AB 117: Transit and Intercity Rail Capital Program: loans: transit operating purposes: San Francisco Bay area.

This bill adds and repeals a section of the Public Resources Code to support the Transit and Intercity Rail Capital Program. The program provides funding for modernizing California's intercity, commuter, and urban rail systems and bus and ferry transit systems. The bill requires the Transportation Agency to loan up to $590 million to the Metropolitan Transportation Commission by July 1, 2026, for projects in the San Francisco Bay Area. The loan can be used to offer loans to public transit operators in the area for operating purposes. The bill also establishes an allocation plan for the loan and allows the Metropolitan Transportation Commission to redirect funds as repayment if an operator fails to make timely payments. Reimbursement for mandated costs will be made pursuant to state law if the Commission on State Mandates determines that the bill contains such costs. The bill takes effec…