AB 65 (Patterson) Transportation bond debt service
Existing law imposes weight fees on the registration of commercial motor vehicles and provides for the deposit of net weight fee revenues into the State Highway Account. Existing law provides for the monthly transfer of certain weight fee revenues from the State Highway Account to the Transportation Debt Service Fund to reimburse the General Fund for payment of debt service on general obligation bonds issued for transportation purposes or to redeem or retire those bonds. Existing law also provides for the transfer of certain weight fee revenues to the Transportation Bond Direct Payment Account for direct payment of debt service on designated bonds, which are defined to be certain transportation general obligation bonds issued pursuant to Proposition 1B of 2006. Existing law also requires loans of remaining weight fee revenues to the General Fund in any fiscal year to the extent the revenues are not needed for bond debt service purposes or to redeem or retire those bonds, with the loans to be repaid when the revenues are later needed for those bond debt service purposes.
This bill would delete the requirement to loan any remaining weight fee revenues to the General Fund in a fiscal year in which all of the weight fee revenues are not needed for payment of debt service on general obligation bonds issued for transportation purposes, or to redeem or retire those bonds.
Existing law provides for transfer of certain vehicle weight fee revenues to the Transportation Debt Service Fund to reimburse the General Fund for payment of current year debt service on general obligation bonds issued for transportation purposes, including bonds issued for high-speed rail and associated purposes pursuant to the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century (Proposition 1A of 2008).
This bill would specifically exclude from payment under these provisions the debt service for Proposition 1A bonds.
Key Provision: Section 16965(a)(2) of the Government Code:
"The bonds eligible under subparagraph (B) or (C) of paragraph (1) include bonds issued pursuant to the Clean Air and Transportation Improvement Act of 1990 (Part 11.5 (commencing with Section 99600) of Division 10 of the Public Utilities Code), the Passenger Rail and Clean Air Bond Act of 1990 (Chapter 17 (commencing with Section 2701) of Division 3 of the Streets and Highways Code), and the Seismic Retrofit Bond Act of 1996 (Chapter 12.48 (commencing with Section 8879) of Division 1 of Title 2), and nondesignated bonds under Proposition 1B, as defined in subdivision (c) of Section 16773."
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|Last Updated:||January 5, 2018|