plan presented to the
voters to operate and maintain each included project for the duration
of the tax.
8504. (a) Following the adoption by the commission of a regional
transportation expenditure plan, the board of supervisors of each
county and city and county in the region shall, upon the request of
the commission, submit to the voters at a local election consolidated
with a statewide primary or general election specified by the
commission, a measure, adopted by the commission, authorizing the
commission to impose the tax throughout the region.
(b) The measure may not be grouped with state or local measures on
the ballot, but shall be set forth in a separate category and shall
be identified as Regional Measure 2.
(c) Regardless of the system of voting used, the wording of the
measure shall read as follows:
"Shall The Metropolitan Transportation Commission be authorized to
impose a tax of ____ per gallon on the sale of gasoline to build and
operate transportation projects identified in the expenditure plan
adopted by the commission "
(d) The commission shall reimburse each county and city and county
in the region for the cost of submitting the measure to the voters.
These costs shall be reimbursed from revenues derived from the tax if
the measure is approved by the voters or, if the measure is not
approved, from any funds of the commission that are available for
general transportation planning.
(e) The board of supervisors of a county or city and county may
elect not to submit the measure adopted by the commission to the
voters if it submits an alternative countywide transportation funding
measure to the voters at the same election.
8505. Upon approval of the measure by the margin of voters within
the region voting at a local election as determined necessary by the
California Constitution or other applicable statutory provisions, the
commission may impose the tax in all counties in the region in which
the measure appeared on the ballot.
8506. The commission shall contract with the State Board of
Equalization for the administration of any tax imposed under this
chapter, and the board shall be reimbursed for its actual cost in the
administration of the tax and for its actual cost of preparation to
administer the tax based upon an independent audit.
8507. The State Board of Equalization shall adopt the necessary
rules and regulations to administer the tax.
8508. After deducting its cost of administering the tax, the State
Board of Equalization shall periodically transmit the net revenues to
the commission as promptly as possible. Transmittal of those
revenues shall be made at least twice in each calendar quarter.
8509. The net revenues received by the commission shall be expended
only in accordance with the regional transportation expenditure plan
adopted pursuant to Section 8503, except that the commission may
deduct from those revenues funds to reimburse it for expenses
incurred in the initial implementation of this chapter, and
thereafter, its cost of administration, not to exceed 1 percent of
annual net revenues.
8510. In order to be eligible for funds derived from the tax,
project sponsors shall comply with all applicable commission rules
and regulations including, but not limited to, those adopted pursuant
to Section 66516 of the Government Code and Sections 99244 and 99246
of the Public Utilities Code. In consultation with cities, counties,
transit operators, congestion management agencies, and other
interested groups, the commission shall also develop and implement a
program to ensure that project sponsors expend funds derived from the
tax in an efficient and effective manner. No operating or
maintenance funding provided from the tax shall be used to supplant
any funds within the discretionary control of the recipient agency
that are used for existing transportation operating or maintenance
activities.
8511. The commission's regional transportation expenditure plan
shall include a process of ensuring periodic public review of the
progress of the regional transportation expenditure plan and citizen
oversight.
8512. The commission may, by a two-thirds vote, amend the regional
transportation expenditure plan after a minimum of two public
hearings in accordance with Section 8511. Any amendment shall comply
with all of the requirements for the plan prescribed by this chapter.
8513. (a) If requested to do so by the commission in its resolution
calling for an election, the board of supervisors, as part of the
ballot proposition to approve the imposition of the tax, shall
include authorization for the commission to issue bonds for capital
outlay expenditures as may be provided for in the ordinance
expenditure plan payable from the proceeds of the tax.
(b) The maximum bonded indebtedness that may be outstanding at any
one time shall be an amount equal to the sum of the principal of,
and interest on, the bonds, but not to exceed the estimated proceeds
of the tax, as determined by the plan. The amount of bonds
outstanding at any one time does not include the amount of bonds,
refunding bonds, or bond anticipation notes for which funds necessary
for the payment thereof have been set aside for that purpose in a
trust or escrow account.
(c) The proposition shall set forth each of the following:
(1) The actual percent of the tax.
(2) The duration of the tax if the plan specifies a time limit.
(3) The amount of bonds, if any, payable from the proceeds of the
tax.
(4) The commission as the agency imposing the tax.
(5) The appropriations limit of the commission, pursuant to
Section 4 of Article XIII B of the California Constitution.
