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.
Chapter 4.3Metropolitan Transportation Commission
Section § 30950
This law establishes the Bay Area Toll Authority as a public agency responsible for overseeing toll operations. It shares the same board as the Metropolitan Transportation Commission but functions as an independent entity.
Bay Area Toll Authority Metropolitan Transportation Commission public instrumentality toll operations independent entity governance board oversight separate entity transportation management regional tolling public agency Bay Area transportation toll authority creation California transportation laws Chapter 4 SHC
Section § 30950.1
The authority needs to create a budget every year. Members of the authority will be paid as decided by the authority itself, and they can also get money back for any reasonable expenses they rack up while doing their job. The authority covers all these costs itself.
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.
annual budget adoption authority members compensation reimbursement of expenses performing authority duties reasonable expenses budget management cost coverage fiscal planning operational expenses compensation policies expense reimbursement authority costs financial oversight expense management member compensation determination
Section § 30950.2
The California authority is in charge of managing toll revenues for state-owned toll bridges under the Metropolitan Transportation Commission's area. However, there's an exception about money collected from a special charge for improving earthquake safety, called the seismic retrofit surcharge. This surcharge is not considered part of the regular toll revenue, and it is specifically put aside to pay debts from the California Infrastructure and Economic Development Bank.
(a)CA Streets and Highways Code § 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)CA Streets and Highways Code § 30950.2(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)CA Streets and Highways Code § 30950.2(b)(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)CA Streets and Highways Code § 30950.2(b)(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).
toll revenues administration state-owned toll bridges Metropolitan Transportation Commission seismic retrofit surcharge California Infrastructure and Economic Development Bank obligations securing surcharge geographic jurisdiction seismic safety surcharge bridge toll revenue management debt payment pledge
Section § 30950.3
This law requires the authority in charge of bridges to create and regularly update a long-term plan for tolls that fund bridge-related projects. This includes projects under the Regional Traffic Relief Plan and Regional Measure 3. The main focus should be on projects that preserve and protect the bridge structures, as prioritized by the department and the authority.
(a)CA Streets and Highways Code § 30950.3(a) The authority shall prepare, adopt, and from time to time revise, a long-range bridge toll plan for the completion of all projects within its jurisdiction, including those of the Regional Traffic Relief Plan described in subdivision (c) of Section 30914 and the Regional Measure 3 expenditure plan described in subdivision (a) of Section 30914.7.
(b)CA Streets and Highways Code § 30950.3(b) The authority shall give first priority to projects and expenditures that are deemed necessary by the department and the authority to preserve and protect the bridge structures.
bridge toll plan long-range planning Regional Traffic Relief Plan Regional Measure 3 bridge preservation infrastructure protection bridge projects toll funding expenditure plan bridge authority bridge structures project prioritization department recommendations infrastructure projects toll authority
Section § 30950.4
The California Transportation Commission no longer has control over the bay area bridges; this control has been given to a different authority.
All authority of the California Transportation Commission as to the bay area bridges is transferred to the authority.
California Transportation Commission bay area bridges authority transfer bridge management infrastructure control government authority transportation governance regional transportation management infrastructure oversight commission responsibilities bay area infrastructure bridge authority jurisdiction transfer transportation authority administrative change
Section § 30951
This law section gives an authority the power to carry out various activities necessary for its projects. It can make contracts, hire people, and manage public facilities. It can also take legal action in its name, issue bonds, and handle financial matters such as getting grants or loans. Furthermore, it can invest funds not immediately needed and secure financial guarantees for bond repayments.
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)CA Streets and Highways Code § 30951(a) To make and enter into contracts.
(b)CA Streets and Highways Code § 30951(b) To employ agents or employees.
(c)CA Streets and Highways Code § 30951(c) To acquire, construct, manage, maintain, lease, or operate any public facility or improvements.
(d)CA Streets and Highways Code § 30951(d) To sue and be sued in its own name.
(e)CA Streets and Highways Code § 30951(e) To issue bonds and otherwise to incur debts, liabilities, or obligations.
(f)CA Streets and Highways Code § 30951(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)CA Streets and Highways Code § 30951(g) To invest any money not required for the immediate necessities of the authority, as the authority determines is advisable.
(h)CA Streets and Highways Code § 30951(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.
authority powers public facility management contract making employment of agents bonds issuance legal actions financial management grants and loans debt obligations investment of funds financial guarantees project financing lease operations construction of improvements federal and state assistance
Section § 30951.1
This law states that the authority cannot buy or acquire more office space, either directly or indirectly, beyond what they currently have at 390 Main Street in San Francisco. This restriction applies even if they try to collaborate with another entity.
