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SB 9916 D--4 shall - AMENDED Page 18 of 29 I • V - 49 shall update its long -range plan as required to maintain its viability as a strategic plan for funding projects authorized by this section. (g) If the voters approve a toll increase in 2009 pursuant to Section 30921, and if additional funds are available following the funding obligations of subdivisions (b) and (c), the authority may set aside a reserve to fund future rolling stock replacement to enhance the sustainability of the services enumerated in subdivision (c). The commission shall, by January 1, 2020, submit a 20 -year toll bridge expenditure plan to the Legislature for adoption. SEC. 66. Section 30914.5 is added to the Streets and Highways Code, to read: 30914.5. (a) Prior to the allocation of revenue for transit operating assistance under subdivision (c) of Section 30914, the commission shall adopt performance measures related to fare -box recovery, ridership, and other performance measures as needed. (b) The commission shall execute an operating agreement with the sponsors of the projects described in subdivision (c) of Section 30914. This agreement shall include, at a minimum, a fully funded operating plan that conforms to and is consistent with the adopted performance measures. The agreement shall also include a schedule of projected fare revenues or other operating revenues to indicate that the service is viable in the near -term and is expected to meet the adopted performance measures in future years. For any individual project sponsor, this operating agreement may include additional requirements, as determined by the authority, to be met prior to the allocation of transit assistance under subdivision ( c) of Section 30914. (c) Prior to the annual allocation of transit operating assistance funds by the commission pursuant to subdivision (c) of Section 30914, project sponsors shall present an audited annual report to the commission that contains audited financial information, including an _ya<« opinion of the independent auditors on the status and cost of the - project and its compliance with the approved performance measures. (d) The commission shall adopt a regional transit connectivity plan by December 1, 2005. The connectivity plan shall be incorporated into the commission's Transit Coordination Implementation Plan pursuant to Section 66516 of the Government Code. The connectivity plan shall require operators to comply with the Plan utilizing commission authority pursuant to Section 66516 of the Government Code. The plan shall identify and evaluate opportunities for improving transit connectivity and shall include, but not be limited to, the following components: (1) A network of key transit hubs connecting regional rapid transit services to one another, and to feeder transit services. "Regional rapid transit" means long -haul transit service that crosses county lines, and operates mostly in dedicated rights -of -way, including freeway high occupancy vehicle lanes, crossing a bridge, or on the bay. The identified transit hubs shall operate either as a timed transfer network or as pulsed hub connections, providing regularly scheduled connections between two or more transit lines. (2) Physical infrastructure and right -of -way improvements necessary to improve system reliability and connections at transit hubs. Physical infrastructure improvements may include, but are not limited to, improved rail -to -rail transfer facilities, including cross - platform transfers, and intermodal transit improvements that facilitate rail -to -bus, rail -to- ferry, ferry -to- ferry, ferry -to bus, and bus -to -bus transfers. Capital improvements identified in the