31070. The Legislature hereby finds and declares all of the
following:
(a) Following the 1989 Loma Prieta earthquake, legislation was
enacted to make seismic safety a top transportation priority in this
state. In the wake of the Northridge earthquake of 1994, when nine
major freeway bridges were destroyed and 11 major highways wee
closed, seismic retrofit of the state's bridges and highways again
became the number one priority on the state's transportation agenda.
(b) In 1996, voters approved Proposition 192, a two billion dollar
($2,000,000,000) bond measure for state highway seismic retrofit.
This funding measure includes the costs of retrofitting seven
state-owned toll bridges, five in the San Francisco-Oakland Bay area
and two in southern California. Replacement costs for the eastern
span of the San Francisco-Oakland Bay Bridge were factored in as
well.
(c) Subsequent to the adoption of Proposition 192, new cost
estimates by the department increase the toll bridge retrofit program
from six hundred fifty million dollars ($650,000,000) to two billion
six hundred million dollars ($2,600,000,000). To address this
increase, the Legislature enacted legislation in 1997, establishing
the compromise of a 50/50 funding agreement between the state and
local toll payers to finance all state-owned bridges in the San
Francisco-Oakland Bay area, Los Angeles, and San Diego.
(d) It is the further intent of the Legislature that the
department address the funding deficiency through a combination of
financing options. These options may or may not include obtaining a
loan under the federal Transportation Infrastructure Finance and
Innovation Act of 1998 (P.L. 105-178), a program authorized by the
Congress of the United States in 1998 to provided credit assistance
for large transportation projects.
(e) Other financing options include revenue bonds and commercial
paper should be issued under the authority of the California
Infrastructure and Economic Development Financing Bank, the
California Transportation Commission, or other, appropriate entity.
31070.5. For the purposes of this chapter, the following terms have
the following meanings, unless the context requires otherwise:
(a) "Authority" means the Bay Area Toll Authority established
under Section 30950.
(b) "Account" means the Toll Bridge Seismic Retrofit Account
established in the State Transportation Fund under Section 188.12.
(c) "Bank" means the California Infrastructure and Economic
Development Bank established under Section 63021 of the Government
Code.
(d) "Bay area bridges" means the state-owned toll bridges in the
region within the area of the jurisdiction of the Metropolitan
Transportation Commission.
(e) "Bonds" has the meaning defined in subdivision (e) of Section
63010 of the Government Code.
(f) "Department" means the Department of Transportation.
(g) "TIFIA" means the federal Transportation Infrastructure
Finance and Innovation Act of 1998 (P.L. 105-178).
(h) "Toll surcharge" means the seismic retrofit surcharge imposed
under Section 31010.
31070.7. The department has full and sole responsibility for
completion of all seismic retrofit projects on the bay area bridges.
31071. (a) The department may enter into financing agreements with
the bank for the purpose of borrowing funds to finance or refinance
the seismic retrofit project costs identified in paragraph (4) of
subdivision (a) of Section 188.5. The bank may issue bonds for this
purpose, pursuant to the authority granted to it under Chapter 5
(commencing with Section 63070) of Division 1 of Title 6.7 of the
Government Code, and deposit the proceeds from the bonds into the
account. The amount of borrowing may be increased to fund necessary
reserves, capitalized interest, interim bonds, including, but not
limited to, commercial paper, costs of issuance, and administrative,
financial, legal, and incidental services related to the bonds. The
department shall pursue the most cost-effective and efficient
financing plan for the bridge work identified in paragraph (4) of
subdivision (a) of Section 188.5.
(b) To the extent provided in the governing documents, each of the
bonds issued under this section shall be payable from, and secured
by, all or a portion of the toll surcharge revenue in the account and
the assets in that account.
(c) Prior to the issuance of bonds payable from the toll
surcharge, the bank shall confirm that bonds issued under Chapter 4.3
(commencing with Section 30950) shall not be impaired solely by
action taken under this section, as evidenced by confirmation of the
then existing ratings on these bonds, by the rating agencies then
rating the bonds. This requirement shall not apply if the voters
approve an increase in the toll rate pursuant to subdivision (b) of
Section 30921.
