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APPROVED MINUTES OF THE
BOARD OF DIRECTORS
SAN FRANCISCO MUNICIPAL RAILWAY IMPROVEMENT
JANUARY 20, 2010
1 South Van Ness Avenue, Room 8023
San Francisco, CA
- Call to Order
Mr. Nothenberg stated that a quorum was present and the meeting was called to order.
- Mr. Rudy Nothenberg, President
- Mr. James Ludwig, Vice President
- Mr. Jamie Slaughter Board Member
- Ms. Nancy Lenvin, Secretary
- Mr. Michael Moylan, Director
- Mr. Thomas Escher, Treasurer
- Ms. Sonali Bose, CFO, Deputy Director, SFMTA
- Mr. Scott Emblidge, Partner, Moscone, Emblidge & Quadra
- Ms. Eloida Leonardo, Financial Planning, SFMTA
- Ms. Gail Stein, Manager, Financial Services & Revenue Contracts
- Mr. Steven Lee, Sr. Manager, Financial Services & Revenue Contracts
- Mr. Elson Hao, Project Manager, Fleet Projects, SFMTA
- Ms. Fariba Mahmoudi, Division Deputy, SFMTA
- Mr. Kenny Ngan, Project Manager SFMTA,
- Mr. Peter Gabancho, Project Manager SFMTA,
- Ms. Lisa Chow, Project Manager, SFMTA
- Ms. Stephanie Stuart, Deputy City Attorney
- Public Comment
No public comment was received.
- Approval of minutes of the Board meeting of January 28, 2009
On motion to approve the minutes of the January 28, 2009 meeting: Unanimously approved subject to any corrections and errors that any member wishes to call to Joanne Carr’s attention after having read them.
- Audited Financial Statements
Accepted without objection.
- Update on the budget, schedule and scope of all SFMRIC-funded projects and New Funding Requests
- Elson Hao reviewed the Fleet Rehabilitation program. SFMRIC Board requested that we verify whether the previous approval for F-Line repairs was specific to the Milano as stated on the financial spreadsheet or whether it can be applied to any E/F-Line repair.
- Peter Gabancho reviewed the status of the Islais Creek project. Within 20 months there should be a storage facility and fueling station in service at Islais Creek.
- Lisa Chow reviewed the status of the Geneva Canopy project.
- Kenny Ngan submitted a request for 150K to replace a Motor Generator with a State of the Art Electronic Inverter at the Van Ness Station.
- Trustees Andrew Fung and Victor Ume from U. S. Bank joined the meeting via conference call. It was agreed that the SFMTA’s Financial Advisor’s would be present at the next SFMRIC meeting.
- The City Attorney was asked to determine whether there would be a conflict of interest for an SFMTA Board member also to be a SFMRIC Board member.
- Accounting was asked to bill SMFRIC for expenses incurred on SMFRIC approved projects during the last quarter.
- Rudy Nothenberg requested that Sonali Bose make a recommendation regarding investment vehicles for the cash on hand and send it to SFMRIC Board members with an explanatory cover letter. The Board then authorized Rudy Nothenberg to make a decision based on Sonali Bose’s recommendation after the cover letter is received.
- Sonali Bose asked City Attorney’s office and Scott Emblidge to investigate the legality of investing the cash on hand in the PMI (City pool), including any limitations in the terms of the bond indenture. Motion by Jamie Slaughter to authorize the movement of SFMRIC funds within 10 days of receipt of written instruction absent objection, Rudy Nothenberg authorized to make decision
- Board approved 150K allocation for the replacement of the Motor Generator with a State of the Art Electronic Inverter with Van Ness location stated.
- The Board engaged in the discussion of bonding authority, specifically, whether to use the existing bonding authority of approximately $35 million or to establish a new bonding authority. The Board and Sonali Bose asked the City Attorney’s office and Scott Emblidge to conduct research into whether using the existing bond authority would require a validation or other action and, more generally, the legal and/or legislative requirements to use the existing bond authority.
- The City Attorney’s office advised that the Board could move forward with a new bond issue if so desired which would require approval by the MTA Board and the Board of Supervisors.
- The Board asked Scott Emblidge to recommend on hiring bond counsel to represent SMFRIC.
- James Ludwig then made a motion suggesting that the MTA Board request that the SFMRIC Board activate research for a new bond issue..
- The next meeting is scheduled for March 18 at 2:00 p.m. At that meeting the attorneys will report on their research and Scott Emblidge to propose by-law changes such as to allow conference calls and to establish the number for a quorum. Additionally, information regarding a new bond issue will be shared.
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