Before the enactment of the act, existing law, enacted by Senate Bills 18-001 and 19-263, required that a ballot issue seeking approval for the issuance of transportation revenue anticipation notes (TRANs) be submitted to the voters of the state at the November 2020 general election. If the ballot issue had been approved, the requirement, enacted by Senate Bill 17-267, that the state execute 2 separate tranches of up to $500 million each of lease-purchase agreements in state fiscal years 2020-21 and 2021-22 for the purpose of funding transportation would have been repealed. Existing law, enacted by Senate Bill 19-239, also required department of transportation (CDOT) rule-making and reporting relating to motor vehicles used for certain types of commercial purposes. The act:
- Delays from the November 2020 general election to the November 2021 statewide election the requirement that a ballot issue seeking approval for the issuance of transportation revenue anticipation notes (TRANs) be submitted to the voters of the state;
- Amends the ballot issue to reduce the amount of TRANs authorized to be issued by $500 million to offset the additional $500 million of lease-purchase agreement transportation funding that becomes available because the approval of the ballot issue at the November 2020 general election will repeal only the state fiscal year 2021-22 and tranche of Senate Bill 17-267 lease-purchase agreements, rather than both the state fiscal year 2020-21 and 2021-22 tranches of such lease-purchase agreements;
- Eliminates 2 statutory transfers of $50 million each from the general fund to the state highway fund that are scheduled under current law to be made on June 30, 2021, and June 30, 2022;
- Reduces the amount of general fund money dedicated to make lease-purchase agreement payments due in state fiscal years 2020-21 and 2021-22 by $12 million per year by increasing the amount of such payment to be paid by the department of transportation from its other sources of legally available money by $12 million per year;
- Makes corresponding adjustments to the state fiscal year 2020-21 long bill appropriations to the department of treasury for lease-purchase agreements that decrease the general fund appropriation by $12 million and increase the cash funds appropriation from various cash funds under the control of the transportation commission by $12 million; and
- Repeals the CDOT rule-making and reporting requirements relating to motor vehicles used for certain types of commercial purposes.
(Note: This summary applies to this bill as enacted.)