Signed by Governor Arnold Schwarzenegger

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that amends statutes related to the funding of transportation projects in order to implement amendments to the 2008-2009 fiscal year budget.

Highlights:

-Authorizes the Director of Finance to utilize up to $339.29 million from the Transportation Debt Service Fund from the State Highway Account to reimburse the General Fund for general obligation bonds issued during the 2007-2008 fiscal year for transportation projects, and $200 million for general obligation bonds issued during previous fiscal years for transportation projects (Sec. 1). -Suspends the availability of tribal compact assets that are timely deposited or due for deposit on or after July 1, 2008 and on or before June 30, 2010 for the issuance of transportation bonds, and authorizes the Director of Finance to direct the Controller to transfer the compact assets attributable to each fiscal year from the Special Deposit Fund to the General Fund (Sec. 2). -Requires the revenue in the Public Transportation Account and Transportation Investment Fund derived from the the gasoline tax to be appropriated exclusively for the following for the 2009-2010 fiscal year through 2012-2013 fiscal year, subject to appropriation by the legislature (Secs. 3 & 7):

-Bus and passenger rail service; -Public transit capital improvement projects in the state transportation improvement program; -Department of Transportation planning activities, mass transportation responsibilities, and assistance in regional transportation planning; -Research of public transportation systems engineering and management and coordination with other transportation modes conducted by the Institute of Transportation Studies of the University of California; -California Transportation Commission activities; -Passenger rail safety on commuter rail, intercity rail, and urban transit lines; -Regional center transportation; and -Home-to-school transportation.

-Increases the amount generated by a portion of gasoline tax revenue ("spillover") that is deposited into the Mass Transportation Fund from 50 to 100 percent for 2009-2010 fiscal year through 2012-2013 fiscal year, whereas existing law requires 50 percent of the revenue be deposited into the State Transportation Fund. Revenue in the Mass Transportation Fund may be used for, but not limited to, the following transportation expenses (Sec. 6):

-Debt service on transportation bonds, or reimbursing the General Fund for debt service; -Regional center transportation; -Reimbursing the General Fund for constitutional requirements related to the allocation of revenue in the Transportation Investment Fund; and -Home-to-school transportation.

Full Bill Text