9400.4
. Weight fee revenue deposited into the State Highway Account
pursuant to subdivision (e) of Section 9400.1 and subdivision (a) of
Section 42205 net of amounts appropriated for other purposes
pursuant to subdivision (b) of Section 42205, and weight fee revenues
deposited directly into the Transportation Debt Service Fund
pursuant to subdivision (e) of Section 9400.1 and subdivision (a) of
Section 42205, as applicable, shall be used as follows:
(a) For the 2010-11 fiscal year, seven hundred fifty-six million
three hundred ninety-six thousand dollars ($756,396,000) is hereby
appropriated from weight fee revenues in the State Highway Account
for transfer to the General Fund as transportation bond debt service
reimbursement and loans as follows:
(1) The Controller shall transfer all weight fee revenues
deposited into the State Highway Account in any month to the
Transportation Debt Service Fund for transfer to the General Fund as
reimbursement for debt service costs until all of the debt service
paid on transportation bonds for projects that the Director of
Finance indicates qualify for reimbursement as provided for in
Section 16965 of the Government Code have been reimbursed.
(2) After the Director of Finance has notified the Controller that
all debt service costs for the 2010-11 fiscal year have been
reimbursed, the Controller shall transfer any remaining monthly
weight fee revenues in the State Highway Account to the General Fund
as a loan until the full amount appropriated in this subdivision has
been transferred to the General Fund. The Director of Finance may
repay any remaining portion of the outstanding balance of this loan
in any year in which the Director of Finance determines the funds are
needed to reimburse the General Fund for current year transportation
bond debt service or to redeem or retire those bonds, pursuant to
Section 16774 of the Government Code, maturing in a subsequent fiscal
year, provided that the loans shall be repaid no later than June 30,
2021. All funds loaned pursuant to this section, upon repayment to
the State Highway Account, shall be immediately transferred by the
Controller to the Transportation Debt Service Fund for use pursuant
to Section 16965 of the Government Code.
(3) By June 15, 2011, the Director of Finance in consultation with
the Treasurer shall notify the Controller regarding the final amount
of debt service paid from the General Fund during the 2010-11 fiscal
year pursuant to Section 16965 of the Government Code and shall
direct the Controller to reverse and adjust any transfers made as
debt service reimbursements or loans so that a maximum amount of
transfers are made for debt service reimbursements and with any loan
amounts limited to the difference between this amount and the total
amount appropriated in this subdivision. The total amount of weight
fee revenues transferred from the State Highway Account for the
2010-11 fiscal year shall not be greater than the total amount of
weight fee revenues deposited into the State Highway Account for that
year.
(4) With respect to transfers or portions of transfers that cannot
be made in any given month if weight fee revenues are insufficient,
the first weight fee revenues available in the following month or
months shall be used to complete the transfers for the previous month
or months prior to making additional transfers for later months.
(b) For the 2011-12 fiscal year, all revenue generated from weight
fees in the State Highway Account, as determined by Sections 9400.1
and 42205, excluding an amount equal to the loan of forty-three
million seven hundred thousand dollars ($43,700,000) authorized
pursuant to Item 2660-013-0042 of Section 2.00 of the Budget Act of
2011, is hereby appropriated for transfer to the General Fund as debt
service reimbursement and loans as follows:
(1) The Controller shall transfer all weight fee revenues
deposited into the State Highway Account in any month to the
Transportation Debt Service Fund for transfer to the General Fund as
reimbursement for debt service costs until all of the debt service
paid on transportation bonds for projects that the Director of
Finance indicates qualify for reimbursement as provided for in
Section 16965 of the Government Code have been reimbursed.
(2) After the Director of Finance has notified the Controller that
all debt service costs for the 2011-12 fiscal year have been
reimbursed, the Controller shall transfer any remaining weight fee
revenues for that fiscal year in the State Highway Account to the
General Fund as a loan until all weight fee revenues for that fiscal
year appropriated in this subdivision have been transferred to the
General Fund, excluding forty-two million dollars ($42,000,000),
which shall be transferred to the General Fund as a loan on July 1,
2012. The Director of Finance may repay any portion of the balance of
this loan in any year in which the Director of Finance determines
the funds are needed to reimburse the General Fund for current year
transportation bond debt service or to redeem or retire those bonds,
pursuant to Section 16774 of the Government Code, maturing in a
subsequent year, provided that the loans shall be repaid no later
than June 30, 2021. All funds loaned pursuant to this section, upon
repayment to the State Highway Account, shall be immediately
transferred by the Controller to the Transportation Debt Service Fund
for use pursuant to Section 16965 of the Government Code.
(3) By June 15, 2012, the Director of Finance in consultation with
the Treasurer shall notify the Controller regarding the final amount
of debt service paid from the General Fund during the 2011-12 fiscal
year pursuant to Section 16965 of the Government Code and shall
direct the Controller to reverse and adjust any transfers made as
debt service reimbursements or loans so that a maximum amount of
transfers are made for debt service reimbursements and with any loan
amounts limited to the difference between this amount and the total
amount appropriated in this subdivision. The total amount of weight
fee revenues transferred from the State Highway Account for the
2011-12 fiscal year shall not be greater than the total amount of
weight fee revenues deposited into the State Highway Account in that
year.