(d) The sample ballot to be mailed to the voters, pursuant to
Section 13303 of the Elections Code, shall be the full proposition,
as set forth in the ordinance calling the election, and the voter
information handbook shall include the entire ordinance expenditure
plan.
8514. (a) The bonds authorized by the voters concurrently with the
approval of the tax may be issued at any time by the commission and
shall be payable from the proceeds of the tax. The bonds shall be
referred to as "limited tax bonds."
The bonds may be secured by a pledge of revenues from the proceeds
of the tax.
(b) The pledge of the tax to the limited tax bonds authorized
under this chapter shall have priority over the use of any of the tax
for "pay-as-you-go" financing, except to the extent that this
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.
8515. Limited tax bonds shall be issued pursuant to a resolution
adopted at any time by a two-thirds vote of the commission. Each
resolution shall provide for the issuance of bonds in the amounts as
may be necessary, until the full amount of bonds authorized have been
issued. The full amount of bonds may be divided into two or more
series and different dates of payment fixed for the bonds of each
series. A bond need not mature on its anniversary date.
8516. (a) A resolution authorizing the issuance of bonds shall
state all of the following:
(1) The purposes for which the proposed debt is to be incurred,
which may include all costs and estimated costs incidental to, or
connected with, the accomplishment of those purposes, including,
without limitation, engineering, inspection, legal, fiscal agent,
financial consultant and other fees, bond and other reserve funds,
working capital, bond interest estimated to accrue during the
construction period and for a period not to exceed three years
thereafter, and expenses of all proceedings for the authorization,
issuance, and sale of the bonds.
(2) The estimated cost of accomplishing those purposes.
(3) The amount of the principal of the indebtedness.
(4) The maximum term the bonds proposed to be issued shall run
before maturity, which shall not be beyond the date of termination of
the imposition of the tax.
(5) The maximum rate of interest to be paid, which shall not
exceed the maximum allowable by law.
(6) The denomination or denominations of the bonds, which shall
not be less than five thousand dollars ($5,000).
(7) The form of the bonds, including, without limitation,
registered bonds and coupon bonds, to the extent permitted by federal
law, and the form of any coupons to be attached thereto, the
registration, conversion, and exchange privileges, if any, pertaining
thereto, and the time when all of, or any part of, the principal
becomes due and payable.
(b) The resolution may also contain any other matters authorized
by this chapter or any other law.
8517. The bonds shall bear interest at a rate or rates not
exceeding the maximum allowable by law, payable at intervals
determined by the commission, except that the first interest payable
on the bonds, or any series thereof, may be for any period not
exceeding one year, as determined by the commission.
8518. In the resolution authorizing the issuance of the bonds, the
commission may also provide for the call and redemption of the bonds
prior to maturity at the times and prices and upon other terms as
specified. However, no bond is subject to call or redemption prior to
maturity, unless it contains a recital to that effect or unless a
statement to that effect is printed.
8519. The principal of, and interest on, the bonds shall be payable
in lawful money of the United States at the office of the treasurer
of the commission, or at other places as may be designated, or at
both the office and other places at the option of the holders of the
bonds.
8520. The bonds, or each series thereof, shall be dated and
numbered consecutively and shall be signed by the chairperson or vice
chairperson of the commission and the auditor-controller of the
commission, and the official seal, if any, of the commission shall be
attached.
The interest coupons of the bonds shall be signed by the
auditor-controller of the commission. All of the signatures and seal
may be printed, lithographed, or mechanically reproduced.
If any officer whose signature appears on the bonds or coupons
ceases to be that officer before the delivery of the bonds, the
officer's signature is as effective as if the officer had remained in
office.
8521. The bonds may be sold as the commission determines by
resolution, and the bonds may be sold at a price below par, whether
by negotiated or public sale.
8522. Delivery of any bonds may be made at any place either inside
or outside the state, and the purchase price may be received in cash
or bank credits.
8523. All accrued interest and premiums received on the sale of the
bonds shall be placed in the fund to be used for the payment of the
principal of, and interest on, the bonds, and the remainder of the
proceeds of the bonds shall be placed in the treasury of the
commission and applied to secure the bonds or for the purposes for
which the debt was incurred. However, when the purposes have been
accomplished, any money remaining shall be either (a) transferred to
the fund to be used for the payment of principal of, and interest on,
the bonds or (b) placed in a fund to be used for the purchase of the
outstanding bonds in the open market at prices and in the manner,
either at public or private sale or otherwise, as determined by the
commission. Bonds so purchased shall be canceled immediately.
