California Streets and Highways Code

§ 30959

SHC § 30959 Effective Jan 1, 2014Div. 17 · Ch. 4.3

Statute text

The authority may make direct contributions to the commission in furtherance of the exercise of the authority’s powers under this division, including contributions in the form of personnel services, office space, overhead, and other funding necessary to carry out the function of the authority, with those contributions not to exceed 1 percent of the gross annual bridge revenues. The authority may also make additional contributions in the form of loans to the commission on a reimbursement-for-cost basis; provided that those loans do not, independent of the direct contributions, exceed 1 percent of the gross annual bridge revenues and are fully repaid with interest at the same interest rate that would apply for toll bridge revenue bonds of the same duration as any loan taken by the commission. As used in this section, “gross annual bridge revenues” shall have the same meaning as in Section 30958.

Legislative history

Amended by Stats. 2013, Ch. 603, Sec. 2. (SB 613) Effective January 1, 2014.