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

The bill would loan up to $590,000,000 to the metropolitan transportation commission to fund projects within the San Francisco Bay Area. The loan would be used to offer loans to four transit districts, allowing them to fund public transit operating purposes. The bill would also require the metropolitan transportation commission to establish an allocation plan for the awarded projects, allowing future allocations to be adjusted or deferred during the repayment period. Additionally, the bill would require transit operators to use specified funding as security for loans made by the metropolitan transportation commission, and would allow the commission to redirect those funds as repayment if the transit entity fails to make timely payments. The bill would take effect immediately as a bill related to the budget.