8524. (a) The commission may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire any bonds issued by
the commission upon the terms, at the times, and in the manner which
it determines.
(b) Refunding bonds may be issued in a principal amount sufficient
to pay all, or any part of, the principal of the outstanding bonds,
the premiums, if any, due upon call and redemption thereof prior to
maturity, all expenses of the refunding, and either of the following:
(1) The interest upon the refunding bonds from the date of sale
thereof to the date of payment of the bonds to be refunded out of the
proceeds of the sale of the refunding bonds or to the date upon
which the bonds to be refunded will be paid pursuant to call or
agreement with the holders of the bonds.
(2) The interest upon the bonds to be refunded from the date of
sale of the refunding bonds to the date of payment of the bonds to be
refunded or to the date upon which the bonds to be refunded will be
paid pursuant to call or agreement with the holder of the bonds.
(c) The provisions of this chapter for the issuance and sale of
bonds apply to the issuance and sale of refunding bonds.
8525. (a) The commission may borrow money in anticipation of the
sale of bonds which have been authorized pursuant to this chapter,
but which have not been sold or delivered, and may issue negotiable
bond anticipation notes therefor and may renew the bond anticipation
notes from time to time. However, the maximum maturity of any bond
anticipation notes, including the renewals thereof, shall not exceed
five years from the date of delivery of the original bond
anticipation notes.
(b) The bond anticipation notes, and the interest thereon, may be
paid from any money of the commission available therefor, including
the revenues from the tax. If not previously otherwise paid, the bond
anticipation notes, or any portion thereof, or the interest thereon,
shall be paid from the proceeds of the next sale of the bonds of the
commission in anticipation of which the notes were issued.
(c) The bond anticipation notes shall not be issued in any amount
in excess of the aggregate amount of the bonds which the commission
has been authorized to issue, less the amount of any bonds of the
authorized issue previously sold, and also less the amount of other
bond anticipation notes therefor issued and then outstanding. The
bond anticipation notes shall be issued and sold in the same manner
as the bonds.
(d) The bond anticipation notes and the resolutions authorizing
them may contain any provisions, conditions, or limitations which a
resolution of the commission may contain.
8526. Any bonds issued under this chapter are legal investment for
all trust funds; for the funds of insurance companies, commercial and
savings banks, and trust companies; and for state school funds; and
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, that money or those funds may be
invested in the bonds issued under this chapter, and whenever bonds
of cities, counties, school districts, or other districts within the
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 under 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.
8500. Except when the context otherwise requires, the definitions
given in this chapter govern the construction of this chapter.
8501. As used in this chapter, the following definitions have the
following meanings:
(a) "Commission" means the Metropolitan Transportation Commission
created by Title 7.1 (commencing with Section 66500) of the
Government Code.
(b) "Region" means the region comprising the commission's
jurisdiction, prescribed by Section 66502 of the Government Code.
(c) "Bonds" means indebtedness and securities of any kind or
class, including bonds, notes, bond anticipation notes, and
commercial paper.
8502. The commission may impose, in addition to any other tax
authorized by this division, a tax on the privilege of selling within
the region, motor vehicle fuel, as defined by Section 7326. The tax
shall not apply to motor vehicle fuel used to power aircraft. The tax
shall be levied at a rate established by the commission, but not
exceeding ten cents ($0.10) per gallon. Commencing on January 1 of
the year following the election approving the tax, the tax may be
imposed for a period not to exceed 20 years.
8503. (a) Prior to imposing the tax, the commission shall adopt a
regional transportation expenditure plan for the revenues derived
from the tax. The regional transportation expenditure plan shall
describe specific proposed transportation projects and the estimated
cost of each project.
(b) The regional transportation expenditure plan shall also meet
the following minimum objectives and criteria:
(1) Project expenditures shall reflect an equitable distribution
of revenues throughout the region with not less than 95 percent of
revenues from each county, based on population, being invested over
the 20-year life of the tax in projects attributable to that county.
In addition, during every five-year period, no less than 80 percent
of the revenues from each county, based on population, invested
during that period shall be invested in projects attributable to that
county. The commission shall allocate any accrued interest according
to the same formula. At the time of the development of the
expenditure plan, the commission shall use population data from the
most recent United States census, and shall take into account
estimated increases in population over the 20-year period projected
by the Association of Bay Area Governments.
(2) Projects included in the expenditure plan shall be consistent
with the commission's regional transportation plan, a congestion
management program, or a countywide transportation plan. The
commission shall, in prioritizing projects in the expenditure plan,
give additional consideration to projects where local land use
policies reduce dependence on single-occupant motor vehicle travel.
