Title
Approval of the Amended and Restated Orange County Local Transportation Authority 2021 Credit and Fee Agreements
Overview
In July 2017, the Orange County Local Transportation Authority secured a line of credit from the Bank of America, N.A. for $900 million to satisfy a requirement of the Transportation Infrastructure Finance and Innovation Act loan for the Interstate 405 Improvement Project. The line of credit was structured in two commitment tranches, the Orange County Local Transportation Authority 2019 Credit Agreement, in an amount of $400 million, and the Orange County Local Transportation Authority 2021 Credit Agreement, in an amount of $500 million.
The 2019 Credit and Fee Agreements were terminated in 2019 when Orange County Local Transportation Authority issued its Measure M2 Sales Tax Revenue Bonds to finance the project. Staff is recommending an amendment to the 2021 Credit and Fee Agreements, which will lower the commitment fee paid to the bank in exchange for changing the expiration date of the agreements from July 16, 2021 to June 28, 2021.
Recommendation(s)
A. Approve the Amended and Restated 2021 Credit and Fee Agreements by and among Bank of America, N.A., the Orange County Transportation Authority, and the Orange County Local Transportation Authority each dated as of June 29, 2020, in substantially the form presented to this board at this meeting and in the total amount of $500 million and authorize the Chief Executive Officer to negotiate and execute the final 2021 Amended and Restated Credit and Fee Agreements.
B. Authorize the Chair, Vice Chair, Chief Executive Officer, Chief Financial Officer, and Director of Finance and Administration to sign and deliver all documents relating to said agreements, including the credit agreement, fee agreement, incumbency certificate, closing certificate, bank note, receipts, notices, and agreements related thereto.