March 5, 2021 Board Meeting
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March 5, 2021 Board Meeting
ITEM 1 Call to Order, Pledge of Allegiance, Roll Call
ITEM 2 Public Comments Please use the GoToMeeting chat function to alert staff if you wish to make a Public Comment. Alternatively, you may write in your public comment to publiccommentssjrrc@acerail.com and staff will read the comment aloud. Public comments should be limited to approximately 240 words or two (2) minutes per comment.
3.1 Minutes of SJRRC Board Meeting February 5, 2021
3.2 Rail Commission/ACE Monthly Expenditure
3.3 ACE Monthly Fare Revenue
3.4 ACE Ridership
ITEM 3
3.5 ACE On-Time Performance
Consent Calendar
3.6 Update on Positive Train Control
3.7 Washington Update
ITEM 4 Approve a Resolution of the Board of Commissioners of the San Joaquin Regional Rail Commission Adopting Fiscal Year 2020/2021 Budget Amendment #2: a) SJRRC Operating Budget for no Net Increase adding Valley Link Reimbursement funds of $50,000 and reducing the Measure K contribution by $50,000 (Regular Voting Members) b) Separating SJRRC Contracted Services from the ACE Operating Budget (Regular Voting Members) c) Increasing the ACE Operating Budget Revenue and Expense Line for a Net Increase of $3,528,073 from $19,322,725 to $22,850,798 (All Voting Members) (Brian Schmidt)
BUDGET AMENDMENT #2
▪ There are three parts to the Budget Amendment:
A. SJRRC Operating Budget with no Net Increase adding Valley Link
Reimbursement funds of $50,000 and reducing the Measure K contribution by
$50,000 (Regular Voting Members)
▪ Reimbursement agreement with Valley Link for approved SJRRC services related to managing the
operations of future Valley Link service. An item is included as a later item on this agenda.
B. Separating SJRRC Contracted Services from the ACE Operating Budget
(Regular Voting Members)
▪ This Fiscal Year the Commission contracted with Caltrans for third party mechanical work to increase
Rail Maintenance Facility(RMF) utilization, provide additional funding, and redeploy SJRRC and
Contractor staff which requires a separate enterprise account to be created from the ACE service.
These revenues and expenses will be separated from the ACE Operating Budget.BUDGET AMENDMENT #2
▪ There are three parts to the Budget Amendment cont'd:
C. Increasing the ACE Operating Budget Revenue and Expense Line for a Net
Increase of $3,528,073 from $19,322,725 to $22,850,798
(All-Voting Members)
▪ The ACE service was reduced in Mid-March 2020 to two daily roundtrips. Funding partners
Alameda County Transportation Commission (ACTC) and Santa Clara Valley Transportation
Authority (VTA), initially contributed to a 2 round-trip service level in the original Budget,
consistent with the Cooperative Services Agreement Due to the COVID-19 pandemic, until such
time the Commission was able to demonstrate cost increases associated with the pandemic.
▪ The amendment identifies additional contributions agreed upon by ACTC and VTA, that reflect the
actual costs during the pandemic and CARES Act funding.
▪ Additionally, the added contributions allow for the introduction of a 3rd round-trip train toward the
end of the fiscal year if the recovery ridership threshold is reached as the workforce expenditures
will be reallocated to operating the service.BUDGET AMENDMENT #2
Prior Budget Revised Budget Increase/Decrease
SJRRC SJRRC
Operating Revenue SJRRC ACE SJRRC Contracted ACE SJRRC Contracted ACE
Services Services
Measure K $2,009,700 $964,124 $1,959,700 $964,124 -$50,000 $- $-
SJCOG - Local Transportation Funds (LTF) 2,796,123 2,796,123
Fare Revenues 1,229,580 1,460,127 230,547
ACTC Measure B Local 1,567,430 2,340,240 772,810
ACTC Measure BB Local 743,216 1,103,918 360,702
Santa Clara VTA Local 2,546,587 3,819,880 1,273,293
Transportation for Clean Air (TFCA) 80,000 - -80,000
SJCOG - State Transit Assistance (STA) 65,522 65,522
MTC - State Transit Assistance (STA) 347,133 347,133
