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HomeMy Public PortalAbout01 January 6, 1994 Budget & Finance• RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET & FINANCE COMMITTEE (COMMISSIONERS RUSS BEIRICH, KAY CENICEROS;' SYBIL JAFFY, CORKY LARSON) THURSDAY, JANUARY 6, 1994 zoowu . . . ... . . . .. .. ...... ......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ................... .... ... LUND & GUTTRY 415 SO. PALM CANYON DRIVE .= PALM SPRINGS, CALIFORNIA 92262 NOTE: LOCATION AND TIME CHANGE AGENDA 1. CALL TO ORDER, 2. APPROVAL OF MINUTES. 3. PUBLIC COMMENTS. 4. AGENDA ADDITION/REVISION. 5 ADMINISTRATIVE/FINANCIAL ITEMS. 5A. Management Letter and TDA Recipient Audit Results, Overview Ernst & Young will be present at the Budget and Finance Committee to discuss the results of the TDA audits and to provide their management letter with suggestions and recommendations on accounting and operational improvements for the Commission and TDA recipients. 5B. Comprehensive Annual Financial Report for Year Ended June 30, 1993. Overview The Comprehensive Annual Financial Report'(CAFR for the year ended June 30, 1993, was issued as instructed by the Commission on December 20, 1993. The report was: thoroughly reviewed by Russ Beirich, Chair of the Budget and Finance Committee and a certified public accountant prior to its release. Page 2 January 6, 1994 Budget and Finance Committee Meeting Agenda 5C. Extension of Authority to Refund 1991 Series A Bonds. Overview The Commission granted the Executive Director the authority to refund up to $75,000,000 of our 1991 Series A bonds. That authority expired December 31, 1993. Staff receives , a� daily market update reports and regularly reviews other sources of information on market performance and expectations. At the instruction of staff, our financial team regularly.;-,9qc provides interest rate scales and a refunding simulation model to assess market rink conditions and potential level of savings. Staff compares these various sources of information so that an informed decision can be made on if and when to proceed with the refunding. The market has been close, but not quite there to make a refunding — economically feasible. 5D. Single Signature Authority Report. Overview For the period ending December 31, 1993, three contracts were executed under single signature authority granted to the Executive Director by the Commission. There remains approximately $18,500 capacity to enter into additional contracts for the remainder of the fiscal year. 5E. Proposed Staffing to Proceed with Projects in Riverside County. Overview IhUn ^•.q 1t\6 • During its December 8, 1993 meeting, the Commission considered a proposal to provide ,,ItgAinc reimbursable services of RCTC contract employees to Cattrans to expedite project development. The PECG vs. Cattrans ruling, and subsequent rulings, limits Cattrans u'c° u ability to contract directly, or indirectly through local agencies, for consultant services; no such limitation exists for reimbursable work performed for Caftrans by local agencies' .v employees. ;r ,2,c11...:, .. Ire,".'' 6. HIGHWAYS/LOCAL STREETS & ROADS. ,c 01.051L ,. e"% 6A. Gilman Grade Separation Project. Overview In October 1993, Caltrans District 08 requested, and the Commission approved an advance of up to $1 million in Measure A funds to proceed with the purchase of right-of- way necessary for the Gilman Springs/Route 79 Grade Separation Project. The Commission approval was based on Caltrans providing assurance that RCTC would be reimbursed early in FY 1994/95. y1� ) • Page 3 January 6, 1994 Budget and Finance Committee Meeting Agenda • 6B. Cost Revisions for Press Enterprise Work - Final Bid Numbers. Overview In September, 1993 staff brought forward an agenda item to reconstruct the Press"' Enterprise facilities. The facilities had been disrupted as part of the acquisition of :'r}`" property for needed rail improvements for the Riverside -Downtown Commuter Rail Station '` and operation of Commuter Rail on Union Pacific tracks. • ..t 6 . . 6C. City of Perris RCTC Property - Conceptual Site Plan and Specific Plan Amendment. Overview With the RCTC acquisition of the San Jacinto Branch Line from Santa Fe, RCTC also acquired approximately 14 acres in Downtown Perris. This property contains the railroad" right-of-way, plus additional property currently being leased to the City of Perris•..and, J. various private property owners. , . 6D. Caltrans District 11 Proposal to Rescind Fund Allocation for Route 86 Project. Overview A proposal is being presented by Caltrans District 11 relating to funding of Route 86 project. 7. TRANSIT/RIDESHARE/PARK-N-RIDE. 7A. Funding Agreement with SunLine Transit Agency. Overview SunLine Transit Agency is requesting that the Commission advance against S-unLine's five percent share of Coachella Valley Measure A revenues. SunLine would like to use the -s funds to expand its dial -a -ride and bus services. SunLine is proposing to repay the loan within five years. 7B. Telecommuting WorkCenter of Riverside County. Overview Working within budget parameters, staff has been unable to negotiate a favorable third year lease rate for the Telecommuting WorkCenter of Riverside County. Notice to vacate the current site by January 31, 1994, has been given. Options regarding continuance of the demonstration project will be presented by staff. • Page 4 January 6, 1994 Budget and Finance Committee Meeting Agenda 8. SERVICE AUTHORITY FOR FREEWAY EMERGENCIES (SAFE)/FREEWAY SERVICE PATROL. Request for Contract Amendment from Hamner Towing, Inc. Overview Hamner Towing, Inc., the sole provider of tow truck service for the four beats of Riverside County's Freeway Service Patrol (FSP) program is requesting consideration of an adjustment to their monthly bill for additional costs they are incurring due to new regulation on diesel fuel standards. Hamner is requesting an increase of $0.80 per hour per beat and is willing to lock in the adjusted rates for an additional year at the Commission's option if the Commission decides to extend the program beyond the June 30, 1995, demonstration period. 9. COMMUTER RAIL. 9A. Renewal of Property Lease Agreement: 1) Framco in Perris; 2) Latimer Trust in Riverside; and 3) Adams Outdoor Advertising. Overview RCTC staff has negotiated terms to revise the renewal of the property lease agreement. 9B. Phase 11 Development of the Downtown Riverside MetroLink Station. Overview In order to provide MetroLink commuter rail service from San Bernardino to Riverside to Irvine and from Riverside to Los Angeles via Fullerton track improvements and a layover facility must be constructed. Staff is requesting authorization to move forward with implementation of the requisite improvements. 10. ADJOURNMENT. • RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET & FINANCE COMMITTEE WEDNESDAY, DECEMBER 1, 1993 10:00 A.M. LUND & GUTTRY 39-700 BOB HOPE DRIVE THE BOB HOPE BUILDING, SUITE 309 RANCHO MIRAGE, CALIFORNIA 92270 MINUTES 1. CALL TO ORDER. The meeting of the Budget and Finance Committee was called to order at 10:05 a.m. by Commissioner Russ Beirich. Members Present Members Absent Russ Beirich Sybil Jaffy Corky Larson Kay Ceniceros 2. APPROVAL OF MINUTES. M/S/C to approve the minutes of the November 3, 1993, Budget and Finance Committee meeting as presented. 3. PUBLIC COMMENTS. There were no public comments. 4. AGENDA ADDITION/REVISION. Paul Blackwelder requested the Budget and Finance Committee to include the following urgency item as it arose subsequent to agenda mailout: Route 86 Alternatives under Consideration to Expedite Supplemental Environmental Impact Report Statement. M/S/C to include the following urgency item: Route 86 Alternatives under Consideration to Expedite Supplemental Environmental Impact Report Statement. 5. FINANCIAL ITEMS. 5A. Draft of Comprehensive Annual Financial Report. The Committee members reviewed in detail, with RCTC and Ernst & Young staff, the Annual Financial Report. The Management Report will be presented to the Committee and Commission in January. M/S/C that the Commission receive and file. Page 2 Budget & Finance Committee Meeting Minutes December 1, 1993 • 5B. Quarterly Financial Reports. M/S(C that the Commission receive and file. 6. ADMINISTRATIVE ITEMS. 6A. Pr esed 1994 RCTC Meeting Schedule. M/S/C that the Commission approve the proposed Riverside County Transportation Commission calendar of meetings for 1994. 