RES-8288 Authorizing Orange County Transporation Authority to Use Commercial Paper to Advance City's FY 93-94 Turnback FundsRESOLUTION NO. 8288
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ORANGE AUTHORIZING THE
ORANGE COUNTY TRANSPORTATION AUTHORITY
TO USE COMMERCIAL PAPER TO ADVANCE THE
CITY'S FY 93/94 TURNBACK FUNDS
WHEREAS, Orange County voters approved the Revised Traffic
Approved and Growth Management Program (Measure M) in November,
1990, authorizing a one-half of one percent retail sales tax
for transportation purposes;
and WHEREAS, Measure M provides Orange County cities and
the County with funds for street and road maintenance through
a turnback" provision, and the Orange County
Transportation Authority is required to disburse these funds to the
local jurisdictions within 60 days of collection;
and WHEREAS, Orange County local jurisdictions rely
on turnback" funds for timely rehabilitation of existing
streets and roads;
and WHEREAS, the city of Orange is expected to
receive 1,024,936 in FY 93/94 through the "turnback" program
less interest earned;
and WHEREAS, the City of Orange has a need to fund
local transportation improvements prior to receiving the
bi-monthly turnback" funds from the Orange County
Transportation Authority;WHEREAS, Orange County Transportation
Authority has demonstrated the feasibility of advancing FY 93/
94 "turnback"payments to local jurisdictions using
commercial paper;NOW, THEREFORE, BE IT RESOLVED THAT the City
of Orange authorizes Orange County Transportation
Authority to:1. issue commercial paper for 5/6ths of the
amount of turnback" funds less interest the city is expected to
receive in FY
93/94;2. use the revenue and interest generated from the
City's turnback" funds to pay debt service for the
commercial paper.NOW, THEREFORE, BE IT RESOLVED THAT the city
agrees to:1. forego bi-monthly turnback payments
and interest in lieu of a one-time payment for the sum
of annual turnback funds
less
interest
2. use the advanced turnback funds to pay for
transportation improvements needs within the City or county
eligible under Measure M requirements; and
3. adhere to the Measure M ordinance and program
guidelines set forth in the Measure M Growth Management Program
Preparation Manual and the Measure M Turnback Advancement
Program; Procedures and Guidelines (this document); and
4.
interest
earnings
receive a debit against future "turnback" payments if
costs exceed interest earnings or a credit if interest
exceed interest costs subject to Measure M restrictions.
ADOPTED this 11th day of January, 1994.
or, of the city of Orange
Jf"'" t~
ATTEST:
4~~~'~
city Clerk f th i of Orange
I hereby certify that the foregoing Resolution was duly and
regularly adopted by the City council of the City of orange at a
regular meeting thereof held on the 11 th day of January
1994, by the following vote:
AYES: SPURGEON, BARRERA, COONTZ, MURPHY
NOES: NONE
ABSENT: MAYOR BEYER
a;~
y~
ci
ty Clerk f th.Vc' y of Orange Reso
No. 8288 2-dr II
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