(a) To the extent permitted by law, in connection with any project financed or refinanced pursuant to this division, the project sponsor may pledge the following revenue sources as security for revenue bonds issued under this division:

(1) Local transportation funds, including, but not limited to, fuel taxes, Article XIX?B fuel sales taxes, local transportation sales taxes, other state revenues approved for this purpose by the Legislature or by initiative, and developer fees. To the extent that these revenue sources are within the control of a local agency, the revenue sources may only be pledged with approval of the governing board of the local agency. To the extent that these revenues are within the control of a state agency, the revenue sources may only be pledged with approval by the department and the commission.

Terms Used In California Government Code 64109

  • Authority: shall mean the California Transportation Financing Authority. See California Government Code 64102
  • Bonds: shall mean bonds, notes, debentures, commercial paper, or any other evidence of indebtedness, lease, installment, sale, or certificate of participation thereon, issued by the authority or a project sponsor pursuant to this division. See California Government Code 64102
  • Commission: shall mean the California Transportation Commission. See California Government Code 64102
  • Department: shall mean the Department of Transportation. See California Government Code 64102
  • Project: shall mean and include all or a portion of the planning, design, development, finance, construction, reconstruction, rehabilitation, improvement, acquisition, lease, operation, or maintenance of highway, public street, rail, bus, or related facilities supplemental to or improvements upon existing facilities currently owned or operated by the department or other project sponsor. See California Government Code 64102
  • Project sponsor: shall mean either the department, a regional transportation planning agency designated pursuant to Section 29532 or 29532. See California Government Code 64102
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
  • Statute: A law passed by a legislature.
  • Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10

(2) Tolls, on facilities where not otherwise prohibited by statute, collected by a project sponsor with the approval of the authority.

(b) Where the authority is issuing bonds to finance or refinance a project, the authority shall accept a project sponsor’s pledge made pursuant to subdivision (a) and pledge those revenues to the repayment of bonds issued to finance or refinance the applicable project.

(Amended by Stats. 2013, Ch. 198, Sec. 4. (AB 1070) Effective January 1, 2014.)

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