31071.3. Notwithstanding any other provision of law, during the
construction period, all revenues generated from the toll surcharge
shall be available to the department only for the construction and
financing purposes of the toll bridge seismic retrofit program.
31071.5. (a) Bonds issued under this chapter may not be deemed to
constitute a debt or liability of the state or of any political
subdivision thereof, other than the bank, or a pledge of the faith
and credit of the state or of any political subdivision thereof, but
shall be payable solely from the account, and the assets of the
account, and the security provided by the account. All bonds issued
under this chapter shall contain on the face of the bonds a statement
to this effect.
(b) Notwithstanding any other provision of law, Article 3
(commencing with Section 63040) of, Article 4 (commencing with 63042)
of, and Article 5 (commencing with Section 63043) of Chapter 2 of
Division 1 of Title 6.7 of the Government Code do not apply to any
financing provided by the bank to, or at the request of, the
department in connection with the account.
31072. Any federal funds received by the department as a direct
loan or line of credit under TIFIA are hereby appropriated to the
department for transfer to the account for the purposes of that
account.
31073. The department may make the loans and transfers authorized
under Section 14556.7 of the Government Code and Section 188.14 to
provide adequate cash flow for obligation service requirements
resulting from the financing authority provided under Sections 31071
and 31072.
31070. The Legislature hereby finds and declares all of the
following:
(a) Following the 1989 Loma Prieta earthquake, legislation was
enacted to make seismic safety a top transportation priority in this
state. In the wake of the Northridge earthquake of 1994, when nine
major freeway bridges were destroyed and 11 major highways wee
closed, seismic retrofit of the state's bridges and highways again
became the number one priority on the state's transportation agenda.
(b) In 1996, voters approved Proposition 192, a two billion dollar
($2,000,000,000) bond measure for state highway seismic retrofit.
This funding measure includes the costs of retrofitting seven
state-owned toll bridges, five in the San Francisco-Oakland Bay area
and two in southern California. Replacement costs for the eastern
span of the San Francisco-Oakland Bay Bridge were factored in as
well.
(c) Subsequent to the adoption of Proposition 192, new cost
estimates by the department increase the toll bridge retrofit program
from six hundred fifty million dollars ($650,000,000) to two billion
six hundred million dollars ($2,600,000,000). To address this
increase, the Legislature enacted legislation in 1997, establishing
the compromise of a 50/50 funding agreement between the state and
local toll payers to finance all state-owned bridges in the San
Francisco-Oakland Bay area, Los Angeles, and San Diego.
(d) It is the further intent of the Legislature that the
department address the funding deficiency through a combination of
financing options. These options may or may not include obtaining a
loan under the federal Transportation Infrastructure Finance and
Innovation Act of 1998 (P.L. 105-178), a program authorized by the
Congress of the United States in 1998 to provided credit assistance
for large transportation projects.
(e) Other financing options include revenue bonds and commercial
paper should be issued under the authority of the California
Infrastructure and Economic Development Financing Bank, the
California Transportation Commission, or other, appropriate entity.
31070.5. For the purposes of this chapter, the following terms have
the following meanings, unless the context requires otherwise:
(a) "Authority" means the Bay Area Toll Authority established
under Section 30950.
(b) "Account" means the Toll Bridge Seismic Retrofit Account
established in the State Transportation Fund under Section 188.12.
(c) "Bank" means the California Infrastructure and Economic
Development Bank established under Section 63021 of the Government
Code.
(d) "Bay area bridges" means the state-owned toll bridges in the
region within the area of the jurisdiction of the Metropolitan
Transportation Commission.
(e) "Bonds" has the meaning defined in subdivision (e) of Section
63010 of the Government Code.
(f) "Department" means the Department of Transportation.
(g) "TIFIA" means the federal Transportation Infrastructure
Finance and Innovation Act of 1998 (P.L. 105-178).
(h) "Toll surcharge" means the seismic retrofit surcharge imposed
under Section 31010.
