Today's Law As Amended


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SB-3 Transportation bonds: highway, street, and road projects.(2015-2016)



As Amends the Law Today


SECTION 1.

 Section 2704.096 is added to the Streets and Highways Code, to read:

2704.096.
 (a) (1) Notwithstanding any other provision of this chapter, and except as provided in paragraph (2), no further bonds shall be issued and sold for purposes of Section 2704.06 on and after the effective date of this section.
(2) This section shall not apply to bonds issued and sold for purposes of Section 2704.06 with respect to the appropriation in Item 2665-104-6043 of Section 2.00 of the Budget Act of 2012, as added by Section 3 of Chapter 152 of the Statutes of 2012.
(b) Notwithstanding any other provision of this chapter, and except as otherwise provided in paragraph (2) of subdivision (a), the unspent proceeds from the outstanding bonds issued and sold pursuant to Section 2704.06 prior to the effective date of this section shall, upon appropriation by the Legislature, be redirected from high-speed rail purposes for use in retiring the debt incurred from the issuance and sale of those outstanding bonds.
(c) Notwithstanding any other provision of this chapter, the remaining unissued bonds, as of the effective date of this section, that were previously authorized pursuant to Section 2704.06, except as otherwise provided in paragraph (2) of subdivision (a), are hereby authorized to be issued and sold, and 50 percent of the net proceeds, upon appropriation by the Legislature, shall be made available to the Department of Transportation to fund repair and new construction projects on state highways and freeways, and the remaining 50 percent of the net proceeds, upon appropriation by the Legislature, shall be made available to the Department of Transportation to create a program to fund repair and new construction projects on local streets and roads, with each county to receive a base amount of the local street and road funding, and any additional funding to be allocated based on a county’s population.
SEC. 2.
 Section 1 of this act would modify the single object or work of a general obligation bond act previously submitted to the voters by the Legislature pursuant to Section 1 of Article XVI of the California Constitution, and subsequently approved by the voters as Proposition 1A at the November 4, 2008, statewide general election. Accordingly, Section 1 of this act shall become effective only upon approval by the voters. The Secretary of State shall submit Section 1 of this act to the voters on the ballot of the June 7, 2016, statewide primary election.