ACTC Measure B Local - Admin Fee 15,000 15,000
ACTC Measure BB Local - Admin Fee 15,000 15,000
Amtrak Thruway Service 75,000 75,000
High Speed Rail 102,000 102,000
LCTOP - Means Based Fare Program 173,687 173,687
FTA CARES ACT 8,704,323 9,675,044 970,721
Valley Link Reimbursement 50,000 50,000
Other Revenue - Contracted Services 1,900,000 1,900,000
Total Revenues $2,111,700 $21,222,725 $2,111,700 $1,900,000 $22,850,798 $- $- $3,528,073BUDGET AMENDMENT #2
Prior Budget Revised Budget Increase/Decrease
SJRRC SJRRC
SJRRC ACE SJRRC Contracted ACE SJRRC Contracted ACE
Services Services
Project Management, Services, Supplies
Salaries/Benefits/Contract Help $1,078,411 $4,265,428 $1,078,411 $150,000 $4,115,428 $- $- $-
Office Expense Postage 22,369 27,485 22,369 27,485
Subscriptions/Periodicals/Memberships 6,750 9,650 6,750 9,650
Office Equipment/Furniture 39,976 64,231 39,976 64,231
Computer Systems 84,750 8,850 84,750 8,850
Communications 21,272 60,904 21,272 60,904
Motor Pool 17,240 62,149 17,240 62,149
Transportation/Travel 10,650 17,125 10,650 17,125
Training 6,098 15,625 6,098 15,625
Audits Regulatory Review 14,200 69,400 14,200 69,400
Professional Services - Legislative 76,470 - 76,470 -
Professional Services - Legal 100,000 60,000 100,000 60,000
Professional Services - General 127,356 163,695 127,356 163,695
Publications/Legal Notices 11,000 16,000 11,000 16,000
Taxes Assessments 23,025 - 23,025 -
Sub-Total $1,639,567 $4,840,542 $1,639,567 $150,000 $4,690,542BUDGET AMENDMENT #2
Prior Budget Revised Budget Increase/Decrease
SJRRC SJRRC
SJRRC ACE SJRRC Contracted ACE SJRRC Contracted ACE
Services Services
Contracted Services
Maintenance of San Joaquin County Facilities $99,499 $- $99,499 $- $- $- $-
Maint. & Improvements System Wide ACE Stations - 54,900 - 54,900 - - -
Maintenance of Headquarters Structures/Grounds 39,532 130,992 39,532 130,992 - - -
ACE Operations & Maintenance - 3,931,538 - 6,788,618 - - 2,857,080
Contracted Services - 1,750,000 - 1,750,000 - - - -
Positive Train Control - 276,000 - 276,000 - - -
Consumables/Repair Parts - 550,000 - 756,250 - - 206,250
Leases/Maintenance of Facilities 31,800 39,100 31,800 39,100 - - -
Fuel - 831,482 - 981,482 - - 150,000
Railroad Maintenance, Oversight/Dispatching - 1,076,631 - 1,076,631 - - -
Insurance 180,949 3,764,611 180,949 3,764,611 - - -
Insurance Management Fees 22,500 127,500 22,500 127,500 - - -
Security Services/Safety Programs 43,128 352,601 43,128 352,601 - - -
FRA Drug Testing Program - 7,100 - 7,100 - - -
Community Engagement & Marketing 33,000 422,742 33,000 422,742 - - -
Passenger Services - 14,500 - 14,500 - - -
Ticketing Services - 436,614 - 436,614 - - -
Professional Services Operations 21,725 243,948 21,725 243,948 - - -
Communications Operations - 96,536 - 132,736 - - 36,200
Communications WiFi - 400,000 - 400,000 - - -
Emergency Ride Home/Emergency Bus Bridges - 19,125 - 19,125 - - -
Rail Maintenance Facility - 1,113,480 - 1,113,480 - - -
Sub-Total $472,133 $15,639,400 $472,133 $1,750,000 $17,138,930 - - $3,249,530
Shuttle Services - $742,783 - $ 1,021,326 - - $278,543
Total Expenses $2,111,700 $21,222,725 $2,111,700 $1,900,000 $22,850,798 $- $- $3,528,073FISCAL IMPACT
Fiscal Impact:
A. SJRRC Operating Budget for no Net Increase adding Valley Link Reimbursement
funds of $50,000 and reducing the Measure K contribution by $50,000
B. Separates the SJRRC Contracted Services from the ACE Operating Budget
C. Increases the ACE Operating Budget revenue and expense line for a net increase of
$3,528,073 from $19,322,725 to $22,850,798RECOMMENDATION Recommendation: Approve a Resolution of the Board of Commissioners of the San Joaquin Regional Rail Commission Adopting Fiscal Year 2020/2021 Budget Amendment #2: A. SJRRC Operating Budget for no Net Increase adding Valley Link Reimbursement funds of $50,000 and reducing the Measure K contribution by $50,000 (Regular Voting Members) B. Separating SJRRC Contracted Services from the ACE Operating Budget (Regular Voting Members) C. Increasing the ACE Operating Budget revenue and expense line for a net increase of $3,528,073 from $19,322,725 to $22,850,798 (All-Voting Members)
