(a) The Legislature finds and declares all of the following: (1) The department has determined that in order to provide maximum safety for the traveling public and to ensure continuous and unimpeded operation of the stateâs transportation network, six state-owned toll bridges are in need of a seismic safety retrofit, and one state-owned toll bridge is in need of a partial retrofit and a partial replacement. (2) The bridges identified by the department as needing seismic retrofit are the Benicia-Martinez Bridge, the Carquinez Bridge, the Richmond-San Rafael Bridge, the San Mateo-Hayward Bridge, the San Pedro-Terminal Island Bridge (also known as the Vincent Thomas Bridge), the San Diego-Coronado Bridge, and the west span of the San Francisco-Oakland Bay Bridge. The department has also identified the east span of the San Francisco-Oakland Bay Bridge as needing to be replaced. That replacement span will be safer, stronger, longer lasting, and more cost efficient to maintain than completing a seismic retrofit for the current east span. (3) The south span of the Carquinez Bridge is to be replaced pursuant to Regional Measure 1, as described in Section 30917. (4) The cost estimate to retrofit the state-owned toll bridges and to replace the east span of the San Francisco-Oakland Bay Bridge is four billion six hundred thirty-seven million dollars ($4,637,000,000), as follows: (A) The Benicia-Martinez Bridge retrofit is one hundred ninety million dollars ($190,000,000). (B) The north span of the Carquinez Bridge retrofit is one hundred twenty-five million dollars ($125,000,000). (C) The Richmond-San Rafael Bridge retrofit is six hundred sixty-five million dollars ($665,000,000). (D) The San Mateo-Hayward Bridge retrofit is one hundred ninety million dollars ($190,000,000). (E) The San Pedro-Terminal Island Bridge retrofit is sixty-two million dollars ($62,000,000). (F) The San Diego-Coronado Bridge retrofit is one hundred five million dollars ($105,000,000). (G) The west span of the San Francisco-Oakland Bay Bridge retrofit, as a lifeline bridge, is seven hundred million dollars ($700,000,000). (H) Replacement of the east span of the San Francisco-Oakland Bay Bridge is two billion six hundred million dollars ($2,600,000,000). (b) It is the intent of the Legislature that the following amounts from the following funds shall be allocated until expended, for the seismic retrofit or replacement of state-owned toll bridges: (1) Six hundred fifty million dollars ($650,000,000) from the 1996 Seismic Retrofit Account in the Seismic Retrofit Bond Fund of 1996 for the seven state-owned toll bridges identified by the department as requiring seismic safety retrofit or replacement. (2) One hundred forty million dollars ($140,000,000) in surplus revenues generated under the Seismic Retrofit Bond Act of 1996 that are in excess of the amount actually necessary to complete Phase Two of the stateâs seismic retrofit program. These excess funds shall be reallocated to assist in financing seismic retrofit of the state-owned toll bridges. (3) Fifteen million dollars ($15,000,000) from the Vincent Thomas Toll Bridge Revenue Account. (4) The funds necessary to meet both of the following: (A) A principal obligation of two billion two hundred eighty-two million dollars ($2,282,000,000) from the seismic retrofit surcharge, including any interest therefrom, imposed pursuant to Section 31010, subject to the limitation set forth in subdivision (c) and subdivision (b) of Section 31010. (B) All costs of financing, including capitalized interest, reserves, costs of issuance, costs of credit enhancements and any other financial products necessary or desirable in connection therewith, and any other costs related to financing. (5) Thirty-three million dollars ($33,000,000) from the San Diego-Coronado Toll Bridge Revenue Fund. (6) Not less than seven hundred forty-five million dollars ($745,000,000) from the State Highway Account to be used toward the eight hundred sev
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