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Senate committee advances $590 million Bay Area transit loan after lawmakers press for safeguards
Summary
The Senate Budget Committee advanced AB 117 to authorize a $590 million, TIRCP‑backed loan to four Bay Area transit agencies. Supporters said the loan is cost‑neutral to the state and uses unallocated TIRCP dollars; lawmakers pressed for oversight and repayment safeguards if a regional sales tax measure fails.
The Senate Budget and Fiscal Review Committee voted to advance AB 117, a bill authorizing the California State Transportation Agency to loan up to $590,000,000 from the Transit and Intercity Rail Capital Program to support four Bay Area transit operators.
Department of Finance staff described the proposal as a regional, cost‑neutral short‑term financing mechanism that would let the Metropolitan Transportation Commission receive a state loan and re‑lend it to San Francisco Bay Area Rapid Transit District, the San Francisco Municipal Transportation Agency, the Peninsula Corridor Joint Powers Board (Caltrain) and the Alameda‑Contra Costa Transit District. "This bill provides a loan of up to $590,000,000 to support San Francisco Bay Area Rapid Transit District, San Francisco Municipal Transportation Agency, Peninsula Corridor Joint Powers Board,…
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