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SB 916 Senate Bill - AMENDED Page 25 of 29 9. and protect the bridge structures. SEC. 81. Section 30950.9 of the Streets and Highways Code is amended to read: 30950.9. All authority of the California Transportation Commission as to the Bay Area bridges is transferred to the authority. , SEC. 82. Section 30951 of the Streets and Highways Code is repealed. SEC. 63. Section 30951 is added to the Streets and Highways Code, to read: 30951. The authority is authorized in its own name to do all acts necessary or convenient for the exercise of its powers under this division and the financing of projects, including, but not limited to, the following: (a) To make and enter into contracts. (b) To employ agents or employees. (c) To acquire, construct, manage, maintain, lease, or operate any public facility or improvements. (d) To sue and be sued in its own name. (e) To issue bonds and otherwise to incur debts, liabilities, or obligations. (f) To apply for, accept, receive, and disburse grants, loans, and other assistance from any agency of the United States of America or of the State of California. (g) To invest any money not required for the immediate necessities of the authority, as the authority determines is advisable. (h) To apply for letters of credit or other forms of financial guarantees in order to secure the repayment of bonds and to enter into agreements in connection with those letters of credit or financial guarantees. SEC. 89. Section 30953 of the Streets and Highways Code is amended to read: 30953. Except for the revenues from the seismic retrofit surcharge, toll revenues and all other income derived from bridges pursuant to Chapter 9 (commencing with Section 30910) shall be deposited in the Bay Area Toll Account, which is hereby created. SEC. 85. Section 30956 of the Streets and Highways Code is repealed. SEC. 86. Section 30958 of the Streets and Highways Code is amended to read: 30958. After payments for debt service on outstanding bonds, and the costs for the operation and maintenance expenses set forth in Section 30952 are provided for, and after all direct operating costs of the authority are provided for, the authority may retain, for its cost in administering this article, an amount not to exceed 1 percent of the gross annual bridge revenues. SEC. 87. Section 30960 of the Streets and Highways Code is amendec to read: 30960. (a) The authority may issue both defeasance and future capital project bonds payable from the revenues of the tolls imposed on the bridges described in Section 30910. The bonds or commercial paper may be issued by the authority at any time, and from time to time, payable from the revenues from the tolls. The bonds or commercial paper shall be referred to as "toll bridge revenue bonds." (b) The revenues from the tolls on the bridges described in Section 30910 shall be subject to a statutory lien in favor of the bondholders to secure all amounts due on the bonds and in favor of any provider of credit enhancement for the bonds to secure all 1...._. "'.,f. ... '_..L 'L ftt ',L Inns nnrn'.L nir L411 '1nMh�'�1 1 -1 1 1 .11� 11—