Bill Text: CA AB2703 | 2009-2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Transportation: bond-funded projects: letter of no

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2010-08-03 - From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on RLS. [AB2703 Detail]

Download: California-2009-AB2703-Amended.html

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BILL NUMBER: AB 2703	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MAY 17, 2010
	AMENDED IN ASSEMBLY  APRIL 27, 2010
	AMENDED IN ASSEMBLY  APRIL 8, 2010

INTRODUCED BY   Assembly Member John A. Perez

                        FEBRUARY 19, 2010

   An act to add Section 8879.79 to the Government Code, relating to
transportation, and declaring the urgency thereof, to take effect
immediately.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 2703, as amended, John A. Perez. Federal transportation
economic stimulus funds: 2nd round.
   Existing law establishes special procedures and formulas for
allocation and expenditure of federal transportation economic
stimulus funds awarded to the state in 2009. Under these provisions,
the Department of Transportation, with the approval of the Department
of Finance, may make a loan or loans from a specified portion of
those federal funds for the purpose of advancing projects meeting
certain criteria that otherwise would be funded from the Highway
Safety, Traffic Reduction, Air Quality, and Port Security Bond Act of
2006, a general obligation bond measure approved by the voters in
November 2006 as Proposition 1B.
   This bill would provide similar authority to advance those
projects with loans of federal funds awarded to the state in 2010
under the 2nd round of federal transportation economic stimulus
funds. In order to be eligible for an advance, a project would need
to have been programmed for Proposition 1B bond funds by  an
unspecified date   May 1, 2010   ,  and be
ready to be awarded within 90 days of federal apportionment. Upon
repayment of the loans, these funds would be available for
appropriation by the Legislature for the State Highway Operation and
Protection Program.
   This bill would declare that it is to take effect immediately as
an urgency statute.
   Vote: 2/3. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 8879.79 is added to the Government Code, to
read:
   8879.79.  (a) The department, with the approval of the Director of
Finance, may make a loan or loans from the State Highway Account of
federal funds made available to it pursuant to the second round of
federal transportation economic stimulus funds awarded to the state
in 2010, for purposes of advancing a project, or a portion of a
project, that has been programmed, on or before  ____
  May 1 , 2010, to be funded by Chapter 12.49
(commencing with Section 8879.20) and that is ready to be awarded
within 90 days of federal apportionment. The board, as defined in
subdivision (a) of Section 8879.22, may request the department to
make a loan or loans. The aggregate amount of the request shall not
exceed the amount of the unsold bonds that the committee, as defined
in subdivision (b) of Section 8879.22, has, by resolution, authorized
to be sold, less any amount loaned pursuant to Section 8879.31 or
8879.77 or withdrawn pursuant to Section 8879.32. Any amount loaned
shall be deposited in the fund, as defined by subdivision (c) of
Section 8879.22, and shall be transferred to the appropriate account
for the project, or portion of a project, being advanced. The loan or
loans shall be repaid without interest to the State Highway Account
from the proceeds of bonds sold pursuant to Chapter 12.49 (commencing
with Section 8879.20). The board shall execute any documents as
required by the department to obtain and repay the loan or loans.
   (b) Upon repayment of a loan made pursuant to subdivision (a),
those funds shall be available for appropriation by the Legislature
for the State Highway Operation and Protection Program.
  SEC. 2.  This act is an urgency statute necessary for the immediate
preservation of the public peace, health, or safety within the
meaning of Article IV of the Constitution and shall go into immediate
effect. The facts constituting the necessity are:
   In order to ensure that federal funds received in 2010 are
expeditiously awarded to transportation projects, and to benefit job
retention in California, it is necessary that this act take effect
immediately.