File #: 2021-0039   
Type: Resolution Status: Consent Calendar
File created: 2/9/2021 In control: Board of Directors - Regular Board Meeting
On agenda: 3/25/2021 Final action: 3/25/2021
Title: CONSIDER: A. ADOPTING a Resolution, Attachment A, that: 1. AUTHORIZES the competitive sale and issuance of up to $450 million in aggregate principal amount of Proposition C Senior Sales Tax Revenue Bonds in one or more series, to finance capital projects; and refinance outstanding revolving credit notes; 2. APPROVES the forms of the Notice of Intention to Sell Bonds, Notice Inviting Bids, Supplemental 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; and 3. 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 Proposition C Senior Sales Tax Revenue Bonds (the "B...
Sponsors: Finance, Budget and Audit Committee
Indexes: Bids, Budgeting, Capital Project, Contracts, Debt, Proposition C, Purchasing, Resolution
Attachments: 1. Attachment A - Authorizing Resolution, 2. Additional Documents
Related files: 2021-0234
Meeting_Body
FINANCE, BUDGET & AUDIT COMMITTEE
MARCH 17, 2021

Subject
SUBJECT: PROPOSITION C BONDS

Action
ACTION: APPROVE RECOMMENDATIONS

Heading
RECOMMENDATION

Title
CONSIDER:

A. ADOPTING a Resolution, Attachment A, that:

1. AUTHORIZES the competitive sale and issuance of up to $450 million in aggregate principal amount of Proposition C Senior Sales Tax Revenue Bonds in one or more series, to finance capital projects; and refinance outstanding revolving credit notes;

2. APPROVES the forms of the Notice of Intention to Sell Bonds, Notice Inviting Bids, Supplemental 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; and

3. 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 Proposition C Senior Sales Tax Revenue Bonds (the "Bonds").

(REQUIRES SEPARATE, SIMPLE MAJORITY BOARD VOTE.)

Issue
ISSUE

The Debt Policy provides guidelines for new money financings that may be long-term or short-term. Proposition C new money bond issues are permitted to provide funding for eligible expenditures on highway, commuter rail, bus and rail capital projects (collectively, the "Projects").

Background
BACKGROUND

Approval of the above recommendations will authorize the issuance of the Bonds, with a par amount not to exceed $450 million of fixed rate bonds, will fund or reimburse LACMTA for Proposition C eligible capital projects and expenditures and refinance revolving credit notes, the proceeds of which financed such costs.

Discussion
DISCUSSION

Based on current market conditions, the LACMTA expects to issue the 2021 Prop C Bonds in an...

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