The expenditure plan development process shall include consultation
with cities, counties, transit operators, congestion management
agencies, and other interested groups.
(3) Cost estimates for each project shall be prepared by the
commission, in consultation with project sponsors, and verified by an
independent cost-estimating firm retained by the commission for that
purpose. Estimates of other funding required to complete any project
shall be based on an estimate of funds reasonably expected to be
available during the 20-year period commencing with the year that the
tax is initially imposed.
(4) To be eligible for inclusion in the expenditure plan, a
project shall meet at least one of the following regional
transportation needs:
(A) Fund maintenance and rehabilitation of local streets and
roads, sidewalks, or bicycle routes, or close a gap in the local
street and road system.
(B) Fund capital or operating expenses of public transit systems.
(C) Fund transit expansion projects in the commission's Resolution
3434, Regional Transit Expansion Program as contained in the
commission's regional transportation plan.
(D) Provide an alternative to single occupancy automobile travel.
(E) Improve safety on specific roadway segments where accident or
fatality rates exceed the expected rate for those segments over a
multiyear timeframe, including, but not limited to, expansion or
realignment of the roadway.
(F) Improve the operational efficiency of the existing roadway
system without a physical expansion of the system. However, expansion
projects to reconfigure existing interchanges are eligible for
inclusion in the plan.
(G) Fund implementation of the requirements of the federal
Americans with Disabilities Act of 1990 (P.L. 101-336), or those
requirements as revised, on public transit systems and other
transportation-related facilities.
(H) Fund seismic retrofitting of transportation facilities.
(I) Fund intermodal freight or passenger facilities.
(J) Fund transportation enhancement activities, including projects
consistent with the commission's Transportation for Livable
Communities (TLC) Program and the Housing Incentive Program (HIP).
(K) Defray interest costs and other expenses associated with the
issuance of revenue bonds or revenue anticipation notes.
(5) If not otherwise available, sufficient funding shall be
included in the cost estimates and expenditure plan presented to the
voters to operate and maintain each included project for the duration
of the tax.
8504. (a) Following the adoption by the commission of a regional
transportation expenditure plan, the board of supervisors of each
county and city and county in the region shall, upon the request of
the commission, submit to the voters at a local election consolidated
with a statewide primary or general election specified by the
commission, a measure, adopted by the commission, authorizing the
commission to impose the tax throughout the region.
(b) The measure may not be grouped with state or local measures on
the ballot, but shall be set forth in a separate category and shall
be identified as Regional Measure 2.
(c) Regardless of the system of voting used, the wording of the
measure shall read as follows:
"Shall The Metropolitan Transportation Commission be authorized to
impose a tax of ____ per gallon on the sale of gasoline to build and
operate transportation projects identified in the expenditure plan
adopted by the commission "
(d) The commission shall reimburse each county and city and county
in the region for the cost of submitting the measure to the voters.
These costs shall be reimbursed from revenues derived from the tax if
the measure is approved by the voters or, if the measure is not
approved, from any funds of the commission that are available for
general transportation planning.
(e) The board of supervisors of a county or city and county may
elect not to submit the measure adopted by the commission to the
voters if it submits an alternative countywide transportation funding
measure to the voters at the same election.
8505. Upon approval of the measure by the margin of voters within
the region voting at a local election as determined necessary by the
California Constitution or other applicable statutory provisions, the
commission may impose the tax in all counties in the region in which
the measure appeared on the ballot.
8506. The commission shall contract with the State Board of
Equalization for the administration of any tax imposed under this
chapter, and the board shall be reimbursed for its actual cost in the
administration of the tax and for its actual cost of preparation to
administer the tax based upon an independent audit.
8507. The State Board of Equalization shall adopt the necessary
rules and regulations to administer the tax.
8508. After deducting its cost of administering the tax, the State
Board of Equalization shall periodically transmit the net revenues to
the commission as promptly as possible. Transmittal of those
revenues shall be made at least twice in each calendar quarter.
8509. The net revenues received by the commission shall be expended
only in accordance with the regional transportation expenditure plan
adopted pursuant to Section 8503, except that the commission may
deduct from those revenues funds to reimburse it for expenses
incurred in the initial implementation of this chapter, and
thereafter, its cost of administration, not to exceed 1 percent of
annual net revenues.