6B. Amendment of D.J. Smith and Associates Contract. M/S/C that the Commission approve and authorize Legal Counsel to prepare amendment of D,,! Smith and Associates contract for FY 1993-94 totalling $85,000 (Legislative Services - $45,000; Project Advocacy Services - $36,000; Travel and t .pe°nses - $4,000). HIGHWAYS/LOCAL STREETS & ROADS. 7A. Reimbursement of Cut -of -Pocket Pre -Development Expenses for Spruce Industrial Park Property Located at Spruce Street and Route 91 Freeway. IWS/C thz*, the Commission: 1) Authorize expenditure of $11,302.43 to reimburse Spruce Industrial Park Limited Partnership for their approved out-of-pocket predevelopment expenses related to the sale of their property to RCTC in August of 1992. 2) Direct staff to pursue reimbursement from Caltrans when the subject property is attained by Caltrans for needed right-of-way for the westbound to southbound connector. 7B. Acquisition Settlements for the Route 79, Gilman Springs Road to First Street in the City of Beaumont, Measure A Highway Improvement Project. MISIC that the Commission grant the Executive Director the authority to approve the settlement for property acquisition for the following parcells). Parcel Appraised Value Purchased Value 13157-1 $ 4,100 $ 4,100 13157-2 $ 875 $ 875 131C2-1 $ 4,770 $ 4,770 The funds for these property acquisitions were included in the RCTC 93/94 budget. Tho funds will come from the Western County Measure A Highway Account. • • Page 3 Budget & Finance Committee Meeting Minutes December 1, 1993 10-19G sa`,irf-1i '.:i.. :onto .,. i� S ly:.. •,: .�.. • • rc 8. TRANSIT/RIDESHARE/PARK-N-RIDE 8A. Request for Additional Allocation of Local Transportation Funds from the Riverside Transit Agency. M/S/C that Commission approve an additional allocation of $35,592 in local transportation funds from the Western County apportionment to the Riverside Transit Agency to cover the increased cost to operate the Inland Empire Connection Routes 110/496. 8B. Measure A Park -n -Ride Lease Program Update. M/S/C that the Commission: 1) Authorize the Executive Director to sign all lease agreements and annual amendments having a cost per space of $20 or less and that such authorization shall be in effect for the period January, 1994 to December, 1998; 2) Approve, subject to Legal Counsel review, an amendnnent`. to the existing contract for lease park -n -ride service with Inland Transportation Services through December 31, 1994 at hourly rates of .$65/project manager and $45/marketing specialist; 3) Authorize the Executive Director to execute the amended agreement on behalf of the Commission; and 4) Allocate Measure A highway funds in an amount not to exceed $10,000. 9. SERVICE AUTHORITY FOR FREEWAY EMERGENCIES (SAFE). Or Cooperative Agreement Between Riverside County SAFE and Caltrans District 11 for Installation of Motorist Aid Call Boxes in Riverside County. S ;Q,? M/S/C that the Commission approve, contingent upon Legal : Counsel review, the Cooperative Agreement between the Riverside County Service .Authority for Freeway Emergencies and Caltrans District 11 for the installation of motorist aid call boxes in ,,own ;: Riverside County and authorize the Chairman to execute the agreement. 10. COMMUTER RAIL. 1 OA. Contract with Boyle Engineering Corporation for the San Jacinto Branch/ine Rail Corridor Study. 112 - .1 4.►a'i L C Proposed Parking Agreement between City of Perris and RCTC for RCTC Property. M/S/C that this item be brought before the Commission for recommendation and action. M/S/C that the Commission authorize the Executive Director to enter into an agreement with Boyle Engineering Corporation for an amount less than $250,000 (final price to be determined after staff negotiations are complete) with a 15% contingency. The contract will be subject to RCTC Legal Counsel review. w Page 4 Budget & Finance Committee Meeting Minutes December 1, 1993 • 11. ADJOURNMENT. There being no further business to come before the Budget and Finance Committee, the meeting was adjourned at 12:01 p.m. Respectfully submitted, -----6-\Na K:•enha''er Clerk of the Commission :jw • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: January 5, 1994 TO: Administrative Committee Budget and Finance Committee FROM: Dean Martin, Controller SUBJECT: Management Letter and TDA Recipient Audit Results Ernst & Young will be present at the Budget and Finance Committee to discuss the results of the TDA audits and to provide their management letter with suggestions and recommendations on accounting and operational improvements for the Commission and TDA recipients. Staff Recommendation: That the Commission discuss and take possible action. :jw F:\USERS\PREPRINT\JAN.94\MANALET.DM • • • • • DATE: TO: FROM: RIVERSIDE COUNTY TRANSPORTATION COMMISSION January 5, 1994 Administrative Committee Budget and Finance Committee Dean Martin, Controller SUBJECT: Comprehensive Annual Financial Report for Year Ended June 30, 1993 The Comprehensive Annual Financial Report (CAFR) for the year ended June 30, 1993, was issued as instructed by the Commission on December 20, 1993. The report was thoroughly reviewed by Russ Beirich, Chair of the Budget and Finance Committee and a certified public accountant, prior to its release. Staff herewith presents the CAFR for the Commission to receive and file. Staff Recommendation: That the Commission receive and file. :jw F:\USERS\PREPRINT\JAN.94\CAFR.DM • • m DATE: • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION TO: January 5, 1994 Administrative Committee Budget and Finance Committee FROM: Dean Martin, Controller SUBJECT: Extension of Authority to Refund 1991 Series A Bonds The Commission granted the Executive Director the authority to refund up to $75,000,000 of our 1991 Series A bonds. That authority expired December 31, 1993. Staff receives daily market update reports and regularly reviews other sources of information on market performance and expectations. At the instruction of staff, our financial team regularly provides interest rate scales and a refunding simulation model to assess market conditions and potential level of savings. Staff compares these various sources of information so that an informed decision can be made on if and when to proceed with the refunding. The market has been close, but not quite there to make a refunding economically feasible. The current bond market has declined (i.e., interest rate yields have gone up) substantially the last month due to signs of a moderate but growing economic recovery in many parts of the country, and heightened concerns, despite signs to the contrary, of rising inflation. Another factor resulting in the decline has been an over abundance of bonds in the market, including the secondary market, with unmatched demand. With the above statements, why is staff requesting an extension to the authorization to refund? The prevailing economic "wisdom" is that inflation is under control and the recovery is not yet strong enough to generate any significant upward pressure in interest rate yields. After the first of the year, there will be excess cash (due to bond redemptions) chasing a tight supply of bonds. With inflation under control, and demand exceeding supply, considerable downward pressure will be placed upon bond yields. If yields drop far enough, if even briefly, then .the Commission would want to be in the position to take advantage of the lower yields. Staff has requested bond counsel and the Commission's financial team to prepare documents so that the Commission can act quickly if a window of opportunity opens. Attached for your consideration and approval is a revised resolution and a Third Supplemental Indenture authorizing the issuance of up to $75,000,000 in refunding bonds. The refunding cannot be done if the savings generated would be less than two percent, and the authorization would expire December 31, 1994. F:\USERS\PREPRINT\JAN.94\REFUAUTH.DM Page 2 Staff Recommendation: That the Commission: 1) Adopt Resolution No. 94-003, authorizing the issuance of up to $75,000,000 in 1994 Series A Refunding Bonds; and 2) Authorize the Executive Director to execute all documents related thereto subject to bond counsel review. :jw Attachments F:\USERS\PREPRINT\JAN.94\REFUAUTH.DM • • • • • RESOLUTION NO. A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION, PROVIDING FOR THE EXECUTION AND DELIVERY OF