Adoption of a Resolution Authorizing the Execution of the Certifications and Assurances for the Public Transportation Modernization Improvements and Service Enhancement Account Bond Program. City of Culver City California Agenda Item Report Item Number: C 7 Meeting Date: 01/24/2011 CITY COUNCIL AGENDA ITEM: Adoption of a Resolution Authorizing the Execution of the Certifications and Assurances for the Public Transportation Modernization Improvements and Service Enhancement Account Bond Program Contact Person/Dept.: Crystal Alexander Transportation Fiscal Impact: Yes X No General Fund: Yes No X Phone Number: 310 253 6543 Public Hearing: Action Item: Attachments: X Commission Action Required: Yes No x Date: _______________ Public Notification): (E Mail) Meetings and Agendas City Council (1/19/11); (E Mail) Ongoing Topics Culver CityBus (1/19/11) Department Approval: Art Ida (xx/xx/xx) Chief Financial Officer Approval: Jeff Muir (by M. Noller) (01/19/11) City Attorney Approval: Carol Schwab (by H. Baker) (01/18/11) City Manager Approval: John M. Nachbar (01/19/11) RECOMMENDATION: Staff recommends the City Council adopt a Resolution authorizing the execution of the certifications and assurances for the Public Transportation Modernization Improvements and Service Enhancement Account (PTMISEA) Proposition 1B Bond Program. BACKGROUND: The California State Treasurer sold bonds on November 23 2010. However the amount being allocated to the PTMISEA Prop 1B Program for transportation projects is considerably less than anticipated. Based on the allocation requests processed prior to the November bond sale the projected need was $350 million for PTMISEA. Although the exact amount available to the PTMISEA program is still being determined the $77 million now expected compared to the $350 million originally requested means the sales were not at a level high enough to fund all of the pending PTMISEA allocation requests. Criteria are being developed to determine how the limited fund...
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