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MINUTES—April 25, 2012, 2:00PM

One South Van Ness Avenue, 3rd Floor, Civic Center Conference Room

1. Call to Order and Introductions

Committee members:

  • Rudy Nothenberg - Chairman
  • Dan Murphy – Vice Chairman
  • Leona Bridges
  • Jose Cisneros (absent)
  • Steve Ferrario (absent)
  • Harlan Kelly, Jr.
  • Nadia Sesay

Others in Attendance:

  • Sonali Bose
  • Terrance Fahey
  • Shahnam Farhangi
  • Cindy Gumpal
  • Amit Kothari
  • Jennifer Kwok
  • Trinh Nguyen
  • Gail Stein
  • Monique Webster
  • Mark Blake (Deputy City Attorney)
  • Vincent McCarley (Financial Advisor)

2. Public Comment

  • No Comment

3. Discuss Role of BOC

a. Overview from City Attorney

  • City Attorney Mark Blake discussed the role of the BOC as set forth in the SFMTA Board calendar item and resolution of December 4, 2011. Mr. Nothenberg requested that the minutes note that the BOC does not have the power to choose individual projects, only to oversee and monitor the ones chosen by the SFMTA. The BOC then discussed the upcoming bond financing, the included projects and project delivery.

b. Meetings and Minutes

  • The BOC agreed that a tape of the proceedings should be posted for the public to review. The minutes would then consist of summary of action points/follow-up items only. BOC agreed to meet quarterly. The BOC will discuss possible By-laws at the next meeting. It was noted that all BOC members are required to file Form 700 for their role on this Committee.

c. Annual Report

  • The BOC will provide the Annual Report to the SFMTA Board in April of each year, given the first meeting was held in April.

4. Election of Chair and Vice Chair

  • Mr. Nothenberg was elected as Chair and Daniel Murphy as Vice Chair.

5. Discussion of Upcoming SFMTA Bond Financing

a. Financing Timeline

  • Vincent McCarley – Financial advisor discussed financing timeline. Series 2012A ($49.3 million refunding) and Series 2012B ($28.3 million New Money) Bonds projected to be sold in late June, early July 2012. Series 2013A ($80.4 million remaining New Money) projected to be sold in summer 2013.

b. Project Delivery Schedule

  • Mr. Farhangi and Mr. Kothari discussed the projects and presented preliminary timelines as described in more detail in the Preliminary Official Statement.

6. Review Report Template for Ongoing Project Reporting

  • BOC members received a request for information from Mr. Nothenberg (see Attachment A).
  • BOC received proposed project expenditure reports and project progress reports and bond expenditure report (see Attachment B).
  • BOC discussed timing of the receipt of these reports.

7. Set a Date for Next Meeting and Discussion of Calendar for Future Quarterly BOC Meetings

  • BOC will meet quarterly on the fourth Wednesday of February, May, August and November at 2:00PM, starting on August 22, 2012.

8. Adjournment

Actions items (and responsible individual(s)):

1. By-laws (Mark Blake to circulate by-laws of City Revenue Bond Oversight Committee and propose by-laws for this committee)

2. Annual Report (Mark Blake to circulate annual reports from similar committees)

3. Reports—Committee will receive the project expenditure reports monthly and project progress reports and bond expenditure report quarterly; the monthly reports will provide a greater level of detail than the quarterly reports (SFMTA)

4. Mr. Nothenberg circulated a list of questions to which he would like responses, BOC members to provide additional questions to Sonali Bose (BOC)

5. SFMTA to respond to BOC questions (SFMTA)

6. Research on posting the tape of Committee proceedings (SFMTA)

7. Provide timeline of bond financing events to Committee members (SFMTA)


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