Section 7106 Of Chapter 9. Disposition Of Proceeds From California Revenue And Taxation Code >> Division 2. >> Part 1. >> Chapter 9.
7106
. (a) Pursuant to Section 14558 of the Government Code, the
transfer of revenues from the General Fund to the Transportation
Investment Fund that would have otherwise been required under
subdivision (a) of Section 1 of Article XIX B of the California
Constitution was suspended for the 2004-05 fiscal year. According to
the State Board of Equalization calculations, with the concurrence of
the Department of Finance, the amount of the transfer suspended for
the 2004-05 fiscal year was one billion two hundred fifty-seven
million nine hundred forty-six thousand dollars ($1,257,946,000). On
or before June 30 of each fiscal year until June 30, 2016, the
Controller shall transfer an amount from the General Fund to the
Transportation Deferred Investment Fund that is equal to the minimum
repayment required by Article XIX B of the California Constitution.
The repayment shall also include interest calculated at the Pooled
Money Investment Account rate relative to the amounts that would
otherwise have been available for the transportation programs
described in paragraphs (2) to (5), inclusive, of subdivision (c) of
Section 7104. The amount to be repaid by June 30, 2016, from the
General Fund to the Transportation Deferred Investment Fund shall be
reduced by the amount of any payment made to the Transportation
Deferred Investment Fund from any funding source.
(b) The money deposited in the Transportation Deferred Investment
Fund pursuant to this section is continuously appropriated without
regard to fiscal years for disbursement in the manner and for the
purposes set forth in this section.
(c) The Controller, from the money deposited in the Transportation
Deferred Investment Fund pursuant to subdivision (a) and Article XIX
B of the California Constitution, shall make transfers and
apportionments of those funds in the same manner and amounts that
would have been made in the 2004-05 fiscal year from the
Transportation Investment Fund pursuant to Section 7104, as that
section read on January 1, 2003, if the transfer of funds from the
General Fund to the Transportation Investment Fund had not been
suspended for the 2004-05 fiscal year pursuant to Section 14558 of
the Government Code. It is the intent of the Legislature that upon
completion of the transfer of funds pursuant to subdivision (a) from
the General Fund to the Transportation Deferred Investment Fund that
each of the transportation programs that was to have been funded
during the 2004-05 fiscal year from the Transportation Investment
Fund pursuant to Section 7104 shall have received the amount of
funding that the program would have received in the absence of the
suspension of the transfer pursuant to Section 14558 of the
Government Code.
(d) The interest that is to be deposited in the Transportation
Deferred Investment Fund pursuant to subdivision (a) shall be
allocated proportionately to each program element in paragraphs (2)
to (5), inclusive, of subdivision (c) of Section 7104, based on the
amount that each program did not receive in the 2004-05 fiscal year
due to suspension of the transfer pursuant to Section 14558 of the
Government Code.
(e) Seven hundred twenty million dollars ($720,000,000) is hereby
appropriated from the General Fund to the Transportation Deferred
Investment Fund for the purpose of paying a portion of the amount
required to be paid pursuant to subdivision (a). The Controller shall
make the payment immediately upon enactment of the statute amending
this section in the 2005-06 Regular Session. In addition, two hundred
million dollars ($200,000,000) transferred to the Transportation
Deferred Investment Fund pursuant to subparagraph (F) of paragraph
(1) of subdivision (a) of Section 7102 shall also be available for
that purpose. Notwithstanding subdivision (c), these funds, totaling
nine hundred twenty million dollars ($920,000,000), shall be
distributed as follows:
(1) The first two hundred thirty-two million dollars
($232,000,000) and any interest due pursuant to this section shall
remain in the Transportation Deferred Investment Fund to be used for
projects in the State Transportation Improvement Program pursuant to
paragraph (3) of subdivision (c) of Section 7104.
(2) The next two hundred thirty-two million dollars ($232,000,000)
and any interest due pursuant to this section shall be distributed
to cities and counties, as follows:
(A) One hundred sixteen million dollars ($116,000,000) and any
interest due pursuant to this section shall be transferred to cities
for the purposes specified in Section 7104 pursuant to the formula in
paragraph (5) of subdivision (c) of that section.
(B) One hundred sixteen million dollars ($116,000,000) and any
interest due pursuant to this section shall be transferred to
counties for the purposes specified in Section 7104 pursuant to the
formula in paragraph (4) of subdivision (c) of that section.
(3) One hundred sixteen million dollars ($116,000,000) and any
interest due pursuant to this section shall be transferred to the
Public Transportation Account for allocation pursuant to Section
99312 of the Public Utilities Code.
(4) Any funds remaining following the distributions required by
paragraphs (1), (2), and (3) shall be transferred to the Traffic
Congestion Relief Fund, and shall be deemed to be funds received by
that fund in the 2004-05 fiscal year. It is estimated that the amount
to be available under this subparagraph will be three hundred
fifteen million dollars ($315,000,000).