Attorney General No.

SA89RF0011

Secretary of State No.

465

Description

RAIL TRANSPORTATION. BOND ACT. INITIATIVE STATUTE. Authorizes general obligation bond issue of $1,990,000,000 to provide funds principally for passenger and commuter rail systems, with limited funds available for public mass transit guideways, paratransit vehicles, bicycle and ferry facilities, and railroad technology museum. Allocates certain amounts to specified state and local entities through a grant program administered by the California Transportation Commission. Program will require some matching funds from local entities. Appropriates money from state General Fund to pay off bonds. Revenues from specified fuel taxes redirected from General Fund to transportation account for transportation planning and mass transportation purposes. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Repayment of bond principal ($2.0 billion) and bond interest ($1.6 billion) over 20-year period would require approximately $3.6 billion from General Fund. Redirection of specified fuel taxes would cause unknown shift in future state revenues from General Fund to Transportation Planning and Development Account. Repayment of bonds and redirection of fuel tax revenue would result in potential reduction in level of K-14 school funding. To extent bonds are purchased in lieu of taxable investments, state would collect less income tax revenue.

Proponents

Gerald H. Meral, 2240 Markham Way, Sacramento, California 95818; James K. Knox, 2716 23Rd Street, Sacramento, California 95818; The Planning And Conservation League, 909 12Th Street, Suite 203, Sacramento, California 95814 (916) 444-8726

Date

6-26-1989

Document Type

Initiative

Qualified

Qualified

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