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Executive Management & Audit Committee** Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Thursday, May 19, 2011 9:00 a.m.

Agenda

Call to Order

Directors

Don Knabe, Chair
Antonio Villaraigosa, Vice Chair
Richard Katz
Ara Najarian
Zev Yaroslavsky
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 of the Chief Executive Officer.
  2. RECEIVE report of the Chief Communications Officer.
  3. RECEIVE oral Federal/State Affairs update.
  4. WITHDRAWN ADOPT a resolution authorizing the MTA to enter into a Joint Powers Authority with the County of Los Angeles, and if the County is unavailable, another partner, to form the "Crenshaw/LAX Transit Corridor Project Authority" that will serve as the borrower of the pending $546 million TIFIA loan.
  5. ADOPT the Fiscal Responsibility Policy for Measure R Capital Project Contingency Funds, summarized as follows:
    1. projects with Measure R savings at project close-out must first apply such savings to reimbursing the Contingency Funds in the Measure R Expenditure Plan for any debt service (excluding principal) that were used for the project;
    2. projects that are accelerated relative to their Long Range Transportation Plan (LRTP) schedule must include that portion of debt service (excluding principal) that was necessary to support cash flow needs in advance of the LRTP-planned cash flow needs;
    3. sales tax forecast revisions for the Transit and Highway Sub-Funds within Measure R will be met by revising the available Capital Project Contingency Funds, and not by revising the Measure R project minimum amounts; and
    4. Measure R debt service (excluding principal) to be repaid from the Contingency Funds may not exceed the levels forecasted to be necessary in the LRTP.

      (ALSO ON MEASURE R PROJECT DELIVERY COMMITTEE)

  6. ADOPT a reimbursement resolution that will permit MTA to reimburse itself for capital expenditures paid more than 60 days prior to issuance of debt.
  7. APPROVE the use of a negotiated bond sale to refund a portion of the Prop A 2001-A and B Series bonds.
  8. CONSIDER:
    1. adopting a resolution authorizing the replacement of expiring liquidity facilities for the Prop A 2008 bonds;
    2. authorizing the CEO to finalize negotiations with the proposing banks short-listed in Attachment B of the Board report and enter into any combination of agreements as provided for in the resolution having a combined estimated cost for fees and spread of $6 million or less for the three year terms of the agreements; and
    3. authorizing the CEO to negotiate with each successively ranked proposer from the list provided in Attachment B of the Board report if unable to reach agreement with one or more of the recommended proposers.

      (REQUIRES SEPARATE, SIMPLE MAJORITY BOARD VOTE)

  9. ADOPT the FY12 Proposed Audit Plan.
  10. RECEIVE AND FILE the third quarter report of Management Audit Services for the period ending March 31, 2011.
  11. WITHDRAWN APPROVE a 25 cent material or "green" fee for all limited-use paper smart card fare media.
  12. APPROVE the conversion of Metro calendar-based monthly and weekly passes to 30-and 7-day rolling passes.
  13. APPROVE the temporary roll-back of the regular Day Pass from $6 to $5 for a period of nine months.

    (REQUIRES TWO-THIRDS VOTE PURSUANT TO PUBLIC UTILITIES CODE SECTION 30638 (a)).

  14. RECEIVE AND FILE status report on the TAP Program and fare gate operations.

    (ALSO ON OPERATIONS 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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