TRANSPORTATION. ANNUAL ALLOCATION OF $880 MILLION OF GENERAL FUND MONEY. INITIATIVE STATUTE.

TRANSPORTATION. ANNUAL ALLOCATION OF $880 MILLION OF GENERAL FUND MONEY. INITIATIVE STATUTE. Creates the Traffic Congestion Relief and Safe School Bus Trust Fund. Reallocates $880 million annually from the General Fund to the Trust Fund for transportation, environmental, and safety programs. Allocates portion of funds for: school bus safety and clean air programs; highway and mass transit improvements, including bus purchases, commuter and light rail expansion and repair. Allocates funds for land acquisition, wildlife protection, air and water quality improvement. Allocates money to 45 projects. For remainder of Trust Fund, specifies distribution percentages, restricts Funds uses, and requires accountability mechanisms. Summary of estimate by Legislative Analyst of fiscal impact on state and local governments: $440 million in 2002-03 and $880 million in 2003-04 and 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 $440 million in 2002-03 and $880 million in 2003-04 and 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