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ACA-24 Transportation Investment Fund: loans.(2003-2004)

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ACA24:v98#DOCUMENT

Amended  IN  Assembly  April 29, 2004

CALIFORNIA LEGISLATURE— 2003–2004 REGULAR SESSION

Assembly Constitutional Amendment
No. 24

Introduced  by  Assembly Member Dutra, Oropeza

February 13, 2004

A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by amending Section 1 of, and adding Section 2 to, Article XIX B thereof, relating to transportation.


LEGISLATIVE COUNSEL'S DIGEST


ACA 24, as amended, Dutra. Transportation Investment Fund: loans.
Article XIX B of the California Constitution requires, commencing with the 2003–04 fiscal year, sales taxes on motor vehicle fuel that are deposited in the General Fund to be transferred to the Transportation Investment Fund for allocation to various transportation purposes. Article XIX B authorizes the transfer of these revenues to the Transportation Investment Fund to be suspended in whole or in part for a fiscal year during a fiscal emergency pursuant to a proclamation issued by the Governor and the enactment of a statute by a 2/3 vote of both houses of the Legislature if the statute does not contain any unrelated provision.
This measure would delete the provisions authorizing the transfer of revenues from the General Fund to the Transportation Investment Fund to be suspended. The measure would instead authorize the Legislature to loan funds in the Transportation Investment Fund to the General Fund or any other state fund or account, or to local agencies, under conditions that are similar to conditions applicable to loans of revenues under Article XIX of the California Constitution.
Vote: 2/3   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  
Resolved by the Assembly, the Senate concurring, That the Legislature of the State of California at its 2003–04 Regular Session commencing on the second day of December 2002, two-thirds of the membership of each house concurring, hereby proposes to the people of the State of California that the Constitution of the State be amended by adding Section 2 to Article XIX B thereof, to read: as follows:
That Section 1 of Article XIX B thereof is amended to read:

SECTION 1.
 (a) For the 2003–04 fiscal year and each fiscal year thereafter, all moneys that are collected during the fiscal year from taxes under the Sales and Use Tax Law (Part 1 (commencing with Section 6001) of Division 2 of the Revenue and Taxation Code), or any successor to that law, upon the sale, storage, use, or other consumption in this State of motor vehicle fuel, and that are deposited in the General Fund of the State pursuant to that law, shall be transferred to the Transportation Investment Fund, which is hereby created in the State Treasury.
(b) (1) For the 2003–04 to 2007–08 fiscal years, inclusive, moneys in the Transportation Investment Fund shall be allocated, upon appropriation by the Legislature, in accordance with Section 7104 of the Revenue and Taxation Code as that section read on the operative date of this article March 6, 2002.
(2) For the 2008–09 fiscal year and each fiscal year thereafter, moneys in the Transportation Investment Fund shall be allocated solely for the following purposes:
(A) Public transit and mass transportation.
(B) Transportation capital improvement projects, subject to the laws governing the State Transportation Improvement Program, or any successor to that program.
(C) Street and highway maintenance, rehabilitation, reconstruction, or storm damage repair conducted by cities, including a city and county.
(D) Street and highway maintenance, rehabilitation, reconstruction, or storm damage repair conducted by counties, including a city and county.
(c) For the 2008–09 fiscal year and each fiscal year thereafter, moneys in the Transportation Investment Fund shall be allocated, upon appropriation by the Legislature, as follows:
(A) Twenty percent of the moneys for the purposes set forth in subparagraph (A) of paragraph (2) of subdivision (b).
(B) Forty percent of the moneys for the purposes set forth in subparagraph (B) of paragraph (2) of subdivision (b).
(C) Twenty percent of the moneys for the purposes set forth in subparagraph (C) of paragraph (2) of subdivision (b).
(D) Twenty percent of the moneys for the purpose set forth in subparagraph (D) of paragraph (2) of subdivision (b).
(d) The transfer of revenues from the General Fund of the State to the Transportation Investment Fund pursuant to subdivision (a) may be suspended, in whole or in part, for a fiscal year if both of the following conditions are met:

(1)The Governor has issued a proclamation that declares that the transfer of revenues pursuant to subdivision (a) will result in a significant negative fiscal impact on the range of functions of government funded by the General Fund of the State.

(2)The Legislature enacts by statute, pursuant to a bill passed in each house of the Legislature by rollcall vote entered in the journal, two-thirds of the membership concurring, a suspension for that fiscal year of the transfer of revenues pursuant to subdivision (a), provided that the bill does not contain any other unrelated provision.

(e)The Legislature may enact a statute that modifies the percentage shares set forth in subdivision (c) by a bill passed in each house of the Legislature by rollcall vote entered in the journal, two-thirds of the membership concurring, provided that the bill does not contain any other unrelated provision and that the moneys described in subdivision (a) are expended solely for the purposes set forth in paragraph (2) of subdivision (b).

That Section 2 is added to Article XIX B thereof, to read:

SEC. 2.
 (a) Any money transferred to the Transportation Investment Fund pursuant to Section 1 may be loaned to the General Fund of the state or any other state fund or account only under one of the following conditions:
(1) That any amount loaned is to be repaid in full to the Transportation Investment Fund during the same fiscal year in which the loan was made, except that repayment may be delayed until a date not more than 30 days after the date of enactment of the budget bill for the subsequent fiscal year.
(2) That any amount loaned is to be repaid in full, with interest at the rate paid on money in the Pooled Money Investment Account, or any successor to that account, during the period of time that the money is loaned, to the Transportation Investment Fund, within three fiscal years from the date on which the loan was made and one of the following has occurred:
(A) The Governor has proclaimed a state of emergency and declares that the emergency will result in a significant negative fiscal impact to the General Fund of the state.
(B) The aggregate amount of General Fund revenues for the current fiscal year, as projected by the Governor in a report to the Legislature in May of the current fiscal year, is less than the aggregate amount of General Fund revenues for the previous fiscal year, adjusted for the change in the cost of living and the change in population, as specified in the budget submitted by the Governor pursuant to Section 12 of Article IV in the current fiscal year.
(b) Nothing in this article prohibits the Legislature from authorizing, by statute, loans to local transportation agencies, cities, counties, or cities and counties from the Transportation Investment Fund for the purposes authorized under this article. Any loan authorized as described by this subdivision shall be repaid, with interest at the rate paid on money in the Pooled Money Investment Account, or any successor to that account, during the period of time that the money is loaned, to the Transportation Investment Fund, within four years after the date on which the loan was made.