ITEM 5 Approve a Resolution of the Board of Commissioners of the San Joaquin Regional Rail Commission Approving and Authorizing the Executive Director to Negotiate and Execute a Consulting Agreement with the Tri-Valley – San Joaquin Valley Regional Rail Authority (Authority) to Reimburse SJRRC for Services to Review Valley Link Service Planning and Third-Party Agreements (Dan Leavitt) (Regular Voting Members)
BACKGROUND The Tri-Valley – San Joaquin Valley Regional Rail Authority (Authority) was established on January 1, 2018 ▪ The Tri-Valley – San Joaquin Valley Regional Rail Authority (Authority) was established on January 1, 2018 through the enactment of Assembly Bill 758 to plan and deliver the Valley Link project. ▪ The SJRRC (Commission) approved in December 2020 a Memorandum of Understanding (MOU) with the Authority to establish the process, and roles and responsibilities for managing the operations of future Valley Link service. ▪ The initial nonbinding MOU with the Authority has the goal of the Commission serving as the agency that would be responsible for Valley Link operations – under the direction of the Authority. ▪ The proposed reimbursement agreement is the first agreement with the Authority that will provide for the reimbursement of the Commission for its consulting services in developing the Valley Link Service.
SCOPE OF CONSULTING SERVICES
▪ The initial scope of consulting services the Commission will provide for the Valley Link
Service Planning (Scope) upon the request of the Authority are as follows:
• Review of preliminary engineering documents.
• Review of Interagency agreements.
• Review of early service development and operating plans.
• Review procurements.
• Attendance at meetings and participation in conference calls.
▪ It is anticipated that the Authority will request that the Commission perform specific
consulting tasks within the Scope during the term of the agreement. The proposed
agreement will provide for the reimbursement of those additional tasks the Commission
agrees to perform.CONTRACT STRUCTURE ▪ Staff is recommending that the Commission enter into a consulting agreement (Agreement) with the Authority to compensate the Commission for allowable costs and staff time for the consulting services it provides to the Authority. ▪ The Agreement will identify the Scope of the Commission’s consulting services and the reimbursement of the Commission for those services. The Agreement will also cover the reimbursement of any additional specific consulting tasks the Commission agrees to perform from time to time. ▪ To the extent the Authority’s funding of the Commission’s services are limited, the Agreement will provide that when the Authority’s funding for the Commission’s services have been exhausted, the Commission will be able to cease all work on those services until additional reimbursement funding. is available.
CONTRACT STRUCTURE ▪ Procedurally, the Commission would perform work under the Reimbursement Agreement by utilizing staff and, if necessary, any necessary third-party agreements to complete its work. ▪ The Commission would invoice the Authority for all allowable costs for payment. ▪ Staff is working with Counsel and the Authority to draft the reimbursement agreement and anticipate finalizing the agreement by Spring 2021.
FISCAL IMPACT & RECOMMENDATION Fiscal Impact: This is part of the FY 20/21 Budget Amendment #2 under item 4 on this agenda. Recommendation: Approve a Resolution of the Board of Commissioners of the San Joaquin Regional Rail Commission Approving and Authorizing the Executive Director to Negotiate and Execute a Consulting Agreement with the Tri-Valley – San Joaquin Valley Regional Rail Authority (Authority) to Reimburse SJRRC for Services to Review Valley Link Service Planning and Third-Party Agreements.