A THIRD SUPPLEMENTAL INDENTURE, A PURCHASE AGREEMENT AND A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING THE ISSUANCE AND SALE OF RIVERSIDE COUNTY. TRANSPORTATION COMMISSION SALES TAX REFUNDING REVENUE BONDS (LIMITED TAX BONDS), AND OTHER MATTERS RELATED THERETO Adopted , 1994 WHEREAS, the Riverside County Transportation Commission (the "Commission") issued its Revenue Bonds, 1991 Series A, (the "1991 Bonds") to fund certain transportation projects (the "Projects") in the County of Riverside (the "County") as described in Ordinance No. 88-1, the Transportation Expenditure Plan and Retail Transaction and Use Tax Ordinance (the "Ordinance") heretofore adopted by the Commission and approved by the qualified voters of the County; and WHEREAS, the Commission proposes to issue and sell bonds backed by a pledge of all sales tax revenues as provided in the Ordinance to refund all or a portion of the 1991 Bonds, and all costs and estimated costs incidental to, or connected therewith, including, without limitation, legal, fiscal agent, financial consultant and other fees, bond and other reserve funds, capitalized interest and expenses of all proceedings for the authorization, issuance and sale of such bonds in an aggregate principal amount not to exceed $75,000,000; and LA1-277321 1 w WHEREAS, the Commission is authorized to undertake all of the above pursuant to the Government Code, the Public Utilities Code and other applicable laws of the State of California; NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of the Riverside County Transportation Commission finds, determines and declares as follows: SECTION 1. The form of Third Supplemental Indenture (the 'Third Supplemental Indenture"), by and between the Commission and the Trustee named therein and attached hereto as Exhibit A is hereby approved. The F Recetvve Dieecor of the Commission and his designees are, and each of them acting alone is, hereby authorized and directed for and in the name of and on behalf of the Commission, to execute and deliver the Third Supplemental Indenture in substantially the form attached hereto as Exhibit A and presented to and considered at this meeting, with such changes therein as the officer executing the same on behalf of the Commission may approve, in his discretion, as being in the best interests of the Commission, such approval to be conclusively evidenced by such officer's execution and delivery thereof. SJ ILON 2. The execution and delivery, pursuant to the Third Supplemental Indenture, of a series of Riverside County Transportation Commission Sales Tax Refunding Revenue Bonds (Limited Tax Bonds) (the LA1--277:21 2 • • • • "Refunding Bonds") for the purpose of refunding all or a portion of the 1991 Bonds, in an aggregate principal amount not to exceed $75,000,000, for 'a maximum term not to extend beyond the date of termination of the imposition of the retail transactions and use tax specified in the Ordinance, in denominations not less than $5,000 at maturity, which shall result in a present value savings to the Commission of not less than 2% with respect to the Bonds being refunded and in such form as either the Executive Director of the Commission or any of his designees may determine, in his discretion, is hereby approved. SECTION 3. The Executive Director of the Commission and his designees are, and each of them acting alone is, hereby authorized to enter into a contract with underwriters for the public distribution and sale of the Refunding Bonds, for an underwriters' discount, which together with other costs of issuance of such Refunding Bonds, shall not exceed 2% of the gross proceeds from such sale. _SECTION 4. The Executive Director of the Commission and his designees are, and each of them acting alone is, hereby authorized to prepare a preliminary official statement in connection with the public distribution and sale of the Refunding Bonds. SECTION 5. All actions heretofore taken by any officer or officers of the Commission with respect to the issuance and sale of the Refunding Bonds or in LA1-277321 3 ..uuGuuC'e.7a 7u7 �L-� r •wo connection with or related to any of the agreements referenced herein, are hereby approved, confirmed and ratified. SECTION 6. The Executive Director of the Commission and his designees are, and each of them acting alone is, hereby authorized and directed to take such actions and to execute such documents and certificates as may be necessary to effectuate the purposes of this resolution. This resolution shall take effect immediately upon its passage and the authorization contained herein shall expire one year from the date hereof. APPROVED and ADOPTED this day of , 1994 Chairman of the Riverside County Transportation Commission ATTEST: Clerk of the Riverside County Transportation Commission LA1-277321 4 • • • TOTAL P.06 • Draft as of April ^ 7, 1993 THIRD SUPPLEMENTAL INDENTURE by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION and BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION as Trustee Dated as of , 1993 AUTHORIZING THE ISSUANCE OF $ IN AGGREGATE AMOUNT OF BOND OBLIGATION OF RIVERSIDE COUNTY TRANSPORTATION COMMISSION SALES TAX REFUNDING REVENUE BONDS (LIMITED TAX BONDS), 1993 SERIES A (Supplemental to the Indenture dated as of January 1, 1991, as amended and supplemented by the First Supplemental Indenture dated as of January 1, 1991 and as amended and supplemented by the Second Supplemental Indenture dated as of January 1, 1993) Section SECTION 16.01. SECTION 17.01. SECTION 17.02. SECTION 17.03. SECTION 17.04. SECTION 17.05. SECTION 17.06. SECTION 17.07. SEC I'ION 17.08. SECTION 17.09. SECTION 17.10. SECTION 17.11. Third Supplemental Indenture Definitions Authorization and Terms of 1993 Series A Refunding Bonds .. 2 Redemption of 1993 Series A Refunding Current Interest Bonds Selection of Bonds for Redemption Notice of Redemption Partial Redemption of Bonds Effect of Redemption 1993 Series A Refunding Current Interest Sinking Account . . Form of 1993 Series A Refunding Bonds Issuance of 1993 Series A Refunding Bonds Application of Proceeds of 1993 Series A Refunding Bonds . Establishment and Application of 1993 Series A Refunding TABLE OF CONTENTS Bonds Page 1 4 5 5 5 "6 6 7 7 8 Bonds Reserve Account in Bond Reserve Fund 8 SECTION 17.12. Establishment and Application of 1993 Series A Refunding Bonds Costs of Issuance Fund^ 9 SECTION 17.13 Redemption of the 1991 Series A Current Interest Bonds 9 SECTION ^ 17.14. Use of Depository ^ 10 LA1-235754.V3 1 04/06/93 • • • • SECTION ^ 17.15. Terms of 1993 Series A Refunding Bonds Subject to the Indenture A 12 SECTION ^ 17.16. Effective Date of Third Supplemental Indenture ^ 12 SECTION ^ 17.17. Execution in Counterparts ^ 12 EXHIBIT A - ACCRETED VALUE TABLE A-1 EXHIBIT B-1 = [FORM OF CURRENT INTEREST BOND] B-1-1 EXHIBIT B-2 - [FORM OF CAPITAL APPRECIATION BOND] B-2-1 LA1-235754.V3 11 04/06/93 Third Supplemental Indenture (Supplemental to the Indenture dated as of January 1, 1991, as amended and supplemented by the First Supplemental Indenture dated as of January 1, 1991 and as amended and supplemented by the Second Supplemental Indenture dated as of January 1, 1993) Authorizing the Issuance of $ in Aggregate Amount of Bond Obligation of Riverside County Transportation Commission Sales Tax Refunding Revenue Bonds (Limited Tax Bonds), This Third Supplemental Indenture, dated as of , 1993 (the "Third Supplemental Indenture"), between the Riverside County Transportation Commission (the "Commission") and Bank of America National Trust and Savings Association, as trustee (the "Trustee"); WITNESSETH: WHEREAS, this Third Supplemental Indenture is supplemental to the Indenture, dated as of January 1, 1991 (as amended and supplemented by the First Supplemental Indenture, dated as of January 1, 1991, the Second Supplemental Indenture, dated as of January 1, 1993 and this Third Supplemental Indenture, dated as of , 1993, the "Indenture"), by and between the Commission and the Trustee; WHEREAS, the Indenture provides that the Commission may issue refunding Bonds from time to time as authorized by a supplemental indenture; and WHEREAS, in accordance with the Law, the Board has determined to issue its Sales Tax Refunding Revenue Bonds (Limited Tax Bonds) 1993 Series A, (the "1993 Series A Refunding Bonds"), in the aggregate amount of $ in Bond Obligation, in order to refund certain of the Commission's