Metropolitan Transportation Commission: regional gasoline tax.

Existing law creates the Metropolitan Transportation Commission with specified powers and duties relative to transportation planning and programing for the 9-county Bay Area region comprising the commission's jurisdiction. Existing law authorizes the commission to impose a regional tax on gasoline used by motor vehicles not to exceed $0.10 per gallon for up to 20 years within the region, subject to 23 voter approval. This bill would modify these provisions by providing for the commission to submit the proposed ballot measure to voters of one or more counties within the 9-county region rather than to all counties. The bill would delete the requirement for an independent audit of the State Board of Equalization relative to reimbursement of the board for its actual administrative costs associated with the regional gasoline tax, and would make various other changes. Existing law authorizes the commission to issue limited tax bonds secured by the regional gasoline tax revenues under certain conditions. This bill would repeal certain of these provisions and enact new provisions authorizing the commission to issue bonds secured by all or a portion of the net regional gasoline tax revenues. The bill would provide that interest earned on any of these bonds is free from state personal income tax and corporate income tax. The bill would authorize the commission to pledge net revenues to secure any repayment or reimbursement obligations of the commission to any provider of insurance or a guarantee of liquidity or credit facility entered into to provide for the repayment of the bonds, and would authorize the commission to employ and compensate bond counsel, financial consultants, and other advisers in connection with these bonds.