ITEM 6
Approve a Resolution of the Board of Commissioners of the San Joaquin
Regional Rail Commissioners Appointing Two Representatives to the San
Joaquin Regional Rail Commission Station/Facilities Development
Committee, including;
• One from Sacramento Regional Transit District
• One from San Joaquin Regional Rail Commission
(Stacey Mortensen) (Regular Voting Members)BACKGROUND ▪ The Rail Commission has received $400M in State funding for expansion of the ACE service to Ceres and ultimately to Merced ▪ Rail Commission and the San Joaquin Joint Powers Authority (SJJPA) jointly received $500 Million in State funding for expansion of the ACE service between Lathrop and Natomas and expansion of the San Joaquins intercity rail service between Fresno and Natomas ▪ The initial deadline of 2023 associated with the State funding for project completion requires numerous timely actions for the stations/facilities in the new service communities over the next several years ▪ For efficiency, Rail Commission has been designated the lead agency for planning and implementing the new stations/facilities required as part of the state funded expansion effort ▪ A small group of elected decision makers from the affected communities provides the best opportunity to ensure decisions are timely and incorporate the input of the affected communities
BACKGROUND
▪ At the October 4th, 2019 Rail Commission Board Meeting, Ordinance No. 2019-01 was
adopted which established the Station and Facilities Development Committee of the
San Joaquin Regional Rail Commission.
▪ Committee is focused on the facilities and stations located north of Stockton in the
Sacramento Service Corridor and in the Stanislaus Service Corridor between Lathrop
and Ceres California.
▪ Powers and Duties. The Committee shall have the following powers and duties:
• Decision making authority over all matters involving Station/Facility improvements,
including, but not limited to, designs, materials, permitting, construction, change
orders (within budget), etc.BACKGROUND • Any other authority or direction provided by the Commission • Decisions of the Committee shall not exceed project amounts established in approved SJRRC budgets or any other amount established by the Regular Voting Commissioners • Executive Director reports all actions of the Committee to the Rail Commission Board • Actions of the Committee can be appealed by Regular Voting Rail Commission Members and brought before the full Board for consideration
RAIL COMMISSION ACTIVITIES IN CONTEXT OF NORTHERN CA RAIL PICTURE
BACKGROUND ▪ Committee is comprised of: • 2 Members of Rail Commission • 1 Member of StanCOG Board • 1 Member of SacRT Board ▪ There are current vacancies for one Rail Commission and one SacRT Member
BACKGROUND ▪ For continuity of passenger rail experience, Committee members are suggested to have some association with the San Joaquin Joint Powers Authority (Director or Alternate), or represent an area where a facility or station is planned. ▪ On February 24th, the SacRT Board nominated Elk Grove Councilmember Pat Hume to Serve on the Committee. Councilmember Hume is the current Chair of the San Joaquin Joint Powers Authority. ▪ Based upon representation desired from the north San Joaquin County area and considering a new station is being planned in the Lodi area, Rail Commissioner Mikey Hothi is recommended to fill the Rail Commission vacancy.
FISCAL IMPACT & RECOMMENDATION
Fiscal Impact:
There is no fiscal impact.
Recommendation:
Approve a Resolution of the Board of Commissioners of the San Joaquin Regional Rail
Commissioners Appointing Two Representatives to the San Joaquin Regional Rail
Commission Station/Facilities Development Committee, including;
• Pat Hume from Sacramento Regional Transit District
• Mikey Hothi from San Joaquin Regional Rail CommissionITEM 7 Approve a Resolution of the Board of Commissioners of the San Joaquin Regional Rail Commission Adopting the 2021 Federal Legislative Priorities for Inclusion in the SJCOG One Voice Project List (Kevin Sheridan) (Regular Voting Members)
BACKGROUND • One Voice® is a legislative advocacy program for San Joaquin County that promotes issues of regional significance to federal legislators and agencies through an annual advocacy trip to Washington, D.C. • The purpose of the program is to advocate for increased funding, as well as new or amended legislation for issues and projects of regional significance to the San Joaquin region. • For the 2021 program, SJCOG is seeking projects that are regionally significant and that provide a community-wide benefits. As with previous years, SJRRC approves and submits projects to be included on the regional priority project list.