outstanding Bonds. NOW, THEREFORE, the parties hereto agree, as follows: SECTION 16.01. Definitions. Except as otherwise provided in this Third Supplemental Indenture, all words, terms and phrases defined in the Indenture shall have the same meaning herein as in the Indenture. IA1-235754.V3 04/06/93 • • • Escrow Agent • • • "Escrow Agent" means acting as Escrow Agent. Escrow Agreement "Escrow Agreement" means the Escrow Agreement, dated ^ as of , 1993, by and between the Commission and the Escrow Agent. Escrow Fund "Escrow Fund" means the Escrow Fund to be established and administered pursuant to the Escrow Agreement. SECTION 17.01. Authorization and Terms of 1993 Series A Refunding Bonds. (A) The Board hereby authorizes the issuance of Bonds of the Commission in the aggregate amount of $ in Bond Obligation in accordance with the Law and pursuant to the Indenture for the purpose of refunding certain of the Commission's Outstanding Bonds. (B) The third Series of Bonds to be issued under the Indenture is hereby created. Said Series of Bonds shall be known as the "Riverside County Transportation Commission Sales Tax Refunding Revenue Bonds (Limited Tax Bonds) (the "1993 Series A Refunding Bonds"). The 1993 Series A Refunding Bonds shall consist of Current Interest Bonds (the 1993 Series A Refunding Current Interest Bonds") and Capital Appreciation Bonds (the 1993 Series A Refunding Capital Appreciation Bonds") issued in fully registered form, in denominations of $5,000 for 1993 Series A Refunding Current Interest Bonds, or any integral multiple thereof, and in denominations such that the Accreted Value represented by each such 1993 Series A Refunding Capital Appreciation Bond on the stated maturity date thereof will be $5,000 for each such 1993 Series A Refunding Capital Appreciation Bond, or any integral multiple thereof, and shall be initially issued registered in the name of "Cede & Co.," as nominee of The Depository Trust Company, and shall be evidenced by one 1993 Series A Refunding Bond maturing on each of the maturity dates as set forth in Sections 17.01(C) and 17.01(D) below, in a denomination corresponding to the total denominational amount of the 1993 Series A Refunding Bonds to mature on such date. Each refunding Bond shall be assigned by the Trustee a distinctive number or letter or letter and number, and a record of the same shall be maintained by the Trustee. Registered ownership of the 1993 Series A Refunding Bonds, or any portion thereof, may not thereafter be transferred except as set forth in Section 17.13 hereof. LA1-235754.v3 2 04/06/93 (C) The 1993 Series A Refunding Current Interest Bonds shall be issued in the aggregate principal amount of $ , shall be dated as of , 1993, shall bear interest at the following rates per annum and shall mature on June 1 in the following years in the following amounts: Maturity Date Principal Interest (June 1) Amount Rate Interest on the 1993 Series A Refunding Current Interest Bonds shall be computed on the basis of a year of 360 days comprised of twelve 30 -day months and shall be payable on December 1, 1993 and semiannually thereafter on December 1 and June 1 of each year until maturity by check mailed or, as provided in Section 17.13(E) hereof and upon the written request of any Owner of $1,000,000 or more in aggregate principal amount of Bond Obligation who has provided the Trustee with wire transfer instructions by the record date, by wire transfer on each interest payment date to the Owner thereof as of the close of business on the fifteenth (15th) day of the calendar month immediately preceding such interest payment date. The principal of and premium, if any, on the 1993 Series A Refunding Current Interest Bonds are payable when due upon presentation thereof at the corporate trust office of the Trustee in Los Angeles, California, in lawful money of the United States of America. The Trustee shall provide CUSIP number identification, with appropriate dollar amounts for each CUSIP number, on all redemption payments and interest payments, whether by check or by wire transfer. (D) The 1993 Series A Refunding Capital Appreciation Bonds shall be issued in the aggregate Initial Amount of $ , shall be dated as of the date of delivery and interest thereon shall accrete from such date. The Initial LA1-235754.V3 3 04/06/93 • • • • • Amount of each 1993 Series A Refunding Capital Appreciation Bond per $5,000 Accreted Value at stated maturity and the yield to maturity on such Bonds are set forth below: Maturity Date Aggregate Initial Amount Initial Yield to per $5,000 Amount Maturity Maturity Amount No payments of principal or interest will be made on the 1993 Series A Refunding Capital Appreciation Bonds prior to the maturity or earlier prepayment thereof. Interest with respect to each 1993 Series A Refunding Capital Appreciation Bond of each maturity will be compounded semiannually at the respective yields set forth above, on June 1 and December 1 of each year until maturity or the earlier prepayment thereof, commencing June 1, 1993. Interest with respect to each 1993 Series A Refunding Capital Appreciation Bond shall be computed on the basis of a year of 360 days comprised of twelve 30 -day months and shall be payable only at maturity or earlier prepayment thereof as part of the Accreted Value. An Accreted Value Table (as of each June 1 and December 1) of the 1993 Series A Refunding Capital Appreciation Bonds is attached hereto as Exhibit A. In the event of any inconsistency between such table and the Accreted Value for the Capital Appreciation Bonds calculated in accordance with this Section 17.01(D), this Section 17.01(D) shall govern. The Trustee may assume that the Accreted Value Table is accurate unless notified to the contrary. The Accreted Value of the 1993 Series A Refunding Capital Appreciation Bonds is payable when due upon presentation thereof at the corporate trust office of the Trustee in Los Angeles, California, in lawful money of the United States of America. SECTION 17.02. Redemption of 1993 Series A Refunding Current Interest Bonds. ^(A) The 1993 Series A Refunding Current Interest Bonds^ maturing on or before June 1, ^ 20 shall not be subject to redemption prior to their respective stated maturities. The 1993 Series A Refunding Current Interest Bonds maturing on or after June 1, ^ 20 shall be subject to redemption prior to their respective stated maturities, at the option of the Commission, from any source of available funds, as a whole at any time or in part on any interest payment date (by such maturities as may be specified by the Commission and by lot within a maturity), on or after June 1, ^ 20 at the following redemption prices (computed upon the principal amount of 1993 Series A Refunding Current Interest Bonds called for redemption), plus accrued interest to the date fixed for redemption: LA1-235754. V3 4 04/06/93 w Redemption Period Redemption (Both Dates Inclusive) Price June 1, " 20 through May 31, " 2 0 June 1, " 20 through May 31, " 20 June 1, " 20 and thereafter (B) The 1993 Series A Refunding Current Interest Bonds maturing on June 1, 20_ shall also be subject to redemption prior to their stated maturity, in part, by lot, from Mandatory Sinking Account Payments required by and as specified in Section 17.07, on any June 1 on or after June 1, 20_, at the principal amount thereof plus accrued interest thereon to the date fixed for redemption, without premium. (C) The 1993 Series A Refunding Capital Appreciation Bonds are not subject to redemption at the option of the Commission prior to maturity. SECTION 17.03. Selection of Bonds for Redemption. Whenever provision is made in this Third Supplemental Indenture for the redemption of less than all of the 1993 Series A Refunding Bonds of any maturity (and interest rate) thereof the Trustee shall select the 1993 Series A Refunding Bonds to be redeemed from all 1993 Series A Refunding Bonds of the respective maturity (and interest rate) not previously called for redemption, in minimum denominations of $5,000 in principal amount, by lot in any manner which the Trustee in its sole discretion shall deem appropriate and fair. The Trustee shall promptly notify the Commission in writing of the 1993 Series A Refunding Bonds so selected for redemption. SECTION 17.04. Notice of Redemption. The Commission shall notify the Trustee at least forty-five (45) days prior to the