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File #: 21-3435   
Type: Orange County Local Transportation Authority Item Status: Committee Ready - Regular Calendar
File created: 5/6/2021 In control: Finance and Administration Committee
On agenda: 6/9/2021 Final action: 6/9/2021
Title: Establishment of Interstate 405 Improvement Project Custody Subaccounts
Sponsors: Robert Davis, Andrew Oftelie
Attachments: 1. Transmittal, 2. Staff Report, 3. Attachment A, 4. PowerPoint

Title

Establishment of Interstate 405 Improvement Project Custody Subaccounts

 

Overview

The 2017 Transportation Infrastructure Finance and Innovation Act loan for the Interstate 405 Improvement Project required the Orange County Local Transportation Authority to secure a line of credit to show committed local funds to the project. Rather than continuing the use of a line of credit to show committed local funds to the project, staff is proposing to set aside $500 million of Measure M2 funds to show committed local funds, which could save the agency approximately $3.4 million over the next two years. 

 

Recommendation(s)

A.                     Approve by resolution authorizing the establishment of a subaccount to be used solely to pay for the Interstate 405 Improvement Project.

 

B.                     Approve the establishment of one or more Interstate 405 Improvement Project custody subaccounts.

 

C.                     Approve the use of $500 million of Measure M2 funds to fund the
Interstate 405 Improvement Project custody subaccounts no later than
June 28, 2021.

 

D.                     Restrict withdrawals from the Interstate 405 Improvement Project custody subaccounts to be made solely for Interstate 405 Improvement Project construction costs.