Committee approves bill letting Golden Gate Bridge district use conduit financing for seismic work

Senator Wiener presented SB 607, which would amend state law to give the Golden Gate Bridge Highway and Transportation District authority similar to other public agencies to use conduit financing for long-term borrowing. Dennis Mulligan, the district's general manager, told the committee the agency issued a notice to proceed on "approximately a $1,000,000,000 undertaking to strengthen the 2 main towers and the side spans of the bridge," and said conduit financing would help the district complete subsequent phases of critical seismic retrofit work when federal funding and traffic revenues are uncertain.

Senators asked whether the bill would allow the district to borrow without a two-thirds public vote and whether tolls would be raised to repay loans. Mulligan said the bill is intended to allow the district's board to authorize conduit financing "absent a vote of the public," similar to AC Transit and BART, and explained the district already sets aside toll revenue in capital reserves (about $50 million in the current adopted budget) while acknowledging traffic levels and future toll needs are uncertain.

The committee proceeded to concur in assembly amendments on SB 607 and reported the bill out of committee by roll-call tally; senators praised the bill's approach while noting the need to balance toll impacts and fiscal transparency.