CA AB1919

Amends Section 180260 of the Public Utilities Code to change how bond premiums are handled by local transportation authorities.

Requires premiums received on the sale of bonds to be placed in the treasury of the local transportation authority for use on allowable transportation purposes, rather than in a debt service fund.

Maintains existing requirement that accrued interest on bond sales be placed in a fund for payment of bond principal and interest.

Allows remaining bond proceeds to be applied to the purposes for which debt was incurred, or transferred to pay down bonds or purchase outstanding bonds in the open market.