redemption of 1993 Series A Refunding Bonds pursuant to Section 17.02 hereof. Notice of redemption shall be mailed by the Trustee, not less than thirty (30) nor more than sixty (60) days prior to the redemption date, (i) to the respective Owners of any 1993 Series A Refunding Bonds designated for redemption at their addresses appearing on the bond registration books of the Trustee by first-class mail (ii) to the Securities Depositories by registered or certified mail, return receipt requested, or by some other confirmable delivery method, and (iii) to two or more Information Services by first- class mail. Notice of redemption shall be given in the form and in accordance with the terms of the Indenture. The Trustee shall mail an additional copy of such notice of redemption to any Bondowner who has not surrendered its 1993 Series A Refunding Bonds called for redemption within sixty (60) days after the redemption date. SECTION 17.05. Partial Redemption of Bonds. Upon surrender of any 1993 Series A Refunding Bond redeemed in part only, the Commission shall LA1-235754.V3 5 04/06/93 • • • • execute and the Trustee shall authenticate and deliver to the Owner thereof, at the expense of the Commission, a new 1993 Series A Refunding Bond of authorized denominations, and of the same maturity, interest payment dates and interest rate, equal in aggregate principal amount to the unredeemed portion of the 1993 Series A Refunding Bond surrendered. SECTION 17.06. Effect of Redemption. Notice of redemption having been duly given as aforesaid, and moneys for payment of the Redemption Price of, together with interest accrued to the redemption date on, the 1993 Series A Refunding Bonds (or portions thereof) so called for redemption being held by the Trustee, on the redemption date designated in such notice, the 1993 Series A Refunding Bonds (or portions thereof) so called for redemption shall become due and payable at the Redemption Price specified in such notice (together with interest accrued thereon to the date fixed for redemption in the case of 1993 Series A Refunding Current Interest Bonds), interest on the 1993 Series A Refunding Bonds so called for redemption shall cease to accrue, said 1993 Series A Refunding Bonds (or portions thereof) shall cease to be entitled to any benefit or security under the Indenture or this Third Supplemental Indenture, and the Owners of said 1993 Series A Refunding Bonds shall have no rights in respect thereof except to receive payment of said Redemption Price and accrued interest. All 1993 Series A Refunding Bonds redeemed pursuant to the provisions of this Section 17.06 shall be cancelled upon surrender thereof and destroyed. SECTION 17.07. 1993 Series A Refunding Current Interest Sinkin Account. An account is hereby established within the Principal Fund created by Section 5.04 of the Indenture to be designated the "1993 Series A Refunding Current Interest Sinking Account." On each Business Day prior to the following dates, the Trustee shall transfer the designated amount of the following payments from the Principal Fund to the 1993 Series A Refunding Current Interest Sinking Account: Mandatory Sinking Account Mandatory Payment Dates Sinking Account (June 1 _ Payments LA1-235754. V3 6 04/06/93 Moneys in the 1993 Series A Refunding Current Interest Sinking Account shall be applied as provided in Section 5.04(B) of the Indenture. All 1993 Series A Refunding Current Interest Bonds purchased from a Sinking Account or deposited by the Commission (as provided in Section 5.04(B) of the Indenture) in a twelve-month period ending May 31 shall be allocated first to the next succeeding Mandatory Sinking Account Payment required by this Section 17.07, and then as a credit against such future Mandatory Sinking Account Payments as may be specified in a Request of the Commission. SECTION 17.08. Form of 1993 Series A Refunding Bonds. The 1993 Series A Refunding Bonds and the certificate of authentication and registration to be executed thereon shall be in substantially the ^ forms set forth as Exhibit B-1 and Exhibit B-2 hereto. The 1993 Series Rshall be inserted therein in conformity efunng Bond numbers, maturity with interest payment dates and interest rates Section 17.02. SECTION 17.09. Issuance of 1993 Series A Refunding Bonds . At any time after the execution and delivery of this Third Supplemental Indenture, the Commission may execute and the Trustee shall authenticate and deliver the 1993 in Series A Refunding Bonds in an aggregate amount not to exceed $ Bond Obligation upon the order of the Commission, but only upon the receipt by the Trustee of: (1) An executed copy of this Third Supplemental Indenture authorizing the issuance of the 1993 Series A Refunding Bonds; (2) An Opinion of Bond Counsel to the effect that the execution of this Third Supplemental Indenture has been duly authorized by the Commission in accordance with the Indenture; that the 1993 Series A Refunding Bonds, when duly executed by the Commission and authenticated and delivered by the Trustee, will be valid and binding limited obligations of the Commission; and that upon the delivery of the 1993 Series A Refunding Bonds the aggregate principal amount of Bonds then Outstanding will not exceed the amount permitted by law or by the Indenture; (3) Irrevocable instructions to the Trustee to give the notice of redemption in accordance with Section 12.04 of the Indenture or a waiver of the notice of redemption signed by the Owners of all or the portion of the Refunded Bonds to be redeemed, or proof that such notice has been given by the Commission; provided, however, that in lieu of such instructions or waiver or proof of notice of redemption, the Commission may cause to be deposited with the Trustee all of the Refunded Bonds proposed to be redeemed (whether cancelled or uncancelled) with irrevocable instructions to the Trustee to cancel said " Refunded Bonds so to be redeemed upon the exchange and delivery of the 1993 Series A Refunding Bonds; and • • LA1-235754.V3 7 04/06/93 • • (4) A Certificate of an independent certified public accountant certifying (on the basis of calculations as of the date of sale of the 1993 Series A Refunding Bonds) that Maximum Annual Debt Service on all Bonds and Parity Debt Outstanding following the issuance of the 1993 Series A Refunding Bonds is less than or equal to the Maximum Annual Debt Service on all Bonds and Parity Debt Outstanding prior to the issuance of the 1993 Series A Refunding Bonds. SECTION 17.10. Application of Proceeds of 1993 Series A Refunding Bonds. The proceeds of the sale of the 1993 Series A Refunding Bonds shall be deposited with the Trustee and shall be held in trust and set aside by the Trustee as follows: (i) The Trustee shall transfer to the Escrow Agent for deposit into the Escrow Fund (to be established and administered pursuant to the Escrow Agreement) the amount of $ (ii) The Trustee shall deposit in the Interest Fund (created by Section 5.02 of the Indenture) the amount of such proceeds representing interest accrued on the 1993 Series A Refunding Bonds to the date of delivery thereof; (iii) The Trustee shall deposit in the 1993 Series A Refunding Bonds Reserve Account of the Bond Reserve Fund established pursuant to Section 17.11 hereof an amount equal to the Bond Reserve Requirement with respect to the 1993 Series A Refunding Bonds; and (iv) The Trustee shall deposit any and all remaining proceeds in the 1993 Series A Refunding Bonds Costs of Issuance Fund established pursuant to Section 17.12 hereof SECTION 17.11. Establishment and Application of 1993 Series A Refunding Bonds Reserve Account in Bond Reserve Fund. The Trustee shall establish, maintain and hold in trust a separate account within the Bond Reserve Fund designated as the "1993 Series A Refunding Bonds Reserve Account." Such account is established for the purpose of calculating and accounting for the amount of earnings upon the portion of the Bond Reserve Fund relating to the 1993 Series A Refunding Bonds, in order to comply with the tax covenants set forth in Sections 6.08 and 6.09 of the Indenture and the Nonarbitrage Certificate for the 1993 Series A Refunding Bonds, but for all other purposes shall be held, invested and used as an integral part of the Bond Reserve Fund as provided in Section 5.05 of the Indenture. LA1-235754. V3 8 04/06/93 SECTION 17.12. Establishment and Application