(4) With respect to transfers or portions of transfers that cannot
be made in any given month if weight fee revenues are insufficient,
the first weight fee revenues available in the following month or
months shall be used to complete the transfers for the previous month
or months prior to making additional transfers for later months.
(c) (1) (A) Until the month of first issuance of designated bonds
as defined in subdivision (c) of Section 16773 of the Government
Code, and at any time thereafter that a Treasurer's certification
pursuant to subparagraph (B) of paragraph (3) of subdivision (a) of
Section 16965 of the Government Code applies, all weight fee revenues
subject to this section in any month shall be transferred from the
State Highway Account to the Transportation Debt Service Fund.
(B) Except as provided in paragraph (3), or when subparagraph (A)
applies pursuant to a Treasurer's certification, upon the first
issuance of designated bonds, as defined in subdivision (c) of
Section 16773 of the Government Code, starting in the month following
that first issuance, all weight fee revenues received by the
Controller from the first day through the 14th day of every month
shall be transferred from the State Highway Account to the
Transportation Debt Service Fund.
(C) All funds transferred pursuant to subparagraphs (A) and (B)
are hereby appropriated for transfer to the General Fund by the
Controller as reimbursement for debt service costs paid with respect
to eligible bonds described in subparagraph (A) of paragraph (2) of
subdivision (a) of Section 16965 of the Government Code, until all
debt service that the Director of Finance indicates qualifies for
reimbursement as provided for in subdivision (d), (e), or (f) of
Section 16965 of the Government Code has been reimbursed, or to
redeem or retire bonds, pursuant to Section 16774 of the Government
Code, as referenced in subdivision (d), (e), or (f) of Section 16965
of the Government Code, that are maturing in a subsequent year. After
the Director of Finance has notified the Controller that all debt
service costs for the fiscal year have been reimbursed, the
Controller shall transfer any remaining revenue generated from weight
fees subject to this section for that fiscal year in the State
Highway Account to the General Fund as a loan. The Director of
Finance may repay any portion of the balance of this loan in any year
in which the Director of Finance determines that the funds are
needed to reimburse the General Fund for current year transportation
bond debt service or to redeem or retire those bonds pursuant to
Section 16774 of the Government Code, maturing in a future fiscal
year, provided that the loans shall be repaid no later than June 30,
2021. All funds loaned pursuant to this section, upon repayment to
the State Highway Account, shall be immediately transferred by the
Controller to the Transportation Debt Service Fund for use pursuant
to Section 16965 of the Government Code. By June 15 of each year, the
Director of Finance, in consultation with the Treasurer, shall
notify the Controller regarding the final amount of debt service paid
from the General Fund during that fiscal year pursuant to
subdivision (d), (e), or (f) of Section 16965 of the Government Code
and shall direct the Controller to reverse or adjust any transfers
made as debt service reimbursements or loans so that a maximum amount
of transfers are made for debt service reimbursements and with any
loan amounts limited to the difference between this amount and the
total amount of revenue for that fiscal year generated from weight
fees, as determined by Sections 9400.1 and 42205. The total amount of
weight fee revenues transferred from the State Highway Account in
any fiscal year shall not be greater than the total amount of weight
fee revenues deposited into the State Highway Account in that year.
(2) Starting in the month following the first issuance of any
designated bonds, unless a Treasurer's certification pursuant to
subparagraph (B) of paragraph (3) of subdivision (a) of Section 16965
of the Government Code applies, all weight fee revenues subject to
this section that are received by the Controller from the 15th day of
every month, or the first business day thereafter if not a business
day, through the last day of the month shall be deposited directly in
the Transportation Debt Service Fund and are hereby appropriated for
transfer as follows:
(A) First, to the Transportation Bond Direct Payment Account as
set forth in subdivision (b) of Section 16965 of the Government Code,
to provide for payment of debt service with respect to designated
bonds.
(B) Thereafter, as provided in subparagraph (C) of paragraph (1).
(3) Notwithstanding paragraphs (1) and (2), if by the last day of
a month the transfer for that month relating to designated bonds
required by the Treasurer's certificate described in subdivision (b)
of Section 16965 of the Government Code has not been made due to
insufficient weight fee revenue, weight fee revenue shall continue to
be transferred pursuant to paragraph (2) beginning with the first
day of the subsequent month and continuing every day until such time
as sufficient revenue for full compliance with the certificate has
been transferred.
(4) Except as otherwise provided in paragraph (1), (2), or (3),
with respect to any transfers or portions of transfers that cannot be
made in any given month if weight fee revenues are insufficient, the
first weight fee revenues available in the following month or months
shall be used to complete the transfers for the previous month or
months prior to making additional transfers for later months.