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Finance, Budget, and Audit Committee** Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, July 18, 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

*Via Telephone
Gatlinburg Falls Parkview Resort
1 Cheshire Court
Gatlinburg Falls, TN 37738
866-347-6659

9. RECEIVE report from the Chief Financial Services Officer.

10. RECEIVE report of the Chief Executive Officer.

11. RECEIVE oral Federal/State Affairs update.

12. AUTHORIZE the Chief Executive Officer to negotiate and award excess liability insurance policies with up to $250 million in limits at a cost not to exceed $3.9 million for the 12-month period effective August 1, 2012 to August 1, 2013.

13. CONSIDER:

A. establishing a new Measure R Capital Reserve Account for the City of Lakewood for their Street Improvements in Various Locations project in the amount of $2,900,000; and

B. authorizing the Chief Executive Officer to negotiate and execute all necessary agreements between Los Angeles County Metropolitan Transportation Authority and the City for their Capital Reserve Account as approved.

14. AUTHORIZE the Measure R Local Return Program Manager, on behalf of the Los Angeles County Metropolitan Transportation Authority, to write a letter of concurrence for the use of the funds as requested by the City of Lynwood.

15. AUTHORIZE the Chief Executive Officer to award a one year Firm Fixed Price Contract No. PS4430-2886 to Moore & Associates, Inc., to conduct the fiscal year 2010-2012 independent performance review of all Los Angeles County transit operators receiving state Transportation Development Act (TDA) Article 4, and operators receiving Proposition A funds in lieu of TDA Funds and Metro as the Regional Transportation Planning Entity, for the fixed price of $531,906.

16. CONSIDER:

A. adopting a resolution that authorizes the issuance of refunding bonds, the use of a tender process to solicit bonds from current holders and approves related documents on file with the Board Secretary;

B. appointing RBC Capital Markets as senior manager, supported by Bank of America Merrill Lynch, Barclays Capital and Citigroup as comanagers for one or more forward bond sales of the Prop A 2003-A and Prop 2003-B Bonds; and

C. appointing Morgan Stanley as senior manager, supported by De La Rosa & Co. and Ramirez & Co. as co-managers for any tender refunding of the Prop A 2003-A and Prop A 2003-B Bonds.

17. AUTHORIZE the Chief Executive Officer to amend the FY13 budget to add $730,000 of revenues and expenses to Inspector General, cost center 1310 for the Board directed evaluation of MTA's organizational structure and the audit of the TAP program.

(ALSO ON SYSTEM SAFETY AND OPERATIONS COMMITTEE)

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

(ALSO ON SYSTEM SAFETY AND OPERATIONS COMMITTEE)

19. RECEIVE AND FILE third quarter financial performance for Fiscal Year 2012 budget.

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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