Golden Gate Bridge, Highway and Transportation District: contributions and loans

The law opens state, federal, and local public funding options for earthquake-related capital improvements while retaining limits on the district’s long-term borrowing.

What the law does ​

• Authorizes the Golden Gate Bridge, Highway and Transportation District to accept contributions and loans from the federal government, California, and their political subdivisions, agencies, and authorities for Golden Gate Bridge seismic-safety improvements.
• Requires a district resolution accepting a loan to state its purpose, maximum principal amount, maximum term, and maximum interest rate.
• Allows the district to pledge toll revenues to repay these loans and enter related contracts.
• Treats debt instruments issued under this authority as negotiable instruments.

Who it affects ​

• The Golden Gate Bridge, Highway and Transportation District.
• Federal, state, and local public entities that may fund or lend for Golden Gate Bridge seismic-safety projects.
• Golden Gate Bridge toll payers whose toll revenues may be pledged for loan repayment.