31070.7. The department has full and sole responsibility for
completion of all seismic retrofit projects on the bay area bridges.
31071. (a) The department may enter into financing agreements with
the bank for the purpose of borrowing funds to finance or refinance
the seismic retrofit project costs identified in paragraph (4) of
subdivision (a) of Section 188.5. The bank may issue bonds for this
purpose, pursuant to the authority granted to it under Chapter 5
(commencing with Section 63070) of Division 1 of Title 6.7 of the
Government Code, and deposit the proceeds from the bonds into the
account. The amount of borrowing may be increased to fund necessary
reserves, capitalized interest, interim bonds, including, but not
limited to, commercial paper, costs of issuance, and administrative,
financial, legal, and incidental services related to the bonds. The
department shall pursue the most cost-effective and efficient
financing plan for the bridge work identified in paragraph (4) of
subdivision (a) of Section 188.5.
(b) To the extent provided in the governing documents, each of the
bonds issued under this section shall be payable from, and secured
by, all or a portion of the toll surcharge revenue in the account and
the assets in that account.
(c) Prior to the issuance of bonds payable from the toll
surcharge, the bank shall confirm that bonds issued under Chapter 4.3
(commencing with Section 30950) shall not be impaired solely by
action taken under this section, as evidenced by confirmation of the
then existing ratings on these bonds, by the rating agencies then
rating the bonds. This requirement shall not apply if the voters
approve an increase in the toll rate pursuant to subdivision (b) of
Section 30921.
31071.3. Notwithstanding any other provision of law, during the
construction period, all revenues generated from the toll surcharge
shall be available to the department only for the construction and
financing purposes of the toll bridge seismic retrofit program.
31071.5. (a) Bonds issued under this chapter may not be deemed to
constitute a debt or liability of the state or of any political
subdivision thereof, other than the bank, or a pledge of the faith
and credit of the state or of any political subdivision thereof, but
shall be payable solely from the account, and the assets of the
account, and the security provided by the account. All bonds issued
under this chapter shall contain on the face of the bonds a statement
to this effect.
(b) Notwithstanding any other provision of law, Article 3
(commencing with Section 63040) of, Article 4 (commencing with 63042)
of, and Article 5 (commencing with Section 63043) of Chapter 2 of
Division 1 of Title 6.7 of the Government Code do not apply to any
financing provided by the bank to, or at the request of, the
department in connection with the account.
31072. Any federal funds received by the department as a direct
loan or line of credit under TIFIA are hereby appropriated to the
department for transfer to the account for the purposes of that
account.
31073. The department may make the loans and transfers authorized
under Section 14556.7 of the Government Code and Section 188.14 to
provide adequate cash flow for obligation service requirements
resulting from the financing authority provided under Sections 31071
and 31072.
31070. The Legislature hereby finds and declares all of the
following:
(a) Following the 1989 Loma Prieta earthquake, legislation was
enacted to make seismic safety a top transportation priority in this
state. In the wake of the Northridge earthquake of 1994, when nine
major freeway bridges were destroyed and 11 major highways wee
closed, seismic retrofit of the state's bridges and highways again
became the number one priority on the state's transportation agenda.
(b) In 1996, voters approved Proposition 192, a two billion dollar
($2,000,000,000) bond measure for state highway seismic retrofit.
This funding measure includes the costs of retrofitting seven
state-owned toll bridges, five in the San Francisco-Oakland Bay area
and two in southern California. Replacement costs for the eastern
span of the San Francisco-Oakland Bay Bridge were factored in as
well.
(c) Subsequent to the adoption of Proposition 192, new cost
estimates by the department increase the toll bridge retrofit program
from six hundred fifty million dollars ($650,000,000) to two billion
six hundred million dollars ($2,600,000,000). To address this
increase, the Legislature enacted legislation in 1997, establishing
the compromise of a 50/50 funding agreement between the state and
local toll payers to finance all state-owned bridges in the San
Francisco-Oakland Bay area, Los Angeles, and San Diego.
