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SFMTA BOND OVERSIGHT COMMITTEE (BOC) MINUTES—August 22, 2012, 2:00 PM One South Van Ness Avenue, 3rd Floor, Civic Center Conference Room 1. Call to Order and Introductions Committee members:
Others in Attendance:
2. Public Comment
3. Approval of Minutes from April 25, 2012 Meeting and Discussion of Posting of Tape of the Committee’s proceedings BOC Meeting Minutes:
Action Item completed on 8/23/2012: Ms. Gumpal, the BOC Secretary, revised language and notified members via email. Final minutes approved, and posted on website for public reference. Posting of Tape of the Committee’s proceedings (for discussion only):
Action Item completed on 9/20/2012: Ms. Gumpal posted language regarding audio recording availability on BOC website. Language includes, “A copy of the audio recordings of the meetings are on file with the Secretary of the San Francisco Municipal Transportation Agency Bond Oversight Committee and can be made available upon request. Please contact Cindy Gumpal at 415-701-5233 for information.” 4. Update on Bond Issuance a. Funds Held by Trustee (Attachment B) Ms. Bose summarized and provided information regarding Series 2012A and 2012B Bonds. b. New Items: distributed during meeting (attached to these minutes) Chairman Nothenberg had requested that Ms. Bose provide a broader outline and provide the gross issue amount, fees and to whom they were paid and the net deposit with the trustee. SFMTA distributed spreadsheets during meeting. Ms. Navarro provided a summary of Attachment C- Series 2012A Refinancing the garage bonds and 2012B (capital projects for both transit and parking and traffic) Revenue Bond spreadsheets.
Action Item completed on August 23, 2012: Ms. Bose confirmed and provided BOC members confirmation via email that the ($2,684,051) million on the Series 2012 A account reflects the debt service reserve funds only. c. New Item: Bond proceeds to be held in county pool BOC members asked the SFMTA to invest the Series 2012B bond proceeds in the City Investment Pool pending review. Action Item Completed on September 20, 2012: Ms. Bose confirmed via a memorandum that the Series 2012B bond proceeds would be invested in the City Investment Pool. 5. Introduction of Vince Harris, Director of Capital Programs and Construction Division 6. Review of Response to Chairman Nothenberg’s Questions to SFMTA staff (Attachment C) Chairman Nothenberg expressed concerns regarding approvals for SFMTA and other City agencies work orders and charges within the City and the propensity of the other departments, including divisions within SFMTA, to treat these bond funds to cover non-bond related overhead costs. Mr. Reiskin explained the specifics of memoranda of understanding between departments that lay out the scope, schedule, budget and a fixed agreed- upon fee to manage projects, with overhead included. Ms. Bose explained that the system sets up the budget line item for the agreed-upon MOU and the not-to-exceed amount; the project manager then reviews cost and signs off. Mr. Farhangi explained the timecard system in which project managers verify time charged to projects and identify the personnel being charged and then verify the charges against the work plan. 7. Review Project Reporting Information and Delivery Schedule (Attachment D) a. Transit Projects b. Parking Projects Ms. Bose provided a summary of Attachment D and explained the various funding sources and total project amount and funding sources.
Action Item: Ms. Webster to provide additional information on funding sources and specifics on the different aspects of the projects and the phase along with the chart. Ms. Webster to circulate additional information to BOC members prior to next meeting. 8. Review of By-Laws and Annual Report Format Proposed by City Attorney’s Office (Attachment E)
Vice Chairman Murphy requested to following revision to the draft language: “Each person wishing to speak on an item before the committee at a regular or special meeting shall be heard once for up to three minutes”. BOC agreed that the time should be at discretion of the chair. Action Item: Deputy City Attorney Blake to revise language to reflect that the three minutes should be at discretion of the chair for public comment and it should be consistent with state and local law. Deputy City Attorney Blake to circulate draft edits to BOC members once completed.
BOC members agreed to revise language “A report shall be issued at least once a year” with “A report shall be issued no later than seven months after the end of a fiscal year”. Action Item: Deputy City Attorney Blake to revise language to include first report due 1/2014 (7 months after end of fiscal year). Deputy City Attorney Blake to circulate draft edits to BOC members once completed.
BOC members agreed to replace “The purpose of the Committee is to oversee and report publicly and to establish prudent internal control” with “the SFMTA to oversee and to establish prudent internal control”. Action Item: Deputy City Attorney Blake to edit language and include that the SFMTA is to establish prudent internal control. Deputy City Attorney Blake to circulate draft edits to BOC members once completed. Chairman Nothenberg suggested removing language “Revenue bond” to include “for the purpose of these Bylaws the terms bond or revenue bond shall include and not be limited to.” BOC members agreed to revision. Action Item: Deputy City Attorney Blake to make necessary changes as requested by BOC members and circulate draft edits to BOC members once completed.
Chairman Nothenberg request to edit language: “Ensuring that bond proceeds are expended only in accordance with the bond documents and approving legislation” BOC members agreed to include language bond proceeds spent only on project approved by the SFMTA board. Chairman Nothenberg commented that Committee members will have no power to review or comment on any individual project or group of projects selected by the SFMTA for bond financing. Action Item: Deputy City Attorney Blake to edit and include language as specified by BOC members and circulates draft edits to BOC members once completed.
Deputy City Attorney Blake suggested to BOC members to include a new article regarding BOC members missing meetings without explanation. BOC members agreed to include language that if a person misses three consecutive meetings, without the absences being excused, that the Chair shall notify the appointing authority of that BOC member. Action Item: Deputy City Attorney Blake to edit to include language as specified by BOC members and circulates draft edits to members once completed. 9. Discussion of Date for Next Meeting Next meeting: December 5, 2013 2-3 pm – SFMTA 7th Floor Noe Valley Conference Room #7075 10. Adjournment
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