RECOMMENDATION(S):
APPROVE the revised Proposition 1B expenditure plan for the 2009/2010 appropriation of Proposition 1B Funds, as recommended by the Public Works Director.
FISCAL IMPACT:
100% Proposition 1B funds.
BACKGROUND:
In 2006, Governor Schwarzenegger signed a $37.3 billion package of bonds for highways, schools, levees and affordable housing. The package contained several components including Senate Bill 1266 (SB 1266), the Highway Safety, Traffic Reduction, Air Quality and Port Security Bond Act of 2006. The act, approved by the voters as Proposition 1B at the November 7, 2006, general election, authorizes the issuance of $19.9 billion of general obligation bonds to fund a variety of transportation priorities including reducing emissions and improving air quality in trade corridors, highway-railroad grade separation and crossing improvement projects, state highway safety and rehabilitation projects, and local street and road improvements, congestion relief, and traffic safety projects.
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