SB2006 Summary

• Extends the deadline for Regional Transportation Authority (RTA) to issue additional working cash notes from July 1, 2018 to July 1, 2022, allowing up to $300,000,000 in additional notes beyond the base $100,000,000 authorization.

• Authorizes RTA to establish lines of credit with banks or financial institutions as an alternative to working cash notes, subject to the same $300,000,000 cap and 24-month repayment requirement.

• Requires RTA to notify the Governor's Office of Management and Budget and State Comptroller at least 30 days before establishing a line of credit and file a certified copy of the authorizing ordinance.

• Establishes that money borrowed under a line of credit is a general obligation of the Authority secured by its full faith and credit, similar to bond and note obligations.

• Effective immediately upon becoming law.