SECTIONS 16965 - California Statutes

GOVERNMENT CODE

SECTION 16965

16965. (a) The Transportation Debt Service Fund is hereby created
in the State Treasury. Moneys in the fund shall, among other things,
as provided in this section, be dedicated to payment of debt service
on bonds including bonds issued pursuant to the Clean Air and
Transportation Improvement Act of 1990 (Part 11.5 (commencing with
Section 99600) of Division 10 of the Public Utilities Code), the
Passenger Rail and Clean Air Bond Act of 1990 (Chapter 17 (commencing
with Section 2701) of Division 3 of the Streets and Highways Code),
the Seismic Retrofit Bond Act of 1996 (Chapter 12.48 (commencing with
Section 8879) of Division 1 of Title 2), the Highway Safety, Traffic
Reduction, Air Quality, and Port Security Bond Act of 2006 (Chapter
12.49 (commencing with Section 8879.20) of Division 1 of Title 2),
and the Safe, Reliable High-Speed Passenger Train Bond Act for the
21st Century (Chapter 20 (commencing with Section 2704) of Division 3
of the Streets and Highways Code). If the moneys in the fund are
insufficient to pay the balance of the debt consistent with existing
obligations, the General Fund will be used to pay the balance of any
debt service.
(b) (1) From moneys transferred to the fund pursuant to
subdivision (b) of Section 7103 of the Revenue and Taxation Code, the
Director of Finance is hereby authorized to reimburse the General
Fund for up to three hundred thirty-nine million two hundred
eighty-nine thousand three hundred forty-five dollars ($339,289,345)
for the purpose of offsetting the cost of debt service payments made
from the General Fund during the 2007-08 fiscal year for public
transportation-related general obligation bond expenditures in the
following amounts:
(A) Clean Air and Transportation Improvement Act of 1990, one
hundred twenty-three million nine hundred seventy-three thousand four
hundred ninety-three dollars ($123,973,493).
(B) Passenger Rail and Clean Air Bond Act of 1990, seventy million
nine hundred eighty-three thousand three hundred sixty-three dollars
($70,983,363).
(C) Seismic Retrofit Bond Act of 1996, one hundred forty-four
million three hundred thirty-two thousand four hundred eighty-nine
dollars ($144,332,489).
(2) From moneys transferred to the fund pursuant to subdivision
(b) of Section 7103 of the Revenue and Taxation Code, the Director of
Finance is hereby authorized to reimburse the General Fund in the
2007-08 fiscal year for two hundred million dollars ($200,000,000)
for the purpose of offsetting the cost of debt service payments made
in prior fiscal years from the General Fund for public
transportation-related general obligation bond expenditures.
(c) From moneys transferred to the fund pursuant to subdivisions
(c) and (d) of Section 7103 of the Revenue and Taxation Code, the
Director of Finance is hereby authorized to reimburse the General
Fund any amount necessary to offset the cost of debt service payments
made from the General Fund during any fiscal year for
transportation-related general obligation bond expenditures.
(d) From moneys transferred to the fund pursuant to an annual
Budget Act or other statute from the State Highway Account in the
State Transportation Fund, the Director of Finance is hereby
authorized to reimburse the General Fund any amount necessary to
offset the cost of debt service payments made from the General Fund
during any fiscal year for transportation-related general obligation
bond expenditures consistent with Article XIX of the California
Constitution.
(e) From moneys transferred to the fund pursuant to Section 2103
of the Streets and Highways Code, the Director of Finance is hereby
authorized to reimburse the General Fund any amount necessary to
offset the cost of current year debt service payments made from the
General Fund on any bonds issued pursuant to Proposition 192 (1996)
and three-quarters of the amount of current year debt service
payments made from the General Fund on any bonds issued pursuant to
Proposition 1B (2006).
(f) From moneys transferred to the fund pursuant to Section 183.1
of the Streets and Highways Code, the Director of Finance is hereby
authorized to reimburse the General Fund any amount necessary to
offset the cost of current year debt service payments made from the
General Fund on any bonds issued pursuant to Proposition 116 (1990).
(g) From moneys transferred to the fund pursuant to Section 99315
of the Public Utilities Code, the Director of Finance is hereby
authorized to reimburse the General Fund any amount necessary to
offset the cost of current year debt service payments made from the
General Fund on any bonds issued pursuant to Proposition 108 (1990)
and Proposition 1A (2008), and one-quarter of the amount of current
year debt service payments made from the General Fund on any bonds
issued pursuant to Proposition 1B (2006).