Authorizes certain transit agencies to establish one or more high-capacity transportation corridor areas within all or a portion of its boundaries.

Authorizes the transit agency to finance the high-capacity transportation system through voter-approved revenue measures.

Authorizes the governing body of a high-capacity transportation corridor area to obtain voter approval of high-capacity transportation taxes only one time, and prohibits the governing body from submitting an authorizing proposition for voter-approved taxes until July 1, 2012.