Notwithstanding any other provision of law, the authority is not authorized to purchase or otherwise acquire, directly or indirectly, including, but not limited to, through a joint exercise of powers authority between the authority and any other entity, office space and office facilities in addition to the office space and office facilities located at 390 Main Street in San Francisco.
office space restriction property acquisition 390 Main Street San Francisco office joint exercise of powers facility limitations real estate acquisition authority building entity collaboration office facilities purchase restrictions joint authority agreements office location expansion limitation real estate law
Section § 30952
This law section states that the department is in charge of collecting tolls and handling the operation, maintenance, and upgrades of certain bridges as specified in another section. They have to work with an authority to agree on the terms, including how money from the tolls will be used for bridge projects. This includes the department's planning, design, and construction responsibilities for bridge improvements.
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.
toll collection bridge maintenance bridge rehabilitation bridge improvements toll facilities design and construction programming and scheduling cooperative agreement toll revenues bridge operation bridge design bridge planning design responsibilities toll-funded projects
Section § 30952.05
This law outlines the responsibilities and processes for overseeing the construction of the Benicia-Martinez Bridge and the state toll bridge seismic retrofit program in California. The authority and department must amend their cooperative agreement to reflect these responsibilities. The department is responsible for developing the specifications and inviting bids for the projects, with all documents needing approval from an oversight authority before release.
A dedicated Toll Bridge Program Oversight Committee will manage project oversight, including reviewing bids, changes, and costs, and preparing reports. The authority can hire consultants to assist with oversight and can use toll revenues to cover these costs. To manage risks, the department must establish a risk management plan, quantify financial impacts of risks, and update cost estimates and reserves regularly. It must also provide timely reports on the projects’ status and inform the oversight committee of unexpected events affecting budgets or schedules.
(a)CA Streets and Highways Code § 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)CA Streets and Highways Code § 30952.05(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)CA Streets and Highways Code § 30952.05(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)CA Streets and Highways Code § 30952.05(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)CA Streets and Highways Code § 30952.05(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)CA Streets and Highways Code § 30952.05(e)(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)CA Streets and Highways Code § 30952.05(e)(2) Quantify the effect of identified risks in financial terms.
(3)CA Streets and Highways Code § 30952.05(e)(3) Develop and maintain documents to track identified risks and related mitigation steps.
(4)CA Streets and Highways Code § 30952.05(e)(4) Regularly update its estimates of capital and capital outlay support costs.
(5)CA Streets and Highways Code § 30952.05(e)(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)CA Streets and Highways Code § 30952.05(e)(6) Regularly integrate estimates for capital, capital outlay support costs, and contingency reserves into a programwide report.
(7)CA Streets and Highways Code § 30952.05(e)(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)CA Streets and Highways Code § 30952.05(e)(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.
Benicia-Martinez Bridge toll bridge seismic retrofit project oversight risk management plan bid specifications Toll Bridge Program Oversight Committee consulting firms risk quantification cost tracking contingency reserves financial terms project reports unexpected events toll revenue reimbursement field staff review
Section § 30952.1
This law section establishes the Toll Bridge Program Oversight Committee, which includes the director, the executive director of the authority, and the Executive Director of the California Transportation Commission. This committee is responsible for overseeing toll bridge projects, including reviewing progress, costs, schedules, and managing project changes. They will develop cost estimates and risk assessments and check staffing and contractor services for specific projects like the Benicia-Martinez Bridge and the seismic retrofit program.
The law mandates that expenses related to these duties be reimbursed from collected toll revenues. Additionally, the committee's meetings must comply with open meeting laws to ensure transparency.
(a)CA Streets and Highways Code § 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)CA Streets and Highways Code § 30952.1(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)CA Streets and Highways Code § 30952.1(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)CA Streets and Highways Code § 30952.1(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)CA Streets and Highways Code § 30952.1(e) The Toll Bridge Program Oversight Committee shall be subject to the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the Government Code).
Toll Bridge Program Oversight Committee project management project status program costs schedule review project issues cost estimates risk assessments cashflow requirements Benicia-Martinez Bridge seismic retrofit program reimbursement from toll revenue open meeting laws Bagley-Keene Open Meeting Act
Section § 30952.2
The law requires the department to report monthly on construction progress and costs for projects like the Benicia-Martinez Bridge and seismic retrofits. Starting in August 2005, the Toll Bridge Program Oversight Committee must submit quarterly reports to legislative and transportation bodies about the seismic retrofit program. These reports should include details on project progress, budgets, expenditures, schedules, accomplishments, issues, and fiscal summaries.
