IRVINE, Calif. - December 12, 2019
The Boards of Directors for both the Foothill/Eastern Transportation Corridor Agency (F/ETCA) and San Joaquin Hills Transportation Corridor Agency (SJHTCA) approved a Debt Management Policy for the Agencies. The approval of such a policy is required by California Government Code and is consistent with the Agencies’ practices to date.
F/ETCA and SJHTCA Boards of Directors discussed the findings and recommendations of a performance audit conducted by auditing firm Crowe LLP. The audit concluded that the Transportation Corridor Agencies (TCA) complied with all contract requirements and that no malfeasance by the Agency or the contractor occurred. The Boards directed staff to bring the item back for further discussion in the future.
The Board of Directors of both agencies discussed a new contract with CentralSquare Technologies that provides for an upgrade to TCA’s financial accounting system (System). The System is currently supported by CentralSquare. Staff was directed to further refine contract terms, specifically the length of term, and return to the Board in January for consideration of the contract.
TCA’s CFO Amy Potter provided an update on the refunding of bonds that was approved by F/ETCA in November. F/ETCA successfully priced its bonds, resulting in a reduction in debt service payments of over $260 million and a present value savings of more than 16 percent over the life of the bonds.
The refunding transaction achieves F/ETCA’s Boards’ goals to:
At their December 12th meeting, the F/ETCA and SJHTCA Boards of Directors voted to approve: