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Finance, Budget and Audit Committee Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, November 5, 2014 1:00 p.m.

Agenda

Call to Order

Directors

Mark Ridley-Thomas, Chair
Paul Krekorian, Vice Chair
Michael Antonovich
Diane DuBois
Ara Najarian
Carrie Bowen, non-voting member

Officers

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

Agenda

5. ADOPT the revised Audit Charter for Management Audit Services.

6. AUTHORIZE the Chief Executive Officer to execute Modification No. 27 to Contract PS33201664 with Xerox for TAP Service Center systems supportfor one year inclusive of two 3-month extension options for an amount not to exceed  $1,800,000. This contract modification covers from January 2015 through December 2015 if the two options are fully exercised.  The total contract value will increase from $61,752,483 to $63,552,483.

7. AUTHORIZE the Chief Executive Officer to award a non-competitive,  five year contract to MuniServices for a period of three years, plus two one-year options.  The three-year base contract amount is $60,000 plus a percentage of tax recovery.  Each one-year option is $20,000 plus a percentage of tax recovery.  Pricing for these services is as follows:

A. Sales Tax Forecasting: $20,000 per year or $60,000 for the base period plus 2 one-year options for another $40,000; and

B. Transaction and Use Tax Recovery Services is priced on a   percentage of recovery basis and paid only if revenues are recovered through a review of sales tax submissions to the State Board of Equalization utilizing the following rates:

Recovery Amount

Percentage Fee

Less than $5M

17%

$5M to $10M

14%

$10M to $15M

11%

Over $15M

9%

8. ADOPT a resolution that:

A. authorizes the issuance of bonds by competitive sale to refund the Prop A 2005-A Bonds in one or more transactions through June 30, 2015, consistent with the Debt Policy;

B. approves the forms of Notice of Intention to Sell Bonds, Notices Inviting Bids, Supplemental Trust Agreements, Bonds, and Preliminary Official Statements, all subject to modification as set forth in the resolution; and

C. authorizes taking all action necessary to achieve the foregoing, including, without limitation, the further development and execution of bond documentation associated with the issuance of the bonds.

(REQUIRES SEPARATE, SIMPLE MAJORITY BOARD VOTE)

9. AUTHORIZE the Chief Executive Officer to conduct the sale of environmental commodities in accordance with the informal bidding process which does not require publication or notice of sale, and award such sales at market prices.  

61. RECEIVE AND FILE status report on the restructure and increase of     Metro fare media vendor commission. [HANDOUT]

10. RECEIVE report from the Chief Executive Officer.

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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