CHAPTER 4. Federal Highway Grant Anticipation Notes

Chapter 4 added by Stats. 1999, Ch. 862, Sec. 3.

§§ 14550–14555.9 · 24 sections

1. ARTICLE 1. Legislative Findings and Declarations § 14550 · 1 section

   • § 14550 The Legislature hereby finds and declares all of the following: (a) Between 1970 and 1990, California’s population grew by 50 percent, while the total number…
2. ARTICLE 2. Definitions §§ 14552–14552.6 · 4 sections

   • § 14552 Unless the context otherwise requires, the definitions in this article govern the construction of this chapter.
   • § 14552.2 (a) “Eligible project” means the federally funded portion of any highway or other transportation project that has been designated for accelerated construction…
   • § 14552.4 “Federal transportation funds” means any funds apportioned to the state by the United States Department of Transportation, including, but not limited to, funds…
   • § 14552.6 A “note” is a federal highway grant anticipation note issued by the Treasurer under this chapter.
3. ARTICLE 3. Selection of Projects §§ 14553–14553.10 · 8 sections

   • § 14553 (a) The commission may from time to time select and designate eligible projects to be funded from the proceeds of notes, if financing of the project from the…
   • § 14553.2 The commission, in cooperation with the department and regional transportation planning agencies, shall establish guidelines for eligibility for funding…
   • § 14553.4 The Treasurer may not authorize the issuance of notes if the annual repayment obligations of all outstanding notes in any fiscal year would exceed 15 percent…
   • § 14553.6 Funds allocated to a State Transportation Improvement Program project under this chapter, including cost overruns and financing costs, shall be counted against…
   • § 14553.7 In order to provide security for repayment of the notes, the commission shall adopt a resolution dedicating and pledging any future receipts of federal…
   • § 14553.8 Before notes are issued under this chapter, the commission, in cooperation with the department and the Department of Finance, shall consider and determine the…
   • § 14553.9 (a) Upon taking the actions authorized under this article, the commission may request the Treasurer to issue notes to provide funds for the eligible projects.…
   • § 14553.10 On or before October 1 of each year, the commission shall report to the Governor, the Department of Finance, the Legislative Analyst, and the Chairs of the…
4. ARTICLE 4. Issuance of Notes §§ 14554–14555.9 · 11 sections

   • § 14554 (a) In order to provide for the financing of selected projects, the Treasurer may issue tax-exempt or taxable notes under this article. Proceeds of the sale of…
   • § 14554.2 The Treasurer shall issue notes from time to time pursuant to a resolution from the commission. Those pledges shall be governed under Chapter 5.5 (commencing…
   • § 14554.4 Any notes issued under this chapter may be secured by a trust agreement, indenture, or resolution by and between the commission and a trustee. The trustee may…
   • § 14554.6 The notes shall be authorized by resolution or resolutions of the Treasurer, shall be in the form, shall bear the date or dates, and shall mature at the time…
   • § 14554.8 (a) Notwithstanding Section 13340 of the Government Code or any other provision of law, the amounts deposited in the State Highway Account in the State…
   • § 14555 Upon request of the commission, the Treasurer may issue refunding notes to refund any outstanding notes, and to pay costs associated with that refunding.
   • § 14555.2 Whenever the Treasurer deems that it will increase the salability or the price of the notes to obtain, prior to or after sale, a legal opinion, other than that…
   • § 14555.4 The Treasurer may employ financial, engineering, or transportation consultants or advisers, underwriters, and accountants as may be necessary in his or her…
   • § 14555.6 Section 10295 of the Public Contract Code and Article 4 (commencing with Section 10335) of, and Article 5 (commencing with Section 10355) of, Chapter 2 of Part…
   • § 14555.8 Notes issued under this chapter are a legal investment for any state special or trust fund notwithstanding any provision of law limiting the investments that…
   • § 14555.9 Notes issued under the provisions of this chapter may not be deemed to constitute a debt or liability of the state or of any political subdivision thereof, or…