Los Angeles County Metropolitan Transportation Authority: transactions and use tax.

Existing law authorizes the Los Angeles County Metropolitan Transportation Authority (MTA) to impose, in addition to any other tax that it is authorized to impose, a transactions and use tax at a rate of 0.5% for not more than 30 years for the funding of specified transportation-related purposes pursuant to an adopted expenditure plan, subject to voter approval. This bill would authorize the MTA to impose that transactions and use tax beyond its current duration, subject to voter approval. The bill would require the MTA to include, in the proposing ordinance, a new expenditure plan for the tax revenues. The bill would permit the MTA to secure bonded indebtedness payable from the proceeds of the tax imposed and would require that the proceeds from those bonds, and from the tax after repayment of bonded indebtedness, be used to accelerate the completion of specified projects and programs, and to fund specified operations. The bill would require the MTA to use any tax proceeds remaining after completion of designated capital projects and payment of bonded indebtedness for specified long-range transportation projects. The bill would make other related conforming changes.