8510. In order to be eligible for funds derived from the tax,
project sponsors shall comply with all applicable commission rules
and regulations including, but not limited to, those adopted pursuant
to Section 66516 of the Government Code and Sections 99244 and 99246
of the Public Utilities Code. In consultation with cities, counties,
transit operators, congestion management agencies, and other
interested groups, the commission shall also develop and implement a
program to ensure that project sponsors expend funds derived from the
tax in an efficient and effective manner. No operating or
maintenance funding provided from the tax shall be used to supplant
any funds within the discretionary control of the recipient agency
that are used for existing transportation operating or maintenance
activities.
8511. The commission's regional transportation expenditure plan
shall include a process of ensuring periodic public review of the
progress of the regional transportation expenditure plan and citizen
oversight.
8512. The commission may, by a two-thirds vote, amend the regional
transportation expenditure plan after a minimum of two public
hearings in accordance with Section 8511. Any amendment shall comply
with all of the requirements for the plan prescribed by this chapter.
8513. (a) If requested to do so by the commission in its resolution
calling for an election, the board of supervisors, as part of the
ballot proposition to approve the imposition of the tax, shall
include authorization for the commission to issue bonds for capital
outlay expenditures as may be provided for in the ordinance
expenditure plan payable from the proceeds of the tax.
(b) The maximum bonded indebtedness that may be outstanding at any
one time shall be an amount equal to the sum of the principal of,
and interest on, the bonds, but not to exceed the estimated proceeds
of the tax, as determined by the plan. The amount of bonds
outstanding at any one time does not include the amount of bonds,
refunding bonds, or bond anticipation notes for which funds necessary
for the payment thereof have been set aside for that purpose in a
trust or escrow account.
(c) The proposition shall set forth each of the following:
(1) The actual percent of the tax.
(2) The duration of the tax if the plan specifies a time limit.
(3) The amount of bonds, if any, payable from the proceeds of the
tax.
(4) The commission as the agency imposing the tax.
(5) The appropriations limit of the commission, pursuant to
Section 4 of Article XIII B of the California Constitution.
(d) The sample ballot to be mailed to the voters, pursuant to
Section 13303 of the Elections Code, shall be the full proposition,
as set forth in the ordinance calling the election, and the voter
information handbook shall include the entire ordinance expenditure
plan.
8514. (a) The bonds authorized by the voters concurrently with the
approval of the tax may be issued at any time by the commission and
shall be payable from the proceeds of the tax. The bonds shall be
referred to as "limited tax bonds."
The bonds may be secured by a pledge of revenues from the proceeds
of the tax.
(b) The pledge of the tax to the limited tax bonds authorized
under this chapter shall have priority over the use of any of the tax
for "pay-as-you-go" financing, except to the extent that this
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.
8515. Limited tax bonds shall be issued pursuant to a resolution
adopted at any time by a two-thirds vote of the commission. Each
resolution shall provide for the issuance of bonds in the amounts as
may be necessary, until the full amount of bonds authorized have been
issued. The full amount of bonds may be divided into two or more
series and different dates of payment fixed for the bonds of each
series. A bond need not mature on its anniversary date.
8516. (a) A resolution authorizing the issuance of bonds shall
state all of the following:
(1) The purposes for which the proposed debt is to be incurred,
which may include all costs and estimated costs incidental to, or
connected with, the accomplishment of those purposes, including,
without limitation, engineering, inspection, legal, fiscal agent,
financial consultant and other fees, bond and other reserve funds,
working capital, bond interest estimated to accrue during the
construction period and for a period not to exceed three years
thereafter, and expenses of all proceedings for the authorization,
issuance, and sale of the bonds.
(2) The estimated cost of accomplishing those purposes.
(3) The amount of the principal of the indebtedness.
(4) The maximum term the bonds proposed to be issued shall run
before maturity, which shall not be beyond the date of termination of
the imposition of the tax.
(5) The maximum rate of interest to be paid, which shall not
exceed the maximum allowable by law.
(6) The denomination or denominations of the bonds, which shall
not be less than five thousand dollars ($5,000).
(7) The form of the bonds, including, without limitation,
registered bonds and coupon bonds, to the extent permitted by federal
law, and the form of any coupons to be attached thereto, the
registration, conversion, and exchange privileges, if any, pertaining
thereto, and the time when all of, or any part of, the principal
becomes due and payable.
(b) The resolution may also contain any other matters authorized
by this chapter or any other law.
8517. The bonds shall bear interest at a rate or rates not
exceeding the maximum allowable by law, payable at intervals
determined by the commission, except that the first interest payable
on the bonds, or any series thereof, may be for any period not
exceeding one year, as determined by the commission.
