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Finance, Budget, and Audit Committee** - REVISED Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, May 16, 2012 2:30 p.m.

Agenda

Call to Order

Directors

Mel Wilson, Chair
Ara Najarian, Vice Chair
John Fasana
Gloria Molina
Mark Ridley-Thomas
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

  1. RECEIVE report from the Chief Financial Services Officer.
  2. AUTHORIZE the Chief Executive Officer to submit the Transportation Infrastructure Finance and Innovation Act loan application to the U.S. Department of Transportation and pay related fees and expenses subsequent to the Board's approval of the environmental reports for the Westside Subway Extension Project.
  3. ADOPT a resolution authorizing:
    1. The Chief Executive Officer and other Authorized Officers to negotiate and execute the agreements between the Crenshaw Project Corporation ("CPC") and the U.S. Department of Transportation ("USDOT"), related to the CPC entering into the $546 million Transportation Infrastructure Finance and Innovation Act ("TIFIA") loan for the Crenshaw/LAX Transit Corridor Project; and
    2. Execution of a Memorandum of Understanding with the USDOT for a TIGER II Discretionary Grant that will fund the $20 million credit charge on the loan.
  4. ADOPT a funding strategy for retiree medical liabilitiesby amending the Financial Stability Policy.
  5. CONSIDER:
    1. Adopting a resolution authorizing the:
      1. Issuance of bonds by competitive bond sale to refund the Prop C 2009-C Bonds and the Prop C 1999-A Bonds and approving the Notice of Intention to Sell Bonds, and Notice Inviting Bids, and
      2. Replacement of the expiring liquidity facilities for the Prop C 2009-C Bonds.
    2. Authorizing CEO to finalize negotiations with the proposing banks short-listed and enter into any combination of agreements as provided for in the resolution for three year terms or less.
    3. Authorizing the CEO to negotiate with each successively ranked proposing bank from the lists if unable to reach agreement with one or more of the recommended proposers.

      (Requires separate, simple majority Board vote.)

  6. CONSIDER authorizing the Chief Executive Officer to execute a:
    1. Memorandum of Agreement with the State of California, Department of Transportation ("Caltrans"), which requires LACMTA to:
      1. convey easements to Caltrans for the construction of High Occupancy Vehicle lanes on MTA Property located adjacent to Interstate 5 between Burbank Boulevard and Buena Vista for Fair Market Value based on an appraisal;
      2. amend existing agreements with utility providers who are required to relocate their existing facilities from the railroad ROW to another portion of the ROW under threat of Caltrans' exercise of eminent domain and assist Caltrans in negotiating such relocations with the utility providers; and
      3. for LACMTA to accept from Caltrans $1,400,000 to compensate LACMTA for the estimated cost to relocate in the future all private and public facilities from a portion of Victory Place should LACMTA use such property for its right-of-way; and
    2. Cooperative Agreement with the City of Burbank ("City") which provides for the conditional vacation of a portion of Victory Place and for LACMTA to reimburse the City for the cost to relocate the public and private facilities from a portion of Victory Place.
  7. WITHDRAWN: RECEIVE AND FILE report on budget themes and performance metrics.
  8. RECEIVE AND FILE the third quarter report of Management Audit Services for the period ending March 31, 2012.
  9. RECEIVE report of the Chief Executive Officer.
  10. RECEIVE oral Federal/State Affairs update.

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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