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Finance, Budget, and Audit Committee Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, March 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

11. RECEIVE report from the Chief Financial Services Officer.

12. RECEIVE report from the Chief Executive Officer.

13. RECEIVE oral Federal/State Affairs update.

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

(ALSO ON CONSTRUCTION COMMITTEE)

15. CONSIDER:

A. adopting the Debt Policy;

B. adopting the Interest Rate Swap Policy; and

C. receiving and filing the Annual Report on Interest Rate Swaps.

16. CONSIDER:

A. adopting a resolution, that approves the selection of Wells Fargo Bank, National Association ("Wells") and forms of a revolving credit agreement, a second supplemental subordinate trust agreement and promissory notes;

B. authorizing the Chief Executive Officer to enter into a revolving line of credit for a commitment amount of $75 million for a three-year term at an estimated cost of $1,530,000, including legal fees and other related expenses; and

C. authorizing the Chief Executive Officer to negotiate with each successfully ranked proposer if unable to reach agreement with the recommended proposer for agreements having the terms and estimated costs.

(REQUIRES SEPARATE, SIMPLE MAJORITY BOARD VOTE)

17. CONSIDER:

  1. supporting the renewal of the proposed LA Fashion District 2014-2018 Business Improvement District (“BID”) in the City of Los Angeles and the resulting assessments on properties within the District boundaries owned by LACMTA; and
  2. authorizing the Chief Executive Officer or his delegate to sign any necessary petition and cast any subsequent ballots in support of the BID and property assessments.

18. RECEIVE AND FILE the Los Angeles County Metropolitan Transportation Authority’s basic financial statements and component financial statement audits completed by KPMG LLP for the fiscal year ended June 30, 2012.

60. ISSUE the appropriate notices to enable an amendment to the Measure R Expenditure Plan to advance “Funds Available Beginning” dates for transit corridor projects as shown in the Proposed Measure R Expenditure Plan.

19. RECEIVE AND FILE evaluation of alternative financing opportunities. [HANDOUT]

20. RECEIVE AND FILE report on progress on budget themes and performance metrics. [HANDOUT]

21. RECEIVE AND FILE the second quarter financial performance for Fiscal Year 2013 budget. [HANDOUT]

22. RECEIVE AND FILE report on the proposed property insurance program for All Risk Property and Boiler and Machinery policies.

23. RECEIVE oral update on FY14 Budget Development.

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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