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Finance, Budget, and Audit Committee Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, November 14, 2012 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

10. RECEIVE report from the Chief Financial Services Officer.

11. RECEIVE report of the Chief Executive Officer.

12. RECEIVE oral Federal/State Affairs update.

13. AUTHORIZE the Chief Executive Officer to execute the Crenshaw Light Rail Transit Project Measure R 3% Local Match Financial Contribution Agreement to facilitate the advancement of $17.8 million for the City of Inglewood's 3% local match funding contribution to the Crenshaw/LAX Transit Corridor project.

(CARRIED OVER FROM OCTOBER'S FINANCE, BUDGET AND AUDIT COMMITTEE)

14. CONSIDER:

A. increasing Life-of-Project (LOP) Budget for Crenshaw/LAX Transit Corridor Project, No. 865512, by $13.9 million increasing the LOP budget from $1,749.0 billion to $1.762.9 billion; and

B. programming $13.9 million in Transportation Investment Generating Economic Recovery grant available funds to cover the increase in the LOP Budget.

(ALSO ON CONSTRUCTION COMMITTEE)

15. WITHDRAWN: APPROVE the following deadlines for the Subregional Councils of Government (COGs) to make decisions on highway programs required for a Transportation Infrastructure Finance and Innovation Act (TIFIA) Master Credit Agreement (MCA) Letter of Interest:

A. February 1, 2013 as the final date for the COG's to submit a formal request for the LACMTA to transfer revenues between the Highway Capital Sub-fund and the Transit Capital Sub-fund within the same sub-region; and

B. March 1, 2013 as the final date for COG's to identify highway projects to be considered for inclusion in the first tranche of the Highway program TIFIA Master Credit Agreement.

If the deadline is missed, the Councils of Government will be permitted to participate in subsequent TIFIA MCA requests.

16. CONSIDER:

A. authorizing the Chief Executive Officer to finalize negotiations with the recommended banks and enter into reimbursement agreements and related documents for direct-pay letters of credit:

1. with Sumitomo Mitsui Banking Corporation ("Sumitomo") for a commitment amount of $75 million for a three-year term at an estimated cost of $1,135,000, including legal fees and other related expenses;

2. with Union Bank for a commitment amount of $75 million for a three-year term at an estimated cost of $1,130,000, including legal fees and other related expenses;

B. if unable to reach agreement with one or both of the recommended banks, authorizing the CEO to finalize negotiations with each successively ranked bank for agreements having three year terms and estimated costs; and

C. adopting a resolution that approves the selection of Sumitomo and Union Bank or successor(s), a form of the reimbursement agreement on file with the Board Secretary and makes certain benefit findings in compliance with the Government Code.

(REQUIRES SEPARATE, SIMPLE MAJORITY BOARD VOTE)

17. AUTHORIZE the CEO to award fixed rate, five-year contracts in the amount of $6.18 million to investment management firms.

18. WITHDRAWN: RECEIVE AND FILE report on Debt Policy.

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

(ALSO ON SYSTEM SAFETY AND OPERATIONS COMMITTEE)

70. APPROVE federal legislative strategy to advance the second policy proposal embedded in America Fast Forward, the creation of a new class of qualified tax credit bonds for transportation projects. These qualified tax credit bonds would be referred to as America Fast Forward Transportation Bonds.

(ALSO ON EXECUTIVE MANAGEMENT COMMITTEE)

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

ALSO ON CONSTRUCTION COMMITTEE)

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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