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SB 916 Senate Bill - AMENDED Page 17 of 29 operations. Six million four hundred thousand dollars ($6,400,000). cl , P , 75- (7) Water Transit Authority, Berkeley /Albany. A portion of the operating funds may be dedicated to landside transit operations. Three million two hundred thousand dollars ($3,200,000). (8) Water Transit Authority, South San Francisco. A portion of the operating funds may be dedicated to landside operations. Three million dollars ($3,000,000). (9) Vallejo Ferry. Two million seven hundred thousand dollars ($2,700,000). (10) Owl Bus Service on BART Corridor. One million eight hundred thousand dollars ($1,800,000). (I1) MUNI Metro East (Phase 1 -I0S). Two million five hundred thousand dollars ($2,500,000 (without escalation)). (12) AC Transit Enhanced Bus Service, International Boulevard and Telegraph Avenue in Oakland /Berkeley. Three million dollars ($3,000,000) without escalation)). (13) TRAIJSLINK, three -year operating program. Twenty million dollars ($20,000,000 (without escalation)). (14) Water Transit Authority, regional planning and operations. Three million dollars ($3,000,000 (without escalation)). (d) For all projects authorized under subdivision (b), the project sponsor shall submit an initial project report to the authority before July 1, 2004. This report shall include all information required to describe the project in detail, including the status of any environmental documents relevant to the project, additional funds required to fully fund the project, the amount, if any, of funds expended to date, and a summary of any impediments to the completion of the project. This report, or an updated report, shall include a detailed financial plan and shall notify the authority if the project sponsor will request toll revenue within the subsequent 12 months. The project sponsor shall update this report as needed or requested by the authority or the commission. No funds shall be allocated by the authority or the commission for any project authorized by subdivision (b) until the project sponsor submits the initial project report, and the report is reviewed and approved by the commission. If multiple project sponsors are listed for projects listed in subdivision (b), the commission shall identify a lead sponsor in cooperation with all identified sponsors, for purposes of allocating funds. For any projects authorized under subdivision (b), the authority shall have the option of requiring a memorandum of understanding between the authority and the project sponsor or sponsors that shall include any specific requirements that must be met prior to the allocation of funds provided under subdivision (b). (e) If a project sponsor cannot meet its performance measures or if the project cannot be completed or cannot continue due to project delivery or financing obstacles making the completion or continuation of the project unrealistic, the commission shall consult with the project sponsor. After consulting with the sponsor, the commission shall hold a public hearing concerning the project. After the hearing, the commission may vote to modify the project's scope, decrease its level of funding, or to reassign all of the funds to another project within the same corridor. (f) If the voters approve a toll increase in 2004 pursuant to Section 30921, the authority shall within 24 months of the election date, include the projects in its long - range plan that are consistent with the commission's findings required by this section and Section 30914.5. The authority Ann 0nrn1_L n+! L[n nnnIn " _ -__ I I I "I -. -