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Title
Selection of Letter of Credit or Line of Credit Provider
Overview
Orange County Transportation Authority representatives are currently negotiating a Transportation Infrastructure Finance and Innovation Act loan for the Interstate 405 Improvement Project with the Build America Bureau Credit Programs Office. One requirement of the loan is to have all committed funds available at the time of closing of the loan. To meet this requirement, the Orange County Transportation Authority released a request for proposal on May 1, 2017, requesting letter of credit or line of credit services. The results of the request for proposals process are provided for Board of Directors review and approval.
Recommendation(s)
A. Approve the selection of Bank of America Merrill Lynch to provide a line of credit in the amount of $900 million for a period of four years.
B. Authorize the Chief Executive Officer to negotiate and execute an agreement between the Orange County Transportation Authority and Bank of America Merrill Lynch to provide a line of credit.