Transportation bond debt service.

Existing law imposes weight fees on the registration of commercial motor vehicles and provides for the deposit of net weight fee revenues into the State Highway Account. Existing law provides for the monthly transfer of certain weight fee revenues from the State Highway Account to the Transportation Debt Service Fund to reimburse the General Fund for payment of debt service on general obligation bonds issued for transportation purposes or to redeem or retire those bonds. Existing law also provides for the transfer of certain weight fee revenues to the Transportation Bond Direct Payment Account for direct payment of debt service on designated bonds, which are defined to be certain transportation general obligation bonds issued pursuant to Proposition 1B of 2006. Existing law also requires loans of remaining weight fee revenues to the General Fund in any fiscal year to the extent the revenues are not needed for bond debt service purposes or to redeem or retire those bonds, with the loans to be repaid when the revenues are later needed for those bond debt service purposes. This bill would delete the requirement to loan any remaining weight fee revenues to the General Fund in a fiscal year in which all of the weight fee revenues are not needed for payment of debt service on general obligation bonds issued for transportation purposes, or to redeem or retire those bonds. Existing law provides for transfer of certain vehicle weight fee revenues to the Transportation Debt Service Fund to reimburse the General Fund for payment of current year debt service on general obligation bonds issued for transportation purposes, including bonds issued for high-speed rail and associated purposes pursuant to the Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century (Proposition 1A of 2008) . This bill would specifically exclude from payment under these provisions the debt service for Proposition 1A bonds.