of 1993 Series A Refunding Bonds Costs of Issuance Fund. (A) The Trustee shall establish, maintain and hold in a trust a separate fund designated as the "1993 Series A Refunding Bonds Costs of Issuance Fund." Amounts in the 1993 Series A Refunding Bonds Costs of Issuance Fund shall be used and withdrawn by the Trustee to pay the Costs of Issuance of the 1993 Series A Refunding Bonds. (B) Before any payment from the 1993 Series A Refunding Bonds Costs of Issuance Fund shall be made, the Commission shall file or cause to be filed with the Trustee a Requisition of the Commission stating (i) the item number of such payment; (ii) the name and address of the person to whom each such payment is due, which may be the Commission in the case of reimbursement for costs theretofore paid by the Commission; (iii) the respective amounts to be paid; (iv) the purpose by general classification for which each obligation to be paid was incurred; and (v) that obligations in the stated amounts have been incurred by the Commission or a constituent thereof and are presently due and payable and that each item thereof is a proper charge against the 1993 Series A Refunding Bonds Costs of Issuance Fund and has not been previously paid from said fund. (C) Upon receipt of each Requisition described in paragraph (B) above, the Trustee shall pay the amount set forth in such Requisition as directed by the terms thereof out of the 1993 Series A Refunding Bonds Costs of Issuance Fund. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. The Trustee shall not incur any liability for any disbursement from the 1993 Series A Refunding Bonds Costs of Issuance Fund made in reliance upon any Requisition. SECTION 17.13 Redemption of the 1991 Series A Current Interest Bonds. There is hereby designated for redemption on June 1. 2001, all of the 1991 Series A Current Interest Bonds maturing on and after June 1, 2002, in according with the Escrow Agreement and the respective supplemental resolutions authorizing the issuance thereof. Said designation for redemption shall be. and is hereby made, irrevocable after the delivery of the Series 199.3 Bonds to the initial purchasers thereof. Pursuant to the refunding instructions and the Escrow Agreement, the Trustee for the 1991 Series A Current Interest Bonds will cause notice of the redemption of all of the 1991 Series A Current Interest Bonds in accordance with the provisions of the Escrow Agreement and the provisions of the Indenture. • LA1-235754.V3 9 04/06/93 Pursuant to the refunding instructions the Trustee for the 1991 Series A Current Interest Bonds shall apply the moneys deposited with it pursuant to the Escrow Agreement for payment of the principal of, and the applicable redemption premium, if any, and interest on, the 1991 Series A Current Interest Bonds on June 1. 2001. All such moneys and obligations deposited with said Trustee under the Escrow Agreement and the income therefrom shall be held invested, and applied in accordance with the provisions of the Escrow Agreement and the refunding instructions. The Trustee for the 1991 Series A Current Interest Bonds shall execute an acknowledgement that under the Escrow Agreement it has received irrevocable deposits in trust and irrevocably appropriated and set aside exclusive for payment of the principal of, and the applicable redemption premium, if any, on, all 1991 Series A Current Interest Bonds maturing on and after June 1, 2002, moneys or Government Obligations (as defined in the Escrow Agreement) maturing as to principal and interest in such amounts and at such times as will assure the availabili of sufficient moneys to make such payments and that all necessary and proper fees, compensation, and expenses of the paving agents for the 1991 Series A Current Interest Bonds have been aid or the payment thereof has been provided for to the satisfaction of such Having agent. SECTION ^ 17.14. Use of Depository. Notwithstanding any provision of the Indenture or this Third Supplemental Indenture to the contrary: (A) The 1993 Series A Refunding Bonds shall be initially issued as provided in Section 17.01. Registered ownership of the 1993 Series A Refunding Bonds, or any portions thereof, may not thereafter be transferred except: (i) To any successor of The Depository Trust Company or its nominee, or to any substitute depository designated pursuant to clause (ii) of this subsection (A) (a "substitute depository"); provided that any successor of The Depository Trust Company or a substitute depository shall be qualified under any applicable laws to provide the service hereunder proposed to be provided by it; (ii) To any substitute depository upon (1) the resignation of The Depository Trust Company or its successor (or any substitute depository or its successor) from its functions as depository, or (2) a determination by the Commission that The Depository Trust Company or its successor (or any substitute depository or its successor) is no longer able to carry out its functions as depository; provided that any such substitute depository shall be qualified under any applicable laws to provide the services hereunder proposed to be provided by it; or LAl-235754.V3 10 04/06/93 (iii) To any person as provided below, upon (1) the resignation of The Depository Trust Company or its successor (or substitute depository or its successor) from its functions as depository; provided that no substitute depository which is not objected to by the Trustee can be obtained, or (2) a determination by the Commission that it is in the best interests of the Commission to remove The Depository Trust Company or its successor (or any substitute depository or its successor) from its function as depository. (B) In the case of any transfer pursuant to clause (i) or clause (ii) of Section 17.13(A) above, upon receipt of all Outstanding 1993 Series A Refunding Bonds by the Trustee, together with a Certificate of the Commission to the Trustee, a single new 1993 Series A Refunding Bond for each maturity shall be executed and delivered, registered in the name of such successor or such substitute depository, or their nominees, as the case may be, all as specified in such Certificate of the Commission. In the case of any transfer pursuant to clause (iii) of Section 17.13(A) above, upon receipt of all Outstanding 1993 Series A Refunding Bonds by the Trustee together with a Certificate of the Commission to the Trustee, new 1993 Series A Refunding Bonds shall be executed and delivered in such denominations and registered in the names of such persons as are requested in such a Certificate of the Commission, subject to the limitations of Section 17.01 hereof; provided the Trustee shall not be required to deliver such new 1993 Series A Refunding Bonds within a period less than sixty (60) days from the date of receipt of such a Certificate of the Commission. (C) In the case of partial redemption, cancellation or an advance refunding of any 1993 Series A Refunding Bonds evidencing all or a portion of the principal maturing in a particular year, The Depository Trust Company shall make an appropriate notation on the 1993 Series A Refunding Bonds indicating the date and amounts of such reduction in principal, in form acceptable to the Trustee. (D) The Commission and the Trustee shall be entitled to treat the person in whose name any 1993 Series A Refunding Bond is registered as the Bondholder thereof for all purposes of the Indenture, this Third Supplemental Indenture and any applicable laws, notwithstanding any notice to the contrary received by the Trustee or the Commission; and the Commission and the Trustee shall have no responsibility for transmitting payments to, communication with, notifying, or otherwise dealing with any beneficial owners of the 1993 Series A Refunding Bonds. Neither the Commission nor the Trustee will have any responsibility or obligations, legal or otherwise, to the beneficial owners or to any other party including The Depository Trust Company or its successor (or substitute depository or its successor), except for the Owner of any 1993 Series A Refunding Bond. (E) So long as all Outstanding 1993 Series A Refunding Bonds are registered in the name of "Cede & Co." or its registered assigns, the Commission and • LA1-235754.V3 11 04/06/93 • • • the Trustee shall cooperate with "Cede & Co.," as sole registered Bondholder, and its registered assigns in effecting