Metro - File #: 2020-0222

• File #: 2020-0222
• Type: Resolution
• Status: Agenda Ready
• File created: 3/19/2020
• In control: Finance, Budget and Audit Committee
• On agenda: 4/15/2020
• Title: CONSIDER: A. ADOPTING a Resolution, Attachment A, that: 1. AUTHORIZES Measure R Junior Subordinate Sales Tax Revenue Refunding Bonds in one or more series, to refinance one or more of Metro's Transportation Infrastructure Finance and Innovation Act ("TIFIA") Loans to achieve up to $170 million estimated net present value savings over the 18-year life of the bonds through the negotiated bond sale of up to $1.75 billion of bonds. 2. APPROVES the forms of the supplemental trust agreement, second amended and restated trust agreement, junior subordinate trust agreement, supplemental junior subordinate trust agreement, continuing disclosure certificate, preliminary official statement and such other documents as required for the issuance of the bonds, and approves related documents on file with the Board Secretary as set forth in the resolution all as subject to modification as set forth in the Resolution; 3. APPROVES the form of the bond purchase contract on file with the Board Secretary...
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Budgeting, Contracts, Crenshaw/LAX Transit Corridor Project, Debt, Economic benefits, Measure R, Metro Crenshaw Line, Metro Exposition Line, Metro Green Line, Metro Rail C Line, Metro Rail E Line, Metro Rail K Line, Policy, Purchasing, Request For Proposal, Resolution, Security, Transportation Infrastructure Finance and Innovation Act of 1998
• Related files: 2020-0086

Meeting_Body
FINANCE, BUDGET & AUDIT COMMITTEE
APRIL 15, 2020

Subject
SUBJECT: MEASURE R BONDS

Action
ACTION: APPROVE RECOMMENDATIONS

Heading
RECOMMENDATION

Title
CONSIDER:

A. ADOPTING a Resolution, Attachment A, that:

1. AUTHORIZES Measure R Junior Subordinate Sales Tax Revenue Refunding Bonds in one or more series, to refinance one or more of Metro's Transportation Infrastructure Finance and Innovation Act ("TIFIA") Loans to achieve up to $170 million estimated net present value savings over the 18-year life of the bonds through the negotiated bond sale of up to $1.75 billion of bonds.

2. APPROVES the forms of the supplemental trust agreement, second amended and restated trust agreement, junior subordinate trust agreement, supplemental junior subordinate trust agreement, continuing disclosure certificate, preliminary official statement and such other documents as required for the issuance of the bonds, and approves related documents on file with the Board Secretary as set forth in the resolution all as subject to modification as set forth in the Resolution;

3. APPROVES the form of the bond purchase contract on file with the Board Secretary, that will be entered into with the underwriters as listed in Attachment B hereto; and

4. AUTHORIZES taking all action necessary to achieve the foregoing, including, without limitation, the further development and execution of the bond purchase contract and bond documentation associated with the issuance of the Measure R Junior Subordinate Sales Tax Revenue Refunding Bonds (the "Refunding Bonds").

B. ESTABLISHING an underwriter pool as shown in Attachment B that will be used to select underwriters for all future negotiated debt issues through June 30, 2024; and

C. APPOINTING the underwriter team selected for the Refunding Bonds from the above underwriter pool as shown in Attachment B that will be used to market the refunding bonds.

(REQUIRES SEPARATE, SIMPLE MAJORITY BOARD VOTE)

Issue
ISSUE

Long-term i...