Section 64100.

64100. This division shall be known and may be cited as the California Transportation Financing Authority Act. (Added by Stats. 2009, Ch. 474, Sec. 1. (AB 798) Effective January 1, 2010.)

Section 64101.

64101. The California Transportation Financing Authority is hereby created in state government. The authority constitutes a public instrumentality, and the exercise by the authority of the powers conferred by this division shall be deemed and held to be the performance of an essential public function. (Added by Stats. 2009, Ch. 474, Sec. 1. (AB 798) […]

Section 64102.

64102. As used in this division, the following terms shall have the following meanings, unless the context clearly indicates or requires another or different meaning or intent: (a) “Authority” shall mean the California Transportation Financing Authority. (b) “Bonds” shall mean bonds, notes, debentures, commercial paper, or any other evidence of indebtedness, lease, installment, sale, or certificate of […]

Section 64103.

64103. (a) The authority shall consist of seven members, as follows: (1) The Treasurer, who shall serve as the chair of the authority. (2) The Director of Finance. (3) The Controller. (4) The Director of Transportation. (5) The executive director of the commission. (6) A local agency representative appointed by the Senate Committee on Rules. (7) A local agency representative appointed by the […]

Section 64104.

64104. The provisions of this division shall be administered by the authority, which shall have and is hereby vested with all powers reasonably necessary to carry out the powers and responsibilities expressly granted or imposed under this division. (Added by Stats. 2009, Ch. 474, Sec. 1. (AB 798) Effective January 1, 2010.)

Section 64105.

64105. The objective of the authority shall be to increase the construction of new capacity or improvements for the state transportation system in a manner that is consistent with and will help meet the state’s greenhouse gas reduction goals, air quality improvement goals, and natural resource conservation goals, through the issuance of, or the approval […]

Section 64106.

64106. (a) The Attorney General shall be the legal counsel for the authority, however, with the approval of the Attorney General, the authority may employ legal counsel as in its judgment is necessary or advisable to carry out the duties and functions imposed upon it by this division, including the employment of bond counsel as may […]

Section 64107.

64107. The authority may do any of the following: (a) Adopt bylaws for the regulation of its affairs and the conduct of its business. (b) Adopt an official seal. (c) Sue and be sued in its own name. (d) Receive and accept from any agency of the United States, any agency of the state, or any municipality, county, or […]

Section 64107.5.

64107.5. The authority or issuer may do any of the following: (a) Obtain, or aid in obtaining, from any department or agency of the United States or of the state, any private company, any insurance or guarantee as to, of, or for the payment or repayment of, interest or principal, or both, or any part thereof, […]

Section 64108.

64108. All expenses of the authority incurred in carrying out the provisions of this division shall be payable solely from funds provided pursuant to this division, and no liability shall be incurred by the authority beyond the extent to which moneys shall have been provided under this division, except that for the purposes of meeting […]

Section 64109.

64109. (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 […]

Section 64110.

64110. (a) A project sponsor may apply to the authority for bond issuance by the authority or project sponsor for a transportation project that has been approved by the department and the commission for construction. (b) The authority shall also ensure that the following requirements are met for a project to be financed or refinanced under this […]

Section 64111.

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 […]

Section 64112.

64112. Notwithstanding any other law, the authority may authorize a project sponsor, or the department, to impose and collect tolls as one source of revenue to pay debt service and to operate and maintain a project under the following conditions: (a) The governing body of the project sponsor, by a majority vote of the body, or, […]

Section 64113.

64113. A project sponsor of a project imposing tolls may incorporate congestion management mechanisms to regulate usage and increase mobility, accessibility, and environmental benefits. (Added by Stats. 2009, Ch. 474, Sec. 1. (AB 798) Effective January 1, 2010.)

Section 64114.

64114. The authority and the commission shall develop an approval process that results in project approval by the commission and financing approval by the authority in a cooperative manner that is not sequential, in order that both approvals may be delivered to a project at approximately the same time. Both agencies shall work with potential […]

Section 64115.

64115. (a) The issuer may, from time to time, issue its negotiable bonds in order to provide funds for achieving any of its purposes under this division. (b) Except as may otherwise be expressly provided by the issuer, each of its bonds shall be payable from any revenues or moneys of the issuer available therefor and not […]

Section 64116.

64116. In the discretion of the authority, any bonds issued under this division may be secured by a trust agreement or indenture by and between the issuer and a corporate trustee or trustees, which may be the Treasurer or any trust company or bank having the powers of a trust company within or without the […]

Section 64117.

64117. Bonds issued under this division shall not be deemed to constitute a debt or liability of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of the political subdivision, other than the issuer, but shall be payable solely from the funds herein provided. […]

Section 64118.

64118. Any holder of bonds issued under this division or any of the coupons appertaining thereto, and the trustee or trustees under any indenture or trust agreement, except to the extent the rights herein given may be restricted by any resolution authorizing the issuance of, or any indenture or trust agreement securing, the bonds, may, […]