payment of the principal or Accreted Value of, as applicable, redemption premium, if any, and interest, as applicable, on the 1993 Series A Refunding Bonds by arranging for payment in such manner that funds for such payments are properly identified and are made immediately available on the date they are due. SECTION A 17.15. Terms of 1993 Series A Refunding Bonds Subject to the Indenture. Except as expressly provided in this Third Supplemental Indenture, every term and condition contained in the Indenture shall apply to this Third Supplemental Indenture and to the 1993 Series A Refunding Bonds with the same force and effect as if the same were herein set forth at length, with such omissions, variations and modifications thereof as may be appropriate to make the same conform to this Third Supplemental Indenture. This Third Supplemental Indenture and all the terms and provisions herein contained shall form part of the Indenture as fully and with the same effect as if all such terms and provisions had been set forth in the Indenture. The Indenture is hereby ratified and confirmed and shall continue in full force and effect in accordance with the terms and provisions thereof, as supplemented and amended hereby. SECTION ^ 17.16. Effective Date of Third Supplemental Indenture. This Third Supplemental Indenture shall take effect upon its execution and delivery. SECTION ^ 17.17. Execution in Counterparts. This Third Supplemental Indenture may be executed in several counterparts, each of which shall be deemed an original, and all of which shall constitute but one and the same instrument. LA1-235754.v3 12 04/06/93 IN WITNESS WHEREOF, the parties hereto have executed this Third Supplemental Indenture by their officers thereunto duly authorized as of the day and year first written above. RIVERSIDE COUNTY TRANSPORTATION COMMISSION By (Seal) Aft EST: Clerk of the Riverside County Transportation Commission Approved as to form: General Counsel to the Riverside County Transportation Commission Executive Director BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, as Trustee By Title: Authorized Officer LA1-235754.V3 04/06/93 • • • EXHIBIT A • • • ACCRETED VALUE TABLE RIVERSIDE COUNTY TRANSPORTATION COMMISSION SALES TAX REFUNDING REVENUE BONDS (LIMITED TAX BONDS), 1993 SERIES A DELIVERY DATE: MATURITY DATE: Period Accreted Ending Value Stated Yield to Maturity: % LA1-235754.V3 A-1 04/06/93 EXHIBIT B-1 [FORM OF CURRENT INTEREST BOND] No. $ • RIVERSIDE COUNTY TRANSPORTATION COMMISSION SALES TAX REFUNDING REVENUE BONDS (LIMITED TAX BONDS), 1993 SERIES A Maturity Interest Rate Dated Per Annum Date CUSIP REGISTERED OWNER: Cede & Co. PRINCIPAL AMOUNT: RIVERSIDE COUNTY TRANSPORTATION COMMISSION, a public entity duly organized and existing under and pursuant to the laws of the State of California (the "Commission"), for value received, hereby promises to pay (but only out of the Revenues hereinafter referred to) to the registered owner named above or registered assigns, on the maturity date specified above, the principal sum specified above together with interest thereon from the date hereof until the principal hereof shall have been paid, at the interest rate per annum specified above, payable on December 1, 1993, and semiannually thereafter on June 1 and December 1 in each year. Interest hereon is payable in lawful money of the United States of America (except as otherwise provided in the hereinafter mentioned Indenture) by check mailed by first-class mail on each interest payment date to the registered owner as of the close of business on the 15th day of the calendar month immediately preceding such interest payment date. The principal hereof and premium, if any, hereon are payable when due upon presentation hereof at the corporate trust office of Bank of America National Trust and Savings Association, as trustee (together with any successor as trustee under said Indenture, the "Trustee"), in Los Angeles, California, in lawful money of the United States of America. This Bond is one of a duly authorized issue of Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds) (the "Bonds") of the series and designation indicated on the face hereof. Said authorized issue of Bonds is limited in aggregate principal amount as provided in said Indenture, and consists or may consist of one or more series of varying denominations, dates, maturities, interest rates and other provisions, as in said Indenture provided, all issued and to be issued pursuant to the provisions of the LA1-235754.V3 B-1-1 04/06/93 • Riverside County Transportation Sales Tax constituting Division 25 of the California Public Utilities Code (the "Law"). This Bond is issued pursuant to an indenture dated as of January 1, 1991 providing for the issuance of the Bonds, the first supplemental indenture dated as of January 1, 1991, the second supplemental indenture dated as of January 1, 1993 and the third supplemental indenture dated as of 1, 1993, each by and between the Trustee named therein and the Commission, authorizing the issuance of the Commission's Bonds (said indenture as amended and supplemented, being the "Indenture"). Reference is hereby made to the Indenture and to the Law for a description of the terms on which the Bonds are issued and to be issued, the provisions with regard to the nature and extent of the Revenues (as that term is defined in the Indenture), and the rights of the registered owners of the Bonds; and all the terms of the Indenture and the Law are hereby incorporated herein and constitute a contract between the Commission and the registered owner from time to time of this Bond, and to all the provisions thereof the registered owner of this Bond, by its acceptance hereof, consents and agrees. Additional Bonds may be issued, and indebtedness may be incurred, on a parity with the Bonds of this authorized issue, but only subject to the conditions and limitations contained in the Indenture. The Bonds and the interest thereon (to the extent set forth in the Indenture), together with the Parity Debt (as defined in the Indenture) hereafter issued by the Commission, and the interest thereon, are payable from, and are secured by a charge and lien on, the Revenues derived by the Commission from the transactions and use tax imposed pursuant to the Law. All of the Bonds and Parity Debt are equally secured by a pledge of, and charge and lien upon, all of the Revenues, and the Revenues constitute a trust fund for the security and payment of the interest on and principal of the Bonds; but nevertheless out of Revenues certain amounts may be applied for other purposes as provided in the Indenture. The Bonds are limited obligations of the Commission and are payable, both as to principal and interest, and as to any premium upon the redemption thereof, out of the Revenues and certain funds held by the Trustee under the Indenture. The general fund of the Commission is not liable, and the credit or taxing power of the Commission is not pledged (other than as described above), for the payment of the Bonds or their interest. The Bonds are not secured by a legal or equitable pledge of, or charge, lien or encumbrance upon, any of the property of the Commission or any of its income or receipts, except the Revenues. No holder of this Bond shall ever have the right to compel any exercise of the taxing power of the Commission to pay this Bond or the interest hereon. The 1993 Series A Refunding Current Interest Bonds maturing on or before June 1, ^ 200 shall not be subject to redemption prior to their respective stated maturities. The 1993 Series A Refunding Current Interest Bonds maturing on LA1-235754.V3 B-1-2 04/06/93 or after June 1, " 220 shall be subject to redemption prior to their respective stated maturities, at the option of the Commission, from any source of available funds, as a whole at any time, or in part, on any interest payment date (by such maturities as may be specified by the Commission and by lot within a maturity), on or after June 1, " 20 at the following redemption prices (computed upon the principal amount of 1993 Series A Refunding Current Interest Bonds called for redemption), plus accrued interest to the date fixed for redemption: Redemption Period (Both Dates Inclusive) June 1, A 20 through May 31, A 20 June 1, A 20 through May 31, A 20 June 1, A 20 and thereafter Redemption Price Series 1993 A Refunding Current Interest Bonds