Article 13. Federal Transportation Funds of California Government Code >> Division 1. >> Title 2. >> Chapter 12.491. >> Article 13.
(a) Notwithstanding any other provision of law, the
department, with the approval of the Director of Finance and the
California Transportation Commission, may make a loan or loans from
the State Highway Account of federal funds made available to it
pursuant to Title 23 of the United States Code for purposes of
funding a project, or a portion of a project, that has been
programmed to be funded by Chapter 12.49 (commencing with Section
8879.20). The department may make a loan of federal funds under this
section only if it has determined that the loan of those funds will
not impact the department's ability to fund programmed projects
delivered under the state highway operation and protection program,
the state transportation improvement program, or any program or
project funded with local subvention funds, including, but not
limited to, projects contained in the report submitted to the
department pursuant to subdivision (f) of Section 182.6 of the
Streets and Highways Code. The aggregate amount of the loan shall not
exceed the amount of the unsold bonds that the committee, as defined
in subdivision (b) of Section 8879.22, has, by resolution,
authorized to be sold, less any amount loaned pursuant to Section
8879.31 or 8879.77 or withdrawn pursuant to Section 8879.32. Federal
funds loaned under this section are hereby appropriated for that
purpose, and shall be obligated directly to the project or projects
funded under this section. That obligation shall be considered a loan
of federal funds as authorized by this section. The loan or loans
shall be repaid without interest to the State Highway Account from
the proceeds of bonds sold pursuant to Chapter 12.49 (commencing with
Section 8879.20) within three years of the date of the original
loan.
(b) (1) Except as specified in paragraph (2), upon repayment of a
loan made pursuant to subdivision (a), those funds are hereby
appropriated to the department for use on projects in the state
highway operation and protection program.
(2) If a loan of funds pursuant to subdivision (a) is made from
local subvention funds, the funds received for repayment of the loan
are hereby appropriated to the department for use in the local
assistance program consistent with the manner in which the loaned
federal funds would have otherwise been used.
(c) (1) The department shall make loans under this section only
under circumstances in which federal funds might otherwise be lost to
the state. Those circumstances may include, but are not limited to,
significant unplanned project savings, delayed project delivery, or a
change in federal funding.
(2) In the case of local subvention funds controlled by a regional
transportation planning agency, the department may not make a loan
of funds under this section except at the request of the specific
regional transportation planning agency to which the funds were
previously allocated.
(3) Nothing in this section shall be construed to change or
supersede the department's normal guidelines and procedures for
managing obligation authority or the obligation of federal funds.
(4) Nothing in this section shall be construed to give priority to
projects funded by Chapter 12.49 (commencing with Section 8879.20)
over state or local projects planned to be funded with federal funds.
(d) Within 45 days after the end of each fiscal year in which the
loan authority under subdivision (a) has been exercised, the
department shall report to the Joint Legislative Budget Committee on
the loans made and the methodology used for selecting the projects
funded.
(e) The loan authority provided by this section shall be available
only until September 30, 2015.
(f) This article shall become inoperative when all loans are
repaid pursuant to subdivision (a), and shall be repealed on January
1, 2019, unless a later enacted statute that is enacted before
January 1, 2019, deletes or extends the dates on which it becomes
inoperative or is repealed.