Bill Text: CA SB444 | 2013-2014 | Regular Session | Amended

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Bill Title: State Highway Route 86: relinquishment.

Sponsorship: Partisan Bill (Democrat 2)

Status: (Introduced - Dead) 2014-02-03 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB444 Detail]

Download: California-2013-SB444-Amended.html

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BILL NUMBER: SB 444	AMENDED
	BILL TEXT

	AMENDED IN SENATE  APRIL 4, 2013

INTRODUCED BY   Senator  De Le�n   Hueso 
    (   Coauthor:   Assembly Member  
V. Manuel P�rez   ) 

                        FEBRUARY 21, 2013

   An act to amend Section  64111   386  of
the  Government   Streets and Highways 
Code, relating to  transportation financing  
highways  .



	LEGISLATIVE COUNSEL'S DIGEST


   SB 444, as amended,  De Le�n   Hueso  .
 California Transportation Financing Authority. 
 State Highway Route 86: relinquishment.  
   Existing law gives the Department of Transportation full
possession and control of all state highways. Existing law describes
the authorized routes in the state highway system and establishes a
process for adoption of a highway on an authorized route by the
California Transportation Commission. Existing law also authorizes
the commission to relinquish certain state highway segments to local
agencies.  
   This bill would authorize the commission to relinquish to the
Cities of Brawley, El Centro, and Imperial and the County of Imperial
specified portions of State Highway Route 86 under certain
conditions. This bill would also redesignate a specified portion of
State Highway Route 86 as a part of State Highway Route 78 following
relinquishment. This bill would require the relinquishments to be
done at no cost to the state, unless the commission makes a finding
of need.  
   The California Transportation Financing Authority Act sets forth
the duties of the California Transportation Financing Authority in
issuing certain transportation financing instruments, or approving
their issuance by various local or regional agencies. The authority
is authorized to expend moneys in the continuously appropriated
California Transportation Financing Authority Fund to secure the
issuance of bonds issued by the authority and cover various related
costs, among other things.  
   This bill would make a technical, nonsubstantive change to these
provisions. 
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

   SECTION 1.    Section 386 of the   Streets
and Highways Code   is amended to read: 
   386.   (a)    Route 86 is from: 
   (a) 
    (1)  Route 111 to Route 8 near El Centro. 
   (b) 
    (2)  Route 8 near El Centro to Route 10 in Indio via the
vicinity of Brawley. 
   (b) Upon a determination by the commission that it is in the best
interests of the state to do so, the commission may, upon terms and
conditions approved by it, relinquish the following portions of Route
86, if the department and the applicable local agency enter into an
agreement providing for that relinquishment, as follows:  
   (1) To the County of Imperial, the portion of Route 86 from the
beginning of the route at the junction of Route 111 to Duff Road.
 
   (2) To the City of El Centro, the portion of Route 86 from Duff
Road to Treshill Road.  
   (3) To the City of Imperial, the portion of Route 86 from Treshill
Road to Ralph Road.  
   (4) To the County of Imperial, the portion of Route 86 from Ralph
Road to 0.3 mile south of Legion Road.  
   (5) To the City of Brawley, the portion of Route 86 from 0.3 miles
south of Legion Road to 0.5 mile south of Fredericks Road. 

   (c) The following conditions shall apply upon relinquishment:
 
   (1) The relinquishment shall become effective on the date
following the county recorder's recordation of the relinquishment
resolution containing the commission's approval of the terms and
conditions of the relinquishment.  
   (2) On and after the effective date of the relinquishment, the
relinquished portions of Route 86 shall cease to be a state highway.
 
   (3) The portions of Route 86 relinquished under this subdivision
shall be ineligible for future adoption under Section 81.  
   (4) The Cities of Brawley, El Centro, and Imperial and the County
of Imperial shall ensure the continuity of traffic flow on the
relinquished portions of Route 86, including any traffic signal
progression. 
   (5) For the portions of Route 86 that are relinquished under this
subdivision, the Cities of Brawley, El Centro, and Imperial, and the
County of Imperial shall install and maintain, within their
respective jurisdictions, the city or county signs directing
motorists to the continuation of Route 86 to the extent deemed
necessary by the department.  
   (d) Following the relinquishments authorized in subdivision (b),
the portion of Route 86 from 0.5 mile south of Fredricks Road to the
north junction of Route 78 shall be redesignated as a part of Route
78.  
   (e) The relinquishments authorized in subdivision (b) shall be
done at no cost to the state except upon a finding of need by the
commission.  
  SECTION 1.    Section 64111 of the Government Code
is amended to read:
   64111.  (a) Prior to issuing or approving the issuance of bonds
for a project, the authority shall determine that the revenues and
other moneys available for a project will be sufficient to pay debt
service on the bonds and to operate and maintain the project over the
life of the bonds consistent with the objective set forth in Section
64105. The authority may hire outside consultants to assist in
making these determinations.
   (b) The authority may issue or approve the issuance of bonds to
achieve any of its purposes under this division and bonds may be
issued without investment grade ratings, as long as the bonds are
sold only to qualified institutional buyers or accredited investors
who attest upon purchase that they understand the nature of the risks
of their investment. The bonds may be taxable or tax exempt and may
be sold at public or private negotiated sale. The Treasurer shall
serve as the agent for the sale for all authority bond issues, and
shall be reimbursed from bond proceeds to cover the Treasurer's costs
related to the issuance of these bonds. As used in this subdivision,
"accredited investor" shall have the meaning as defined in
subdivision (a) of Section 5950, and "qualified institutional buyer"
shall have the meaning as defined in subdivision (h) of Section 5950.

   (c) The project sponsor may request that it be the issuer of the
bonds. The authority may grant the request if it determines that the
revenues and other moneys available for the project will be
sufficient to pay debt service on the bonds and to operate and
maintain the project over the life of the bonds. A project sponsor
for which the authority has granted a request that the project
sponsor issue the bonds, in addition to any other powers it may have
under any other law, shall have all of the powers of the authority
under this division necessary or convenient for the purpose of
issuing, securing, and repaying the bonds and financing or
refinancing the project. This provision is a complete, additional,
and alternative method of accomplishing the matters authorized, and
the project sponsor need not comply with any other law relating to
the issuance of bonds, financing of projects and, if applicable, the
imposition and collection of tolls.
   (d) The authority may arrange additional credit support for the
bond issues. However, the authority may not compel project sponsors
to make use of that credit enhancement, nor compel them to contribute
to it by becoming part of a common credit or by providing funding
for a common reserve or other enhancement mechanism.