maturing on June 1, shall also be subject to redemption prior to their stated maturity, in part, by lot, from mandatory sinking account payments required by and as specified in the Third Supplemental Indenture, on any June 1 on or after June 1, 20_, at the principal amount thereof plus accrued interest thereon to the date fixed for redemption, without premium. This Bond is transferable or exchangeable for other authorized denominations by the registered owner hereof, in person or by its attorney duly authorized in writing, at the corporate trust office of the Trustee in Los Angeles, California, but only in the manner, subject to the limitations and upon payment of the charges provided in the Indenture, and upon surrender and cancellation of this Bond. Upon such transfer a new fully registered Bond or Bonds without coupons, of authorized denomination or denominations, of the same series, tenor, maturity and interest rate for the same aggregate principal amount will be issued to the transferee in exchange heretofore. The Commission, the Trustee and any paying agent may deem and treat the registered owner hereof as the absolute owner hereof for all purposes, and the Commission, the Trustee and any paying agent shall not be affected by any notice to the contrary. The rights and obligations of the Commission and of the holders and registered owners of the Bonds may be modified or amended at any time in the manner, to the extent, and upon the terms provided in the Indenture, which provide, in certain circumstances, for modifications and amendments without the consent of or notice to the registered owners of Bonds. LA1-235754.V3 B-1-3 04/06/93 • • It is hereby certified and recited that any and all acts, conditions and things required to exist, to happen and to be performed, precedent to and in the incurring of the indebtedness evidenced by this Bond, and in the issuing of this Bond, do exist, have happened and have been performed in due time, form and manner, as required by the Constitution and statutes of the State of California, and that this Bond, together with all other indebtedness, of the Commission pertaining to the Revenues, is within every debt and other limit prescribed by the Constitution and the statutes of the State of California, and is not in excess of the amount of Bonds permitted to be issued under the Indenture or the Law. This Bond shall not be entitled to any benefit under the Indenture, or become valid or obligatory for any purpose, until the certificate of authentication hereon endorsed shall have been manually signed by the Trustee. IN WITNESS WHEREOF, THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION has caused this Bond to be executed in its name and on its behalf by its Executive Director and countersigned by its Clerk, and the seal of the Commission to be impressed hereon, and this Bond to be dated as of the day of , 1993. (SEAL) Attest: Clerk of the Riverside County Transportation Commission LA1-235754.V3 RIVERSIDE COUNTY TRANSPORTATION COMMISSION By Executive Director B-1-4 04/06/93 [FORM OF CERllhICATE OF AUTHENTICATION AND REGISTRATION] This is one of the Bonds described in the within -mentioned Indenture and registered on the date set forth below. Dated: SECURITY PACIFIC NATIONAL BANK, as Trustee By Authorized Signatory [FORM OF ASSIGNMENT] For value received hereby sell, assign and transfer unto the within Bond and hereby irrevocably constitute and appoint attorney, to transfer the same on the books of the Commission at the office of the Trustee, with full power of substitution in the premises. Dated: Signature Guaranteed by: LA1-235754.V3 NOTE: The signature to this Assignment must correspond with the name on the face of the within Registered Bond in every particular, without alteration or enlargement or any change whatsoever. NOTE: Signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. B-1-5 04/06/93 • • EXHIBIT B-2 • • No. [FORM OF CAPITAL APPRECIATION BOND] RIVERSIDE COUNTY TRANSPORTATION COMMISSION SALES TAX REFUNDING REVENUE BONDS (LIMITED TAX BONDS), 1993 SERIES A Maturity Interest Rate Dated Per Annum Date CUSIP REGISTERED OWNER: Cede & Co. PRINCIPAL AMOUNT: RIVERSIDE COUNTY TRANSPORTATION COMMISSION, a public entity duly organized and existing under and pursuant to the laws of the State of California (the "Commission"), for value received, hereby promises to pay (but only out of the Revenues hereinafter referred to) to the registered owner named above or registered assigns, on the maturity date specified above, the principal sum specified above together with interest thereon from the date hereof until the principal hereof shall have been paid, at the yield to maturity specified above, payable at maturity. The Accreted Value hereof and premium, if any, hereon are payable when due upon presentation hereof at the corporate trust office of Bank of America National Trust and Savings Association, as trustee (together with any successor as trustee under said Indenture, the 'Trustee"), in Los Angeles, California, in lawful money of the United States of America. This Bond is one of a duly authorized issue of Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds) (the "Bonds") of the series and designation indicated on the face hereof. Said authorized issue of Bonds is limited in aggregate principal amount as provided in said Indenture, and consists or may consist of one or more series of varying denominations, dates, maturities, interest rates and other provisions, as in said Indenture provided, all issued and to be issued pursuant to the provisions of the Riverside County Transportation Sales Tax constituting Division 25 of the California Public Utilities Code (the "Law"). This Bond is issued pursuant to an indenture dated as of January 1, 1991 providing for the issuance of the Bonds, the first supplemental indenture dated as of January 1, 1991, the second supplemental indenture dated as of January 1, 1993 and the third supplemental indenture dated as LA1-235754.V3 B-2-1 04/06/93 of 1, 1993, each by and between the Trustee and the Commission, authorizing the issuance of the Commission's Bonds (said indenture as amended and supplemented, being the "Indenture"). Reference is hereby made to the Indenture and to the Law for a description of the terms on which the Bonds are issued and to be issued, the provisions with regard to the nature and extent of the Revenues (as that term is defined in the Indenture), and the rights of the registered owners of the Bonds; and all the terms of the Indenture and the Law are hereby incorporated herein and constitute a contract between -the Commission and the registered owner from time to time of this Bond, and to all the provisions thereof the registered owner of this Bond, by its acceptance hereof, consents and agrees. Additional Bonds may be issued, and indebtedness may be incurred, on a parity with the Bonds of this authorized issue, but only subject to the conditions and limitations contained in the Indenture. The Bonds and the interest thereon (to the extent set forth in the Indenture), together with the Parity Debt (as defined in the Indenture) hereafter issued by the Commission, and the interest thereon, are payable from, and are secured by a charge and lien on, the Revenues derived by the Commission from the transactions and use tax imposed pursuant to the Law. All of the Bonds and Parity Debt are equally secured by a pledge of, and charge and lien upon, all of the Revenues, and the Revenues constitute a trust fund for the security and payment of the interest on and principal of the Bonds; but nevertheless out of Revenues certain amounts may be applied for other purposes as provided in the Indenture. The Bonds are limited obligations of the Commission and are payable, both as to principal and interest, and as to any premium upon the redemption thereof, out of the Revenues and certain funds held by the Trustee under the Indenture. The general fund of the Commission is not liable, and the credit or taxing power of the Commission is not pledged (other than as described above), for the payment of the Bonds or their interest. The Bonds are not secured by a legal or equitable pledge of, or charge, lien or encumbrance upon, any of the property of the Commission or any of its income or receipts, except the Revenues. No holder of this Bond shall ever have the right to compel any exercise of the taxing power of