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Finance, Budget, and Audit Committee Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, February 20, 2013 1:00 p.m.

Agenda

Call to Order
Directors:

Gloria Molina, Chair
Mel Wilson, Vice Chair
Diane DuBois
Richard Katz
Pam O'Connor
Michael Miles, non-voting member

Officers:
Arthur T. Leahy, Chief Executive Officer
Michele Jackson, Board Secretary
Karen Gorman, Ethics Officer
Karen Gorman, Acting Inspector General
County Counsel, General Counsel

5. RECEIVE report from the Chief Financial Services Officer.

6. RECEIVE report from the Chief Executive Officer.

7. RECEIVE oral Federal/State Affairs update.

8. RECEIVE oral report on Project Budget and Schedule Status.

(ALSO ON CONSTRUCTION COMMITTEE)

9. CONSIDER:

A. adopting a resolution that:

1. approves the selection of Bank of the West and a form of the reimbursement agreement on file with the Board Secretary;

2. approves the selection of Wells Fargo Bank, National Association; and

3. makes certain benefit findings in compliance with the Government Code.

B. authorizing the Chief Executive Officer to finalize negotiations with the proposing bank and:

1. enter into reimbursement agreement for direct-pay letter of credit with Bank of the West for a commitment amount of $75 million for a three-year term at an estimated cost of $1,500,000, including legal fees and other related expenses; and

2. negotiate with Wells Fargo and prepare documents for a direct purchase revolving credit facility of $75 million for a three-year term at an estimated cost of $1,530,000, including legal fees and other related expenses; or

3. if unable to reach agreement with one or both of the recommended proposers, negotiate with each successively ranked proposer for agreements having the terms and estimated costs for each bank.

(REQUIRES SEPARATE, SIMPLE MAJORITY VOTE)

10. APPROVE an amendment to the Measure R Local Return Guidelines to establish procedures for Local Return Borrowings.

11. RECEIVE AND FILE the second quarter report of Management Audit Services for the period ending December 31, 2012.

12. RECEIVE oral progress report on Budget FY14

13. RECEIVE AND FILE report on budget themes and performance metrics.

(ALSO ON SYSTEM SAFETY & OPERATIONS COMMITTEE)  [HANDOUT]

Consideration of items not on the posted agenda, including: items to be presented and (if requested) referred to staff; items to be placed on the agenda for action at a future meeting of the Committee or Board; and/or items requiring immediate action because of an emergency situation or where the need to take immediate action came to the attention of the Committee subsequent to the posting of the agenda.

COMMENTS FROM THE PUBLIC ON ITEMS OF PUBLIC INTEREST WITHIN COMMITTEE'S SUBJECT MATTER JURISDICTION

ADJOURNMENT

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