Greenhouse Gas Reduction Fund.

The California Global Warming Solutions Act of 2006 designates the State Air Resources Board as the state agency charged with monitoring and regulating sources of emissions of greenhouse gases. The act authorizes the state board to include use of market-based compliance mechanisms. Existing law requires all moneys, except for fines and penalties, collected by the state board as part of a market-based compliance mechanism to be deposited in the Greenhouse Gas Reduction Fund and to be available upon appropriation. Existing law continuously appropriates 60% of the annual proceeds of the fund for various purposes, including 10% for the Transit and Intercity Rail Capital Program administered by the Transportation Agency and 25% for certain components of the initial operating segment and Phase I Blended System of the high-speed rail project as described in the 2012 business plan adopted by the High-Speed Rail Authority. This bill would reappropriate the 25% share of the annual proceeds of the fund designated for the high-speed rail project to the Transportation Agency for the Transit and Intercity Rail Capital Program under specified conditions. The bill would make legislative findings and declarations.