How is the new Bay Bridge being financed?
Assembly Bill (AB) 144, which was signed into law by Governor Schwarzenegger on July 18, 2005, provides a comprehensive financial plan for the Toll Bridge Seismic Retrofit Program, including the consolidation and financial management of all toll revenues collected on state-owned bridges in the San Francisco Bay Area under the jurisdiction of the Bay Area Toll Authority (BATA). The bill provides $630 million in additional state funding and authorizes BATA to increase tolls on the state-owned bridges in the Bay Area by $1, no sooner than January 1, 2007 to provide adequate funding for the completion of the Toll Bridge Seismic Retrofit Program.
