TRANSPORTATION. ALLOCATION OF PASSENGER VEHICLE SALES AND USE TAXES. INITIATIVE STATUTE.

TRANSPORTATION.ALLOCATION OF PASSENGER VEHICLE SALES AND USE TAXES. INITIATIVE STATUTE. Creates the Traffic Congestion Relief and Safe School Bus Trust Fund. Reallocates certain state revenue from new passenger vehicle sales from General Fund to Trust Fund for transportation, environmental, and safety programs. Allocates portion of these funds for: school bus safety and clean air programs; highway expansion; mass transit improvements including bus purchase, commuter and light rail expansion. Provides funds for environmental enhancement programs and traffic mitigation programs. Allocates money to 45 specific projects. For remainder of Trust Fund, specifies distribution percentages, restricts fund uses, and requires accountability mechanisms. Summary of estimate by Legislative Analyst of fiscal impact on state and local governments: About $420 million in 2002-03 and $850 million in 2003-04, increasing annually thereafter, for state and local transportation-related purposes. Summary of estimate by Director of Finance of fiscal impact on state and local governments: Increases resources for state and local transportation-related purposes by about $420 million in 2002-03 and $850 million in 2003-04, increasing annually thereafter. Potentially increases resources for Proposition 98 purposes and reduces those for other General Fund purposes by significant amounts that could exceed the amounts stated above