AB 798 (Nava, Chapter 474, Statutes of 2009), created the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA). AB 798 provides that a project sponsor, as defined in Government Code Section 64102(g), may apply to the CAEATFA for bond financing or refinancing of a transportation project that has been approved for construction by Caltrans and the Commission. The CAEATFA and the Commission are required to develop an approval process that results in project approval by the Commission and financing approval by the CAEATFA in a cooperative manner that is not sequential, so that both approvals may be delivered to a project at approximately the same time.

Beginning June 30, 2011, and annually thereafter, the CAEATFA is required to provide the Commission a summary of actions taken in the previous calendar year, including the number of project sponsors that sought financing through the CAEATFA, a description of each project, a summary of the sources of funding used to finance or refinance the project, and any recommendations the CAEATFA may have to improve the financing of transportation infrastructure. This information is to be included in the Commission’s Annual Report to the Legislature.

Since enactment of this legislation, the CAEATFA has not received a formal request to finance or refinance a project.