(d) It is the further intent of the Legislature that the
department address the funding deficiency through a combination of
financing options. These options may or may not include obtaining a
loan under the federal Transportation Infrastructure Finance and
Innovation Act of 1998 (P.L. 105-178), a program authorized by the
Congress of the United States in 1998 to provided credit assistance
for large transportation projects.
(e) Other financing options include revenue bonds and commercial
paper should be issued under the authority of the California
Infrastructure and Economic Development Financing Bank, the
California Transportation Commission, or other, appropriate entity.
31070.5. For the purposes of this chapter, the following terms have
the following meanings, unless the context requires otherwise:
(a) "Authority" means the Bay Area Toll Authority established
under Section 30950.
(b) "Account" means the Toll Bridge Seismic Retrofit Account
established in the State Transportation Fund under Section 188.12.
(c) "Bank" means the California Infrastructure and Economic
Development Bank established under Section 63021 of the Government
Code.
(d) "Bay area bridges" means the state-owned toll bridges in the
region within the area of the jurisdiction of the Metropolitan
Transportation Commission.
(e) "Bonds" has the meaning defined in subdivision (e) of Section
63010 of the Government Code.
(f) "Department" means the Department of Transportation.
(g) "TIFIA" means the federal Transportation Infrastructure
Finance and Innovation Act of 1998 (P.L. 105-178).
(h) "Toll surcharge" means the seismic retrofit surcharge imposed
under Section 31010.
31070.7. The department has full and sole responsibility for
completion of all seismic retrofit projects on the bay area bridges.
31071. (a) The department may enter into financing agreements with
the bank for the purpose of borrowing funds to finance or refinance
the seismic retrofit project costs identified in paragraph (4) of
subdivision (a) of Section 188.5. The bank may issue bonds for this
purpose, pursuant to the authority granted to it under Chapter 5
(commencing with Section 63070) of Division 1 of Title 6.7 of the
Government Code, and deposit the proceeds from the bonds into the
account. The amount of borrowing may be increased to fund necessary
reserves, capitalized interest, interim bonds, including, but not
limited to, commercial paper, costs of issuance, and administrative,
financial, legal, and incidental services related to the bonds. The
department shall pursue the most cost-effective and efficient
financing plan for the bridge work identified in paragraph (4) of
subdivision (a) of Section 188.5.
(b) To the extent provided in the governing documents, each of the
bonds issued under this section shall be payable from, and secured
by, all or a portion of the toll surcharge revenue in the account and
the assets in that account.
(c) Prior to the issuance of bonds payable from the toll
surcharge, the bank shall confirm that bonds issued under Chapter 4.3
(commencing with Section 30950) shall not be impaired solely by
action taken under this section, as evidenced by confirmation of the
then existing ratings on these bonds, by the rating agencies then
rating the bonds. This requirement shall not apply if the voters
approve an increase in the toll rate pursuant to subdivision (b) of
Section 30921.
31071.3. Notwithstanding any other provision of law, during the
construction period, all revenues generated from the toll surcharge
shall be available to the department only for the construction and
financing purposes of the toll bridge seismic retrofit program.
31071.5. (a) Bonds issued under this chapter may not be deemed to
constitute a debt or liability of the state or of any political
subdivision thereof, other than the bank, or a pledge of the faith
and credit of the state or of any political subdivision thereof, but
shall be payable solely from the account, and the assets of the
account, and the security provided by the account. All bonds issued
under this chapter shall contain on the face of the bonds a statement
to this effect.
(b) Notwithstanding any other provision of law, Article 3
(commencing with Section 63040) of, Article 4 (commencing with 63042)
of, and Article 5 (commencing with Section 63043) of Chapter 2 of
Division 1 of Title 6.7 of the Government Code do not apply to any
financing provided by the bank to, or at the request of, the
department in connection with the account.
31072. Any federal funds received by the department as a direct
loan or line of credit under TIFIA are hereby appropriated to the
department for transfer to the account for the purposes of that
account.
31073. The department may make the loans and transfers authorized
under Section 14556.7 of the Government Code and Section 188.14 to
provide adequate cash flow for obligation service requirements
resulting from the financing authority provided under Sections 31071
and 31072.
