05 LC 19
6413
Senate
Bill 115
By: Senators Butler of the 55th, Williams of the 19th, Miles of the 43rd, Weber of the 40th, Jones of the 10th and others
By: Senators Butler of the 55th, Williams of the 19th, Miles of the 43rd, Weber of the 40th, Jones of the 10th and others
AS
PASSED SENATE
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend an Act known as the "Metropolitan Atlanta Rapid Transit Authority Act of
1965," approved March 10, 1965 (Ga. L. 1965, p. 2243), as amended, to extend
until June 30, 2016, the provision that the interest income from certain reserve
funds may be used to pay operating costs; to provide an effective date; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
An
Act known as the "Metropolitan Atlanta Rapid Transit Authority Act of 1965,"
approved March 10, 1965 (Ga. L. 1965, p. 2243), as amended, is amended by
striking subsection (i) of Section 25 and inserting in its place the
following:
"(i)
Use of Proceeds. The proceeds of the tax levied pursuant to this Act shall be
used solely by each local government to fulfill the obligations incurred in the
contracts entered into with the Metropolitan Atlanta Rapid Transit Authority as
contemplated in the Metropolitan Atlanta Rapid Transit Authority Act of 1965, as
amended, provided, however, that no more than fifty percent (50%) of the annual
proceeds of the tax shall be used to subsidize the operating costs of the
system, exclusive of depreciation, amortization, and other costs and charges as
provided in this subsection, until January 1, 2002. For the period beginning
January 1, 2002, and ending June 30, 2002; each fiscal year commencing
thereafter until July 1, 2006; and the period beginning July 1, 2006, and ending
December 31, 2006, no more than fifty_five percent (55%) of the proceeds of the
tax shall be used to subsidize the operating costs of the system, exclusive of
depreciation, amortization, and other costs and charges as provided in this
subsection; and for the period beginning January 1, 2007, and ending June 30,
2007, and each fiscal year commencing thereafter until July 1, 2032, no more
than fifty percent (50%) of the proceeds of the tax shall be used to subsidize
the operating costs of the system, exclusive of depreciation, amortization, and
other costs and charges as provided in this subsection; except that if the Board
of the Metropolitan Atlanta Rapid Transit Authority shall fail to file with the
Metropolitan Atlanta Rapid Transit Overview Committee not later than December
31, 2002, the original and 14 copies of a report of the findings of a completed
management performance audit of the authority´s current operations, which
audit was performed under contract with and at the expense of the authority by
the Georgia Regional Transportation Authority pursuant to paragraph (16) of
subsection (a) of Code Section 50_32_11 of the O.C.G.A., along with any
auditor´s recommendations based thereon and the auditor´s signed
written verification that the Metropolitan Atlanta Rapid Transit Authority fully
cooperated with such audit and allowed access to all its books, records, and
documents to the extent the auditor deemed necessary, then for the period
beginning January 1, 2003, and ending June 30, 2003, and each fiscal year
commencing thereafter until July 1, 2032, no more than fifty percent (50%) of
the proceeds of the tax shall be used to subsidize the operating costs of the
system, exclusive of depreciation, amortization, and other costs and charges as
provided in this subsection. For each fiscal year commencing on or after July
1, 2032, no more than sixty percent (60%) of the annual proceeds of the tax
shall be used to subsidize the operating costs of the system, exclusive of
depreciation, amortization, and other costs and charges as provided in this
subsection; and commencing with July 1, 2032, and for every year thereafter, the
proceeds of the tax shall not be used to subsidize operations of the
transportation system to an extent greater than fifty percent (50%) of the
operating costs of the system, exclusive of depreciation, amortization, and
other costs and charges as provided in this subsection. In adopting its annual
budget, the Board of the Metropolitan Atlanta Rapid Transit Authority shall be
authorized to rely upon estimates of all revenues, operating costs, patronage
and other factors which may affect the amount of the fare required to limit the
operating subsidy herein provided for. If the results of any year´s
operations reflect that the proceeds of the tax were used to subsidize
operations to an extent greater than herein provided, the Board shall adjust
fares in order to make up the deficit in operations during a period of not to
exceed three (3) succeeding years. If the results of operations in the
Authority´s fiscal year commencing July 1, 1980 or in any subsequent fiscal
year reflect that the proceeds of the tax were not used to subsidize operations
to the maximum extent herein provided, the Board may, in its sole discretion,
reserve any amounts that could have been used to subsidize operations in that
fiscal year and later use said reserved amounts and any interest earned on said
reserved amounts to provide an additional subsidy for operations in any future
fiscal year or years. The words 'operating costs of the system' for purposes of
this subsection 25(i) are defined to include all of the costs of that division
of the Authority directly involved and that portion of the nonoperating
administrative costs of those divisions of the Authority indirectly involved,
through the provision of support services, in providing mass transportation
services for the metropolitan area, but exclusive of the costs of the division
or divisions directly involved and that portion of the nonoperating
administrative costs of those divisions indirectly involved, in the planning,
design, acquisition, construction, and improvement of the rapid transit system,
according to accepted principles of accounting, and also exclusive of the
following costs:
(1)
Nonrecurring costs and charges incurred in order to comply with any statute or
regulation concerning either the protection or cleaning up of the environment,
or accessibility by handicapped or disabled persons, or occupational health or
safety, or with any judgment, decree, or order of any court or regulatory agency
in implementation of any such statute or regulation; and
(2)
In the case of leases of equipment or facilities that, according to generally
accepted principles of accounting, would not be classified as capital leases,
payments of rent and other payments for the property subject to such leases or
for the use thereof; provided that any costs for regular maintenance or repair
of such equipment or facilities shall not be excluded.
If
any proceeds of the tax levied pursuant to this Act are held for the purpose of
planning, designing, acquiring, or constructing additional facilities or
equipment for or improvements to the rapid transit system and are invested, then
all interest earned from such investments shall be used only for such purposes
or for paying the principal of or interest on bonds or certificates issued for
such purposes. Commencing July 1, 1988, and until June 30,
2006
2016,
and only if expressly authorized by the board, interest earned on reserve funds
set aside for rebuilding, repairing, or renovating facilities of the rapid
transit system; for replacing, repairing, or renovating equipment or other
capital assets thereof; or from the sale or other disposition of real property,
may, without regard to the original source of the funds so reserved, be used to
pay the operating costs of the system as such costs are defined in this
subsection."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.