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Finance & Budget Committee (Revised) Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, July 14, 2010 2:30 p.m.

Agenda

1. RECEIVE report from the Chief Financial Services Officer. [HANDOUT]

2. APPROVE transfer of $36.7 million from Proposition C 40 percent Discretionary Fund to the Proposition 95 percent of 40 Percent Transit Fund (PA40), representing a reconciliation of PA40 revenues through June 30, 2009.

3. AUTHORIZE the Chief Executive Officer to negotiate and award excess liability insurance policies with $200 million in limits at a cost not to exceed $3.85 million for the 12-month period effective August 1, 2010 through July 31, 2011.

4. CONSIDER:

  1. appointing Barclays Capital Inc., Citigroup Global Markets Inc. and Goldman, Sachs & Co. to serve as joint bookrunners and senior managing underwriters, appoint co senior managing underwriters De La Rosa & Co., Siebert Brandford Shank & Co., LLC, and Stone & Youngberg Citigroup Global Markets Inc. and Goldman Sachs & Co. and co managing underwriters , De La Rosa & Co., Jefferies & Company, Inc., Loop Capital Markets LLC, and Ramirez & Co., Siebert Brandford Shank & Co., LLC, and Stone & Youngberg all to serve for one or more negotiated bond sales through June 2011, to accomplish the initial taxable and tax-exempt negotiated financings to fund Measure R projects.; and
  2. amending the financial advisory contract (No. PSFY09052101) with Public Financial Management to increase the task order authority in the contract by $350,000, increasing the total contract value from $1.935 million to $2.285 million.

5. AUTHORIZE the pledge of all categories of Measure R revenues other than Local Return in a common pledge to bondholders and other creditors under the Measure R master trust agreement being developed.

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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