8518. In the resolution authorizing the issuance of the bonds, the
commission may also provide for the call and redemption of the bonds
prior to maturity at the times and prices and upon other terms as
specified. However, no bond is subject to call or redemption prior to
maturity, unless it contains a recital to that effect or unless a
statement to that effect is printed.
8519. The principal of, and interest on, the bonds shall be payable
in lawful money of the United States at the office of the treasurer
of the commission, or at other places as may be designated, or at
both the office and other places at the option of the holders of the
bonds.
8520. The bonds, or each series thereof, shall be dated and
numbered consecutively and shall be signed by the chairperson or vice
chairperson of the commission and the auditor-controller of the
commission, and the official seal, if any, of the commission shall be
attached.
The interest coupons of the bonds shall be signed by the
auditor-controller of the commission. All of the signatures and seal
may be printed, lithographed, or mechanically reproduced.
If any officer whose signature appears on the bonds or coupons
ceases to be that officer before the delivery of the bonds, the
officer's signature is as effective as if the officer had remained in
office.
8521. The bonds may be sold as the commission determines by
resolution, and the bonds may be sold at a price below par, whether
by negotiated or public sale.
8522. Delivery of any bonds may be made at any place either inside
or outside the state, and the purchase price may be received in cash
or bank credits.
8523. All accrued interest and premiums received on the sale of the
bonds shall be placed in the fund to be used for the payment of the
principal of, and interest on, the bonds, and the remainder of the
proceeds of the bonds shall be placed in the treasury of the
commission and applied to secure the bonds or for the purposes for
which the debt was incurred. However, when the purposes have been
accomplished, any money remaining shall be either (a) transferred to
the fund to be used for the payment of principal of, and interest on,
the bonds or (b) placed in a fund to be used for the purchase of the
outstanding bonds in the open market at prices and in the manner,
either at public or private sale or otherwise, as determined by the
commission. Bonds so purchased shall be canceled immediately.
8524. (a) The commission may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire any bonds issued by
the commission upon the terms, at the times, and in the manner which
it determines.
(b) Refunding bonds may be issued in a principal amount sufficient
to pay all, or any part of, the principal of the outstanding bonds,
the premiums, if any, due upon call and redemption thereof prior to
maturity, all expenses of the refunding, and either of the following:
(1) The interest upon the refunding bonds from the date of sale
thereof to the date of payment of the bonds to be refunded out of the
proceeds of the sale of the refunding bonds or to the date upon
which the bonds to be refunded will be paid pursuant to call or
agreement with the holders of the bonds.
(2) The interest upon the bonds to be refunded from the date of
sale of the refunding bonds to the date of payment of the bonds to be
refunded or to the date upon which the bonds to be refunded will be
paid pursuant to call or agreement with the holder of the bonds.
(c) The provisions of this chapter for the issuance and sale of
bonds apply to the issuance and sale of refunding bonds.
8525. (a) The commission may borrow money in anticipation of the
sale of bonds which have been authorized pursuant to this chapter,
but which have not been sold or delivered, and may issue negotiable
bond anticipation notes therefor and may renew the bond anticipation
notes from time to time. However, the maximum maturity of any bond
anticipation notes, including the renewals thereof, shall not exceed
five years from the date of delivery of the original bond
anticipation notes.
(b) The bond anticipation notes, and the interest thereon, may be
paid from any money of the commission available therefor, including
the revenues from the tax. If not previously otherwise paid, the bond
anticipation notes, or any portion thereof, or the interest thereon,
shall be paid from the proceeds of the next sale of the bonds of the
commission in anticipation of which the notes were issued.
(c) The bond anticipation notes shall not be issued in any amount
in excess of the aggregate amount of the bonds which the commission
has been authorized to issue, less the amount of any bonds of the
authorized issue previously sold, and also less the amount of other
bond anticipation notes therefor issued and then outstanding. The
bond anticipation notes shall be issued and sold in the same manner
as the bonds.
(d) The bond anticipation notes and the resolutions authorizing
them may contain any provisions, conditions, or limitations which a
resolution of the commission may contain.
8526. Any bonds issued under this chapter are legal investment for
all trust funds; for the funds of insurance companies, commercial and
savings banks, and trust companies; and for state school funds; and
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, that money or those funds may be
invested in the bonds issued under this chapter, and whenever bonds
of cities, counties, school districts, or other districts within the
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 under 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.