SJCOG ONE VOICE® PROJECT CRITERIA For the 2021 One Voice® program, SJCOG staff are recommending projects that are regionally significant and that provide a community-wide benefit and are aligned based on thematic concepts: ▪ Environmental Sustainability – projects whose core features improve air quality, reduce vehicle miles traveled, and are responsive to climate change / resiliency goals. ▪ Trade Corridors – projects which foster goods movement, commerce, or enhance/eliminate barriers to trade. ▪ Innovation and Technology – strategies / projects that capture cutting edge technology investments. ▪ Growth Management – projects which strengthen connections to housing and have strong, direct connectivity to economic development. ▪ Social Equity and Mobility – investments that provide options for disadvantaged communities
NORTH LATHROP TRANSFER STATION PROJECT This year the North Lathrop Transfer Station is being presented to the Commission for approval to be included in the SJCOG One Voice® program. The project is in the final design phase. The total estimated construction cost is approximately $75 million. SJRRC staff recommends requesting $25 million in construction funding through the One Voice® program. Senate Bill 132 funds will be used as matching funds for the project. The project will result in a number of public and private benefits, including: ▪ Improved air quality and reduced vehicle miles traveled (Environmental Sustainability) ▪ Improved access and mobility for goods movement (Trade Corridor) ▪ Economic development of an underutilized asset (Growth Management, Innovation and Tech) ▪ Improved transportation options for a highly disadvantage community (Social Equity and Mobility)
NORTH LATHROP TRANSFER STATION LOCATION SHARPE DEPOT The North Lathrop Transfer Station requires approximately 17 acres of presently unimproved federal land at the southwest corner of the Sharpe Army Depot.
LATHROP WYE TRACK CONNECTIONS FRESNO, TRACY AND
OAKLAND SUBDIVISIONS
The North
Lathrop Transfer station
is located along
the existing ACE route
on the Union
Pacific Railroad (UPRR)
Fresno Subdivision.LATHROP TRANSFER STATION PLATFORM, PARKING, 4-WAY
SIGNALIZED INTERSECTION, BIKE AND PEDESTRIAN IMPROVEMENTS
When constructed the
new transfer station
and parking area will
provide a vital
transportation hub for
the community
and connecting today's
ACE service to San
Jose, to the new
Sacramento and
Merced ACE
Extensions (Valley
Rail).FEDERAL FUNDING GRANT PROJECT CONSIDERATIONS
Stockton RMF Expansion ACE and San Joaquins
North Lathrop Transfer Station ACE
As federal funding grants Merced Layover and Light Maintenance Facility ACE and San Joaquins
for infrastructure are Merced River and SR 99 Livingston Bridges and UPRR 2nd Main ACE and San Joaquins
identified. Staff will Merced Amtrak Station Parking Expansion San Joaquins
present potential projects Albrae Siding Extension ACE and Capitol Corridor
to the Board for Manteca Station Platform ACE
consideration and Ripon Station Platform ACE
approval. Old North Sacramento Station ACE and San Joaquins
Madera Station Relocation San Joaquins
South Sacramento Siding Extension ACE San Joaquins
Pleasant Grove Siding Extension ACE and San Joaquins
BNSF CP East Sandrini to CP West Elmo Double Track San Joaquins
BNSF CP East Modesto Empire to CP West Denair Double Track San Joaquins
ACE Siemens Charger Tier IV Locomotives(3) ACE
20 Bombardier Bi-Level Cars ACE
6 F40PH-3C Locomotives Refit to Battery-Electric or Hydrogen Fuel Cell ACE
Great America Siding ACE and Capitol Corridor
US 101 Undercrossing Double Track and Siding ACE and Capitol Corridor
Pleasanton Station Parking Structure ACEFISCAL IMPACT & RECOMMENDATION Fiscal Impact: There is no fiscal impact. Recommendation: Approve a Resolution of the Board of Commissioners of the San Joaquin Regional Rail Commission Adopting the 2021 Federal Legislative Priorities for Inclusion in the SJCOG One Voice Project List.
ITEM 8 Refunding 2010 Series A-2 Bonds (Nick Perez and Steve Pressley)
BACKGROUND
▪ On November 4, 2010, the San Joaquin Regional Rail Commission issued, through the
California Transit Finance Corporation (CTFC), issued 2 (two) Certificates of
Participation (COPs) to finance the construction of the Stockton Rail Maintenance
Facility.
▪ 2010 Series A-1 Tax-exempt Series for $7,535,000
▪ 2010 A-2 Recovery Zone Economic Development Bonds $27,990,000
SJRRC Outstanding Debt
Series
Tax Status
Original IssuanceBACKGROUND
▪ 2010 Series A-1 Tax-exempt Series
▪ Starting 2011, Bi-annual payments towards Principal and Interest
▪ Final Payment to be made April 15th, 2020
▪ 2010 A-2 Recovery Zone Economic Development Bonds
▪ Starting 2011, Bi-annual payments towards Interest only
▪ Starting 2020, Bi-annual payments towards Principal and Interest until 2040
▪ With the call-feature that was put in place in 2010, the Commission can only refund
the existing COPs on the principal and interest payment dates, which are May 1st
and November 1st.