(a)CA Streets and Highways 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)Copy CA Streets and Highways Code § 30952.2(b)
(1)Copy CA Streets and Highways Code § 30952.2(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)CA Streets and Highways Code § 30952.2(b)(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)CA Streets and Highways Code § 30952.2(b)(2)(A) A progress report.
(B)CA Streets and Highways Code § 30952.2(b)(2)(B) The baseline budget for capital and capital outlay support costs for the revised program cost estimate, as described in Section 188.6.
(C)CA Streets and Highways Code § 30952.2(b)(2)(C) The current or projected budget for capital and capital outlay support costs.
(D)CA Streets and Highways Code § 30952.2(b)(2)(D) Expenditures to date for capital and capital outlay support costs.
(E)CA Streets and Highways Code § 30952.2(b)(2)(E) A comparison of the current or projected schedule and the baseline schedule that was assumed.
(F)CA Streets and Highways Code § 30952.2(b)(2)(F) A summary of milestones achieved during the quarterly period and any issues identified and actions taken to address those issues.
(G)CA Streets and Highways Code § 30952.2(b)(2)(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)CA Streets and Highways Code § 30952.2(b)(2)(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)CA Streets and Highways Code § 30952.2(b)(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.
Toll Bridge Program Oversight Committee Benicia-Martinez Bridge seismic retrofit construction status project expenditures forecasted costs project schedules quarterly reports Legislature reporting California Transportation Commission capital budget project milestones project issues incentives and disincentives program budget status
Section § 30952.3
This law allows the department to use incentives or penalties to increase the number of companies bidding on projects related to toll bridge earthquake retrofitting and replacement. It also aims to ensure these projects are completed on time and as specified in the contracts.
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.
toll bridge projects seismic retrofit bidding incentives contract disincentives project completion bid process increased bidders earthquake retrofitting replacement projects timely completion contract thoroughness incentive programs bidding participation department resources construction projects
Section § 30953
This law establishes that all income generated from bridge tolls, starting from a specific chapter, must be placed into a specially created Bay Area Toll Account.
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.
toll revenues bridge income Bay Area Toll Account Chapter 4 income bridge toll deposits income derived from bridges Section 30910 bridge toll management toll fund allocation Bay Area bridge finances
Section § 30954
Once the California Infrastructure and Economic Development Bank has settled all its financial obligations linked to the seismic retrofit surcharge, any remaining money, interest, and existing balances in the Toll Bridge Seismic Retrofit Account must be moved to the Bay Area Toll Account.
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.
California Infrastructure and Economic Development Bank seismic retrofit surcharge financial obligations Toll Bridge Seismic Retrofit Account Bay Area Toll Account fund transfer revenue transfer interest earned account balances outstanding obligations seismic retrofit financing surplus funds
Section § 30958
This law allows an authority to keep up to 1% of the total money earned annually from bridge revenues, but only after all bond payments, operation costs, and direct operating expenses have been covered.
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.
bridge revenues gross annual revenue administration costs debt service payments outstanding bonds operation expenses maintenance expenses direct operating costs 1 percent revenue retention authority budgeting financial management public infrastructure finances revenue allocation bridge authority
Section § 30959
This law allows the authority to financially support the commission by contributing up to 1% of the annual bridge revenues for things like staffing, office space, and other necessary funding. Additionally, the authority can offer loans to the commission, which also must not exceed 1% of the annual bridge revenues, and these loans need to be repaid with interest similar to that of toll bridge revenue bonds. The term 'gross annual bridge revenues' refers to the definition provided in another section, Section 30958.
The authority may make direct contributions to the commission in furtherance of the exercise of the authority’s powers under this division, including contributions in the form of personnel services, office space, overhead, and other funding necessary to carry out the function of the authority, with those contributions not to exceed 1 percent of the gross annual bridge revenues. The authority may also make additional contributions in the form of loans to the commission on a reimbursement-for-cost basis; provided that those loans do not, independent of the direct contributions, exceed 1 percent of the gross annual bridge revenues and are fully repaid with interest at the same interest rate that would apply for toll bridge revenue bonds of the same duration as any loan
taken by the commission. As used in this section, “gross annual bridge revenues” shall have the same meaning as in Section 30958.
direct contributions commission funding personnel services office space overhead funding funding limits gross annual bridge revenues financial support loan conditions reimbursement-for-cost toll bridge revenue bonds bridge revenue limits interest repayment funding contributions financial assistance
Section § 30960
This law allows the authority to issue bonds, known as "toll bridge revenue bonds," to finance bridges by using the tolls collected. These toll revenues are automatically used as collateral to ensure bondholders and credit providers are paid, without needing further formalities. The toll revenues must first cover the expenses of operating and maintaining the bridges unless covered by another statute. Furthermore, interest on these bonds is exempt from state personal and corporate income taxes.
