Transit and Intercity Rail Capital Program: loans: transit operating purposes: San Francisco Bay area.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Budget
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill allows the Transportation Agency to loan up to $590 million to the Metropolitan Transportation Commission (MTC) for operating expenses of public transit within the San Francisco Bay Area. The MTC will then use these funds to provide loans to specific transit agencies like BART and the SF Municipal Transportation Agency. The loan repayment will be secured by state transit assistance program revenues, and the California Transportation Commission can adjust future funding allocations during the repayment period if needed. The bill also aims to align with the Budget Act of 2025 and addresses potential state-mandated costs.
Key provisions
- The Transportation Agency will loan up to $590 million to the MTC.
- The MTC will use these funds to provide loans to specific Bay Area transit agencies.
- Loan repayment will be secured by state transit assistance program revenues.
- The California Transportation Commission can adjust future funding allocations during the loan repayment period.
- The loan is limited to funding for projects that have not been fully allocated by the California Transportation Commission as of December 31, 2025.
- The loan repayment will be structured with interest-only payments for the first two years, followed by amortized payments.
- The interest rate on the loan will be tied to the Surplus Money Investment Fund rate.
- If the California Transportation Commission determines it's necessary, it can establish an allocation plan to adjust future funding for projects.
Who is affected
Bill text
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Sponsors
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1 on record
Primary sponsor
Committee on Budget and Fiscal Review
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