Bill Text: CA AB385 | 2011-2012 | Regular Session | Amended
Bill Title: High-speed rail.
Sponsorship: Moderate Partisan Bill (Republican 9-1)
Status: (Introduced - Dead) 2011-08-16 - From committee without further action pursuant to Joint Rule 62(a). [AB385 Detail]
Download: California-2011-AB385-Amended.html
BILL NUMBER: AB 385 AMENDED
BILL TEXT
AMENDED IN ASSEMBLY APRIL 25, 2011
AMENDED IN ASSEMBLY MARCH 25, 2011
INTRODUCED BY Assembly Member Harkey
(Coauthors: Assembly Members Donnelly, Grove, Hagman, Jones,
Logue, Mansoor, Nielsen, and Wagner)
(Coauthor: Senator La Malfa)
FEBRUARY 14, 2011
An act to add Section 2704.77 to the Streets and Highways Code,
relating to high-speed rail.
LEGISLATIVE COUNSEL'S DIGEST
F AB 385, as amended, Harkey. High-speed rail.
Existing law, the Safe, Reliable High-Speed Passenger Train Bond
Act for the 21st Century, approved by the voters as Proposition 1A at
the November 4, 2008, general election, provides for the issuance of
$9.95 billion in general obligation bonds for high-speed rail and
related purposes. Existing law, the California High-Speed Rail Act,
creates the High-Speed Rail Authority to develop and implement a
high-speed train system in the state, with specified powers and
duties. Existing law requires the authority to approve and submit to
the Director of Finance, a specified peer review group, the
transportation policy committees and fiscal committees of the
Legislature, a detailed funding plan for that corridor or a usable
segment thereof of the high-speed train system. Existing law requires
the funding plan to include certain information and meet specified
requirements.
This bill would require the authority to approve an investment
grade analysis, to be prepared by the State Auditor, and to submit
that investment grade analysis to those same entities. The bill would
require that investment grade analysis to include certain
information and meet specified requirements.
Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
F SECTION 1. Section 2704.77 is added to the Streets and Highways
Code, to read:
2704.77. Notwithstanding any other provision of law, the
High-Speed Rail Authority created pursuant to Section 185020 of the
Public Utilities Code, or its successor, shall have approved and
submitted to the Director of Finance, the peer review group
established pursuant to Section 185035 of the Public Utilities Code,
and the policy committees with jurisdiction over transportation
matters and the fiscal committees in both houses of the Legislature,
an investment grade analysis, for the corridor or a usable
segment thereof of the of the entire high-speed
train system. The State Auditor shall prepare the analysis and submit
Fthat analysis to the authority. The analysis shall include all of the following:
(a) Identification of the corridor
corridors , or usable segment thereof, for the entire
project in which the authority is proposing to invest bond
proceeds.
(b) A description of the expected terms and conditions associated
with any lease agreement or franchise agreement proposed to be
entered into by the authority and any other party for the
construction or operation of passenger train service along
the each corridor or usable segment thereof.
(c) The estimated full cost of constructing the
each corridor or usable segment thereof, including an
estimate of cost escalation during construction and appropriate
reserves for contingencies.
(d) The sources of all funds to be invested in the corridor, or
usable segment thereof, the terms and conditions associated with
these funds (such as interest rate, security, and other terms)
and the anticipated time of receipt of those funds based on expected
commitments, authorizations, agreements, allocations, or other
means.
(e) The projected ridership and operating revenue
estimate estimated operating revenues, operating
expenses, and operating margin based on projected high-speed
passenger train operations on the corridor or usable segment.
(f) The projected payment schedule to service all debt and equity
funds described in subdivision (d), including any revenue guarantees
or operating subsidies, and an analysis of how these cashflow
requirements will be met by the operating margin (operating revenues
less operating expenses).
(f)
(g) All known or foreseeable risks associated with the
construction and operation of high-speed passenger train service
along the corridor or usable segment thereof and the process and
actions the authority will undertake to manage those risks.
(g)
(h) Whether construction of the corridor or usable
segment thereof can be completed as proposed in the plan.
(h)
(i) Whether the corridor or usable segment thereof
would be suitable and ready for high-speed train operation.
(i)
(j) The extent to which the corridors include
facilities contained therein to enhance the connectivity of the
high-speed train network to other modes of transit, including, but
not limited to, conventional rail (intercity rail, commuter rail,
light rail, or other transit), bus auto or air and the level of
expenditures needed to make them viable and cost effective.
(k) An independent third-party ridership study by a reputable and
accredited firm in transportation, as contracted by the State
Auditor, including, but not limited to, the methodology and variables
addressed in the review by the University of California at Berkeley
Institute for Transportation Studies dated June 30, 2010.
(j)
(l) Over a 5-, 10-, 15-, 20-, and 25-year event
horizon, a description of anticipated ridership, ticket prices,
frequency of trains, and costs of operations maintenance,
including how these prices would compare with other transportation
modes from a cost perspective, and with a sensitivity to the
environmental positives and negatives when compared to transportation
modes of the future, such as future planes, automobiles, and buses
based on anticipated developments. This analysis shall include the
assumptions used to develop the projections and demonstrate that
these assumptions have been carefully developed and evaluated to
produce the highest levels of confidence.
(m) The number and types of jobs projected to be created during
each year of the construction period showing the pay range of each
type of job and an identification of where the job is located,
designated as follows:
(1) On the high-speed rail line.
(2) At a supplier's location within California.
(3) In the United States but outside of California.
(4) Outside the United States.
(n) The number and types of jobs projected to be created during
each year of the operation period showing the pay range of each type
of job and an identification of where the job is located, designated
as follows:
(1) On the high-speed rail line and in high-speed rail facilities.
F (2) At a supplier location within California.