(a)CA Streets and Highways Code § 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)CA Streets and Highways Code § 30960(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)CA Streets and Highways Code § 30960(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)CA Streets and Highways Code § 30960(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.
toll bridge revenue bonds defeasance bonds future capital project bonds toll revenues statutory lien bondholders rights credit enhancement bridge tolls operation and maintenance costs tax-exempt bonds toll bridge financing secured bonds public infrastructure financing toll bridge operations
Section § 30961
This law outlines how toll bridge revenue bonds can be issued to fund projects like building or improving bridges. The authority, with a majority vote, can decide to issue these bonds, following the rules set out in the Revenue Bond Law of 1941. The law requires bond details like purpose, maximum amount, term, and interest rates to be clearly defined in a resolution. Interest rates cannot exceed specific legal limits.
The authority must keep detailed financial records and conduct annual audits to show the financial health of toll bridge projects. Moreover, these bonds can be used to pay off prior financial commitments, ensuring those are no longer considered outstanding, in collaboration with the California Infrastructure and Economic Development Bank.
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)CA Streets and Highways Code § 30961(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)CA Streets and Highways Code § 30961(a)(1) The purposes for which the bonds are to be issued.
(2)CA Streets and Highways Code § 30961(a)(2) The maximum principal amount of the bonds.
(3)CA Streets and Highways Code § 30961(a)(3) The maximum term for the bonds or commercial paper.
(4)CA Streets and Highways Code § 30961(a)(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)CA Streets and Highways Code § 30961(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)CA Streets and Highways Code § 30961(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)CA Streets and Highways Code § 30961(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.
toll bridge revenue bonds bond issuance majority vote Revenue Bond Law of 1941 bond resolution interest rate limits financial audits toll bridge accounting California Infrastructure and Economic Development Bank bridge construction funding bond funding purposes financial condition reporting bond consolidation independent audit government funding mechanisms
Section § 30961.1
By the end of 2005, the California Transportation Commission had to create a plan for distributing state funding for toll bridge seismic projects. This plan identifies funding timings and sources to support seismic retrofitting and replacements, starting from the fiscal year 2005-06. The funding schedule spreads costs over the construction period, aligns state and toll revenues, and minimizes effects on other transportation programs. Special funding for a component must begin by fiscal year 2008-09. The Commission can update this plan as needed.
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.
California Transportation Commission seismic retrofit toll bridge replacement state contributions fiscal year 2005-06 construction funding schedule state transportation programs timing of contributions toll revenues balance impact on transportation programs funding distribution Section 188.5 fiscal planning construction projects seismic safety funding
Section § 30962
This law states that bonds or commercial paper issued under this chapter are considered legal investments for various funds, including trust funds, insurance company funds, and school funds. It clarifies that these bonds can be invested in and used as security like other bonds issued by cities, counties, or districts within California. This provision serves as a recent legislative update to the rules concerning legal investments.
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.
legal investment trust funds insurance company funds commercial banks savings banks trust companies state school funds bonds commercial paper city bonds county bonds school district bonds security for performance deposit of public money latest legislative expression
Section § 30963
This section states that California promises not to change the rights of the authority that manages toll bridge improvements or interfere with agreements related to these bonds and contracts. This promise lasts until all bonds and interests are fully paid and contracts fulfilled. However, this doesn’t mean California is guaranteeing these payments with its full financial backing. The authority can mention this pledge in its revenue bonds.
(a)CA Streets and Highways Code § 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)CA Streets and Highways Code § 30963(b) Nothing in this section shall be deemed to pledge the full faith and credit of the State of California.
(c)CA Streets and Highways Code § 30963(c) The authority may include the pledges made pursuant to this section in its revenue bonds.
toll bridge improvements authority rights bondholder agreements revenue bonds state pledge California toll bridges bond terms protection bridge financing contractual obligations bond interest payment bond repayment assurance state financial backing toll bridge contracts bridges infrastructure financing bond holder remedies
