Attorney General No.

SA2005RF0124

Secretary of State No.

1183

Description

Prohibits retention of funds earmarked for the Transportation Investment Fund in the General Fund for use unrelated to transportation after 7/1/08. Eliminates General Fund borrowing of specified transportation funds, except for cash-flow purposes (repayment required within 30 days of adoption of budget); current law allows borrowing for three years where Governor declares transfer would cause significant negative fiscal impact on governmental functions and Legislature enacts authorizing statute. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: No revenue or cost effects. Increases stability of funding to transportation in 2007-08 and thereafter; reduces somewhat the state’s flexibility to use specified transportation funds for other (nontransportation) activities. (SA2005RF0124)

Proponents

James Earp

Date

1-3-2006

Document Type

Initiative

Qualified

Failed to Qualify

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