| Finance Committee - August 17, 2004 |
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click here for a PDF version of the agenda) FINANCE COMMITTEEMeeting Notice 1. Roll Call 2. Approval of Minutes of the July 20, 2004 Meeting - ACTION* (attachment 1) 3. Recommend the Authorization for Issuance and Sale of Commercial Paper Notes in an aggregate principal amount not to exceed $100,000,000, and Adopt the Revised FY2004/2005 Budget to account for an increase in Capital Expenditures of $5,000,000 – ACTION* (attachment 2) On March 30, 2004, through Resolution 04-44, the Authority Board authorized the issuance and sale of commercial paper notes in an aggregate principal amount not to exceed $200,000,000 outstanding at any one time, provided that the aggregate principal amount of the first tranche of the Series A Notes and the Series B Notes issued would be $50,000,000, and that the issuance of any additional tranches of Notes would be subject to further review and action by the Board. On June 18, 2004, through Resolution 04-75, the Authority Board adopted the San Francisco County Transportation Authority Fiscal Year 2004/05 annual budget and work program, which included $190,235,656 in Prop K Capital Expenditures and $106,391,865 in debt to be issued during the fiscal term. Authority staff projects a total of $128,943,000 in allocations will be programmed through October 2004. This amount includes $19,000,000 to be programmed to the engineering and right-of-way for the Transbay Terminal Project, leaving $10 million for all other capital projects in the Prop K program for the rest of FY 2004/05. This level and timing of programming allocations requires the issuance of $100,000,000 of debt to support the projected expenditures. We anticipate that additional issuances will be needed during the fiscal year, depending on the pace of the Third Street Project, but we are taking advantage of the inherent flexibility of a commercial paper program to minimize carrying costs. We are seeking a recommendation that the Authority Board authorize the issuance and sale of commercial paper notes in an aggregate principal amount not to exceed $100,000,000 and adopt the revised FY2004/2005 budget to account for an increase in Capital Expenditures of $5,000,000. 4. Introduction of New Items – INFORMATION 5. Public Comment 6. Adjournment Please note that the meeting proceedings can be viewed live at http://www.sfgov.org/sfgtv or that evening at 6:00 pm on Cable Channel 26 in San Francisco, with a repeat on the weekend (either Saturday or Sunday evening). To know the exact cablecast times for weekend viewing, please call SFGTV at (415) 557-4293 on Friday when the cablecast times have been determined. In order to assist the City's efforts to accommodate persons with severe allergies, environmental illnesses, multiple chemical sensitivity or related disabilities, attendees at all public meetings are reminded that other attendees may be sensitive to various chemical based products. Please help the City accommodate these individuals. To obtain a disability-related modification or accommodation, including auxiliary aids or services, to participate in the meeting, please contact Pooja Jhunjhunwala at 415.522.4800 at least two business days before the meeting. Lobbyist Registration and Reporting Requirements: Individuals and entities that influence or attempt to influence local legislative or administrative action may be required by the San Francisco Lobbyist Ordinance [SF Campaign & Governmental Conduct Code, Sec. 2.100] to register and report lobbying activity. For more information about the Lobbyist Ordinance, please contact the S.F. Ethics Commission at 30 Van Ness Ave., Suite 3900, San Francisco, CA 94102, telephone (415) 581-2300; or website www.sfgov.org/ethics. |
