The Legislature hereby finds and declares all of the following:
(a) Following the 1989 Loma Prieta earthquake, legislation was enacted to make seismic
safety a top transportation priority in this state. In the wake of the Northridge earthquake of 1994, when nine major freeway bridges
were destroyed and 11 major highways wee closed, seismic retrofit of the state's bridges
and highways again became the number one priority on the state's transportation agenda.
(b) In 1996, voters approved Proposition 192, a two billion dollar ($2,000,000,000)
bond measure for state highway seismic retrofit. This funding measure includes the costs of retrofitting seven state-owned toll bridges,
five in the San Francisco-Oakland Bay area and two in southern California. Replacement costs for the eastern span of the San Francisco-Oakland Bay Bridge were
factored in as well.
(c) Subsequent to the adoption of Proposition 192, new cost estimates by the department
increase the toll bridge retrofit program from six hundred fifty million dollars ($650,000,000)
to two billion six hundred million dollars ($2,600,000,000). To address this increase, the Legislature enacted legislation in 1997, establishing
the compromise of a 50/50 funding agreement between the state and local toll payers
to finance all state-owned bridges in the San Francisco-Oakland Bay area, Los Angeles,
and San Diego.
(d) It is the further intent of the Legislature that the department address the funding
deficiency through a combination of financing options. These options may or may not include obtaining a loan under the federal Transportation
Infrastructure Finance and Innovation Act of 1998 (P.L. 105-178), a program authorized by the Congress of the United States in 1998 to provided credit
assistance for large transportation projects.
(e) Other financing options include revenue bonds and commercial paper should be issued
under the authority of the California Infrastructure and Economic Development Financing
Bank, the California Transportation Commission, or other, appropriate entity.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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