SJRRC Outstanding Debt
SJRRC Outstanding Debt
Original Amount
Series Tax Status Final Maturity Call Date
Series
Issuance Outstanding
Series 2010A-1 Tax Exempt Tax Status
$7,535,000 $0 5/1/20 -
Original Issuance
Series 2010A-2 Taxable (with 45% Federal
$27,990,000 $27,885,000 5/1/40 5/1/2020
(RZEDB) Subsidy)CURRENT A-2 BOND DEBT STRUCTURE
▪ Refunding at the Current Interest Rates will cover the IRS Subsidy (C) and reduce the
Commission’s additional Bond Debt Service by $250,000 to $360,000 per year for the
next 19 years.
Current A-2 Bond Debt Structure
Current
Commission's Commission's
Debt Service Potion of Interest
Before Subsidy Rate (with Current Bond
Principal (A) Interest (B) Interest Rate (A) + (B) Subsidy ( C ) Subsidy) Debt Service
2021 920,000 2,113,988 7.58% 3,033,988 895,168 4.37% 2,138,820
2022 955,000 2,043,672 7.58% 2,998,672 865,393 4.37% 2,133,279
2023 995,000 1,970,682 7.58% 2,965,682 834,485 4.37% 2,131,197
2024 1,040,000 1,894,634 7.57% 2,934,634 802,283 4.37% 2,132,351
2025 1,080,000 1,815,146 7.57% 2,895,146 768,624 4.37% 2,126,522
2026 1,130,000 1,732,602 7.57% 2,862,602 733,670 4.36% 2,128,932
2027 1,175,000 1,646,236 7.56% 2,821,236 697,099 4.36% 2,124,137
2028 1,225,000 1,556,431 7.56% 2,781,431 659,071 4.36% 2,122,360
2029 1,275,000 1,462,804 7.55% 2,737,804 619,424 4.36% 2,118,380
2030 1,330,000 1,365,356 7.55% 2,695,356 578,160 4.35% 2,117,196
2031 1,385,000 1,263,704 7.54% 2,648,704 535,115 4.35% 2,113,589
2032 1,445,000 1,159,275 7.54% 2,604,275 490,895 4.35% 2,113,380
2033 1,505,000 1,050,322 7.54% 2,555,322 444,759 4.35% 2,110,563
2034 1,565,000 936,845 7.54% 2,501,845 396,707 4.35% 2,105,138
2035 1,630,000 818,844 7.54% 2,448,844 346,740 4.35% 2,102,104
2036 1,700,000 695,942 7.54% 2,395,942 294,697 4.35% 2,101,245
2037 1,770,000 567,762 7.54% 2,337,762 240,419 4.35% 2,097,343
2038 1,840,000 434,304 7.54% 2,274,304 183,906 4.35% 2,090,398
2039 1,920,000 295,568 7.54% 2,215,568 125,158 4.35% 2,090,410
2040 2,000,000 150,800 7.54% 2,150,800 63,856 4.35% 2,086,944
Total 27,885,000 24,974,917 52,859,917 10,575,629 42,284,288Debt Service
▪ Key Dates from today for A-2 Bond Refunding
▪ Week of 3/8 – Moody’s Credit Presentation
▪ Week of 3/22 – Receive Rating from Moody’s
▪ Friday 3/26 – CFTC Board meeting to approve SJRRC refunding
▪ Friday 4/2 – Action Item – SJRRC Commission Approve Refunding
▪ Week of 4/5 – Post Preliminary Official Statement
▪ Week of 4/5 – Pre-Pricing, Investor Outreach
▪ Week of 4/12 – Price Certificate of Participation (COPs)
▪ Week of 4/26 – Close COPs
SJRRC Outstanding DebtFISCAL IMPACT & RECOMMENDATION Fiscal Impact: The proposed refunding transaction will reduce annual debt service paid by the Commission through 2040. Under current market conditions, debt service savings is approximately $360,000 annually through 2040, or $7.0 million through the life of the COPs, these savings are subject to interest fluctuation. Recommendation: This item is informational. Staff is working with the legal and financial team to prepare documents, meet with rating agencies and prepare for transaction execution to meet the May 1st call date. Staff will return to the Board with a full set of documents for your review and approval for the April 2nd Board Meeting.
ITEM 9 Commissioner’s Comments
ITEM 10 Ex-Officio Comments
ITEM 11 Executive Director’s Report
ITEM 12 Adjournment The next regular meeting is scheduled for: April 2, 2021 – 8:00 am
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