California Transportation Financing Authority.

Existing law creates the California Transportation Financing Authority, with specified powers and duties relative to issuance of bonds to fund transportation projects to be backed, in whole or in part, by various revenue streams of transportation funds, and toll revenues under certain conditions, in order to increase the construction of new capacity or improvements for the state transportation system consistent with specified goals. Existing law defines "project" for these purposes to include, among other things, a rail project. This bill would provide that a rail project may consist of, or include, rolling stock. Existing law requires a project undertaken under these provisions to be supplemental to or improve existing facilities currently owned and operated by an eligible project sponsor, as defined. This bill would instead require a project to be supplemental to or improve existing facilities currently owned or operated by the project sponsor.