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California Law (Last Updated: March 4, 2014) |
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Government Code - GOV |
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Title 2. GOVERNMENT OF THE STATE OF CALIFORNIA |
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Division 3. EXECUTIVE DEPARTMENT |
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Part 5.3. CALIFORNIA TRANSPORTATION COMMISSION |
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Chapter 4.5. The Traffic Congestion Relief Act of 2000 |
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ARTICLE 2. Traffic Congestion Relief Fund |
Section 14556.7.
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(a) To provide adequate cash for projects, including, but not limited to, projects in the State Transportation Improvement Program, the State Highway Operation and Protection Program, and the Traffic Congestion Relief Program, and for the support of the department, the department may transfer funds as short-term loans among and between the State Highway Account in the State Transportation Fund and the Traffic Congestion Relief Fund (TCRF), subject to those terms and conditions that the Director of Finance may impose upon those transfers. When loan balances authorized in this subdivision are outstanding, the Director of Transportation shall report the amounts of loans outstanding with respect to each fund or account as of the last business day of each quarter to the commission. The commission shall monitor the cashflow loan program authorized in this section and shall provide guidance to the department to ensure that sufficient resources will be available for all projects and all other authorized expenditures from each fund or account so as to not delay any authorized expenditure.
(b) For the purposes of this section, a "short-term loan" is a transfer that is made subject to the following conditions:
(1) That any amount loaned is to be repaid in full to the fund or account from which it was loaned during the same fiscal year in which the loan was made, except that repayment may be delayed until a date not more than 30 days after the date of enactment of the annual Budget Act for the subsequent fiscal year.
(2) That loans shall be repaid whenever the funds are needed to meet cash expenditure needs in the loaning fund or account.
(c) This section shall become inoperative on July 1, 2014, and, as of January 1, 2015, is repealed, unless a later enacted statute, that becomes operative on or before January 1, 2015, deletes or extends the dates on which it becomes inoperative and is repealed.