Cal. Sts. & High. Code § 30959
Metropolitan Transportation Commission
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2013
As of January 1, 2011
The authority may make contributions to the commission in furtherance of the exercise of the authority’s powers under this division, including, without limitation, contributions in the form of personnel services, office space, and funding. The authority may also make contributions to the commission on a reimbursement-for-cost basis; provided, however, that reimbursement shall not be required to the extent that the contributions provided to the commission are determined by the authority to be in furtherance of the exercise of the authority’s powers under this division.
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.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.