Orange County Transportation Authority  
Finance and Administration Committee Agenda  
Wednesday, February 26, 2025 at 10:30 a.m.  
Board Room, 550 South Main Street, Orange, California  
Committee Members  
Michael Hennessey, Chair  
Patrick Harper, Vice Chair  
Mike Carroll  
Jamey M. Federico  
Carlos A. Leon  
Vicente Sarmiento  
Mark Tettemer  
Any person with a disability who requires a modification or accommodation in order to participate  
in this meeting should contact the Orange County Transportation Authority (OCTA) Clerk of the  
Board's office at (714) 560-5676, no less than two business days prior to this meeting to enable  
OCTA to make reasonable arrangements to assure accessibility to this meeting.  
Agenda Descriptions  
Agenda descriptions are intended to give members of the public a general summary of items of  
business to be transacted or discussed. The posting of the recommended actions does not  
indicate what action will be taken. The Committee may take any action which it deems to be  
appropriate on the agenda item and is not limited in any way by the notice of the recommended  
action.  
Public Availability of Agenda Materials  
All documents relative to the items referenced in this agenda are available for public inspection at  
www.octa.net or through the Clerk of the Board’s office at the OCTA Headquarters, 600 South  
Main Street, Orange, California.  
Meeting Access and Public Comments on Agenda Items  
Members of the public can either attend in-person or access live streaming of the Committee  
meetings by clicking this link: https://octa.legistar.com/Calendar.aspx  
In-Person Comment  
Members of the public may attend in-person and address the Board regarding any item within the  
subject matter jurisdiction of the Orange County Transportation Authority. Please complete a  
speaker’s card and submit it to the Clerk of the Board and notify the Clerk regarding the agenda  
item number on which you wish to speak. Speakers will be recognized by the Chair at the time of  
the agenda item is to be considered by the Board. Comments will be limited to three minutes. The  
Brown Act prohibits the Board from either discussing or taking action on any non-agendized  
items.  
Written Comment  
Written public comments may also be submitted by emailing them to ClerkOffice@octa.net, and  
must be sent by 5:00 p.m. the day prior to the meeting. If you wish to comment on a specific  
agenda Item, please identify the Item number in your email. All public comments that are timely  
received will be part of the public record and distributed to the Board. Public comments will be  
made available to the public upon request.  
Call to Order  
Pledge of Allegiance  
Director Tettemer  
Closed Session  
There are no Closed Session items scheduled.  
Special Calendar  
There are no Special Calendar matters.  
Consent Calendar (Items 1 through 4)  
All items on the Consent Calendar are to be approved in one motion unless a Committee  
Member or a member of the public requests separate action or discussion on a specific item.  
1.  
Approval of Minutes  
Clerk of the Board  
Recommendation(s)  
Approve the minutes of the February 12, 2025 Finance and Administration Committee  
meeting.  
Attachments:  
Minutes  
2.  
Audit of Oversight Controls and Contract Compliance Related to Agreement No.  
C-9-1177 with Cofiroute USA, LLC for 91 Express Lanes Operations  
Ricco Bonelli/Janet Sutter  
Overview  
The Internal Audit Department of the Orange County Transportation Authority has  
completed an audit of oversight controls and contract compliance related to Agreement  
No. C-9-1177 with Cofiroute USA, LLC for 91 Express Lanes operations. Based on the  
audit, management exercises oversight of Cofiroute; however, recommendations have  
been made to enforce all contract requirements, develop procedures for waivers of  
liquidated damages and penalties, improve performance reporting, and enhance invoice  
review controls.  
Recommendation(s)  
Direct staff to implement four recommendations provided in Audit of Oversight Controls  
and Contract Compliance Related to Agreement No. C-9-1177 with Cofiroute USA, LLC  
for 91 Express Lanes Operations, Internal Audit Report No. 24-508.  
Attachments:  
Staff Report  
Attachment A  
3.  
Fiscal Year 2024-25 Second Quarter Grant Reimbursement Status Report  
Sam Kaur/Andrew Oftelie  
Overview  
The Quarterly Grant Reimbursement Status Report summarizes grant activities for the  
Orange County Transportation Authority Board of Directors. This report focuses on activity  
for the second quarter of fiscal year 2024-25, covering October through December 2024.  
Recommendation(s)  
Receive and file as an information item  
Attachments:  
Staff Report  
Attachment A  
Attachment B  
Attachment C  
Attachment D  
Attachment E  
4.  
Amendment to Agreements for Investment Management Services  
Robert Davis/Andrew Oftelie  
Overview  
On January 8, 2018, the Orange County Transportation Authority Board of Directors  
approved agreements with Chandler Asset Management, Inc., MetLife Investment  
Management, LLC, Payden & Rygel, and U.S. Bancorp Asset Management, Inc., formerly  
known as PFM Asset Management, LLC, to provide investment management services for  
the Orange County Transportation Authority’s investment portfolio. These agreements are  
for a five-year initial term with two, two-year option terms. Board of Directors’ approval is  
requested to exercise the second option term of each agreement.  
Recommendation(s)  
A.  
B.  
C.  
Authorize the Chief Executive Officer to negotiate and execute Amendment No. 2 to  
Agreement No. C-7-1813 between the Orange County Transportation Authority and  
Chandler Asset Management, Inc., to exercise the second option term to continue  
providing investment management services effective April 1, 2025 through March  
31, 2027.  
Authorize the Chief Executive Officer to negotiate and execute Amendment No. 2 to  
Agreement No. C-7-2062 between the Orange County Transportation Authority and  
MetLife Investment Management, LLC, to exercise the second option term to  
continue providing investment management services effective April 1, 2025 through  
March 31, 2027.  
Authorize the Chief Executive Officer to negotiate and execute Amendment No. 3 to  
Agreement No. C-7-2063 between the Orange County Transportation Authority and  
Payden & Rygel, to exercise the second option term to continue providing  
investment management services effective April 1, 2025 through March 31, 2027.  
D.  
E.  
Authorize the Chief Executive Officer to negotiate and execute Amendment No. 3 to  
Agreement No. C-7-2064 between the Orange County Transportation Authority and  
U.S. Bancorp Asset Management, Inc., formerly known as PFM Asset  
Management, LLC, to exercise the second option term to continue providing  
investment management services effective April 1, 2025 through March 31, 2027.  
Approve an increase of $3,476,000 to the aggregate amount, which will be used to  
cover the cost of the option term for all four investment firms for a total amount of  
$15,601,608 shared among the four agreements.  
Attachments:  
Staff Report  
Attachment A  
Attachment B  
Attachment C  
Attachment D  
Regular Calendar  
5.  
91 Express Lanes Update for the Period Ending - December 31, 2024  
Kirk Avila  
Overview  
The Orange County Transportation Authority has owned and managed the operations of  
the 91 Express Lanes since January 2003.  
Since that time, traffic volumes and toll  
revenues have fluctuated with the changes in the economy and added capacity to the State  
Route 91 corridor. Over the last quarter, over 5.5 million trips made on the 91 Express  
Lanes in Orange County. This report focuses on the operational and financial activities for  
the period ending December 31, 2024.  
Recommendation  
Receive and file as an information item.  
Attachments:  
Staff Report  
Attachment A  
Attachment B  
Presentation  
6.  
405 Express Lanes Update for the Period Ending - December 31, 2024  
Kirk Avila  
Overview  
The Orange County Transportation Authority oversees the operations of the 405 Express  
Lanes, which commenced operations on December 1, 2023. Over the last quarter, there  
were approximately 17.2 million transactions and 4.4 million trips generated on the 405  
Express Lanes. This report focuses on the operational and financial activities for the  
period ending December 30, 2024.  
Recommendation  
Receive and file as an information item.  
Attachments:  
Staff Report  
Attachment A  
Presentation  
Discussion Items  
7.  
Public Comments  
8.  
Chief Executive Officer's Report  
Committee Members' Reports  
9.  
10.  
Adjournment  
The next regularly scheduled meeting of this Committee will be held:  
10:30 a.m. on Wednesday, March 12, 2025  
OCTA Headquarters  
Board Room  
550 South Main Street  
Orange, California