Meeting_Body
Crenshaw Project Corporation
One Gateway Plaza
Los Angeles, CA 90012
CRENSHAW PROJECT CORPORATION BOARD MEETING
DECEMBER 6, 2018
Subject
SUBJECT: TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT (TIFIA) LOAN ADMINISTRATION ACTIVITIES
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE report on Crenshaw Project Corporation (CPC) Transportation Infrastructure Finance Innovation Act (TIFIA) Loan administration activities during calendar year 2018.
Issue
ISSUE
The CPC was formed on March 23, 2012 to act as the TIFIA Loan conduit borrower and the Transportation Investment Generating Economic Recovery (TIGER) II TIFIA Payment grant sub-recipient for the Crenshaw/LAX Transit Corridor Project (Crenshaw/LAX).
This report provides an update to the Board about CPC administrative actions taken pursuant to the loan agreement since the last update at the CPC Annual Meeting held November 30, 2017. As of August 25, 2016, the CPC had drawn all of the $545.9 million TIFIA Loan available for the Crenshaw/LAX Project.
Background
BACKGROUND
The CPC reports to the Board annually on the loan administrative activities that have taken place during the current calendar year.
Discussion
DISCUSSION
Subsequent to the last CPC annual meeting held November 30, 2017, staff has completed the following actions in 2018 to administer the TIFIA Loan:
* Obtained annual credit rating;
* Paid the annual TIFIA Lender Loan Servicing Fee;
* Submitted to TIFIA:
o Reports and presentation materials sent to rating agencies for rating on any indebtedness secured by Proposition A, Proposition C, and Measure R sales taxes and General Revenues;
o Preliminary Official Statements and Official Statements filed for all LACMTA bond issuances;
o Unaudited Quarterly Financial Statements of LACMTA and CPC;
o Audited Annual Financial Statements of CPC;
o LACMTA Consolidated Annual Financial Report for the period ended June 30, 2017
o Monthly C...
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