Transportation funds: loan repayment.

Existing law creates the Traffic Congestion Relief Fund, as a continuously appropriated fund, for the purpose of funding a list of transportation projects specified in statute. Existing law provided for the transfer of specified amounts from the General Fund to the Traffic Congestion Relief Fund, beginning in the 2000–01 fiscal year. Existing law also provided for the transfer of a portion of the sales tax on gasoline to the Transportation Investment Fund subsequent to voter approval on March 5, 2002, of Article XIXB of the California Constitution, which thereafter dedicated those sales tax revenues to specified transportation purposes. Existing law required a portion of the revenues in the Transportation Investment Fund to be transferred to the Traffic Congestion Relief Fund. Existing law provides for loans of revenues from various transportation funds and accounts to the General Fund, including loans from the Traffic Congestion Relief Fund, with various repayment dates. This bill would acknowledge, as of June 30, 2015, $879,000,000 in outstanding loans of certain transportation revenues, and would require this amount to be repaid from the General Fund by June 30, 2016, to the Traffic Congestion Relief Fund for allocation to the Traffic Congestion Relief Program, the Trade Corridors Improvement Fund, the Public Transportation Account, and the State Highway Account, as specified. The bill would thereby make an appropriation. This bill would declare that it is to take effect immediately as an urgency statute.