California Transportation Financing Authority
AB 798 (Nava, Chapter 474, Statutes of 2009), created the California Transportation Financing Authority (CTFA). AB 798 provides that a project sponsor, as defined in Government Code Section 64102(g), may apply to the CTFA for bond financing or refinancing of a transportation project that has been approved for construction by Caltrans and the Commission. The CTFA and the Commission are required to develop an approval process that results in project approval by the Commission and financing approval by the CTFA 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 CTFA 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 CTFA, a description of each project, a summary of the sources of funding used to finance or refinance the project, and any recommendations the CTFA 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 CTFA has not received a formal request to finance or refinance a project.