July 24, 2009(Key vote)
Title: Fiscal Year 2010 Budget Revisions: Transfer of Local Government Revenue
Vote Smart's Synopsis:
Vote to pass a bill that reforms the method by which revenue in transportation funds is allocated and spent.
-Provides for moneys in the Transportation Debt Service Fund to be dedicated to debt service on bonds issued pursuant to the 'Highway Safety, Traffic Reduction, Air Quality, and Port Security Bond Act of 2006' and the 'Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century' (Sec. 2).
-Allows state printing and recording fees to be loaned to the county road fund for the 2009-2010 and 2010-2011 fiscal years (Sec. 3).
-Requires revenue in the Highway Users Tax Account in the Transportation Tax Fund to be apportioned as follows: 65 percent to the State Highway Account in the State Transportation Fund; 25 percent to the Transportation Debt Service Fund for payment on voter-approved bonds; an amount equal to 25 percent of the revenues received from vehicle weight to the Transportation Debt Service Fund, for fiscal year 2010 only; and $600,000 per month to the Bicycle Transportation Account in the State Transportation Fund (Sec. 5).
-Requires the money remaining from the Highway Users Tax Account to be apportioned as follows: 50.8% shall be apportioned monthly among the counties, with 75% distributed based on how many vehicles are registered in the county, and 25% distributed based on how many miles of county road remain maintained; and 49.2% shall be apportioned among the cities based on population (Sec. 5).
-Allows the Director of Finance to, on the basis of extreme hardship, reduce or eliminate any amount of the reduction of apportionments to a county or city and provides for "extreme hardship" criteria (Sec. 5).
NOTE: AN AMENDMENT TO THE CONSTITUTION REQUIRES TWO-THIRDS APPROVAL IN EACH CHAMBER FOR PASSAGE. IT MUST THEN BE APPROVED BY A MAJORITY OF CITIZENS VOTING IN THE NEXT ELECTION TO BECOME EFFECTIVE.
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.