Consideration of a Support Position on AB 2321 (Feuer): Transportation Funding: County of Los Angeles. City of Culver City California City Council Agenda Item Report Meeting Date: 07/21/08 AGENDA ITEM: Consideration of a Support Position on AB 2321 (Feuer): Transportation Funding: County of Los Angeles. Contact Person/Dept.: Shelly Wolfberg Phone Number: (310) 253 6008 Item Number: A 2 Fiscal Impact: Yes No x General Fund: Yes No x Public Hearing: Public Notification: Master E Mail Notification List (07/16/08). Action Item: x Attachments: X Department Approval: Martin R. Cole (07/16/08) Chief Financial Officer Approval: Jeff Muir (07/16/08) City Attorney Approval: Carol Schwab (by H. Baker) (07/16/08) City Manager Approval: Jerry B. Fulwood (07/16/08) RECOMMENDATION: Staff recommends the City Council support AB 2321 (Feuer): Transportation Funding: County of Los Angeles. BACKGROUND: Existing law authorizes the Los Angeles County Metropolitan Transportation Authority (MTA) to impose in addition to any other tax that it is authorized to impose a transactions and use tax at the rate of 0.5% for 6 1/2 years or less for the funding of specified transportation related purposes designated as capital projects or capital programs. Existing law conditions the imposition of a tax under this authority upon voter approval as otherwise required by law. It also prohibits the MTA from incurring bonded indebtedness payable from the tax proceeds to fund those projects or programs or from substituting revenue from the tax proceeds for current funding commitments to the projects or programs. Existing law requires the MTA to prepare an expenditure plan prior to submitting the tax ordinance to voters which plan describes the projects and programs and their cost and funding sources. Existing law also creates the Capital Project Development Fund into which the tax revenue is to be deposited and makes those monies available for expenditure by the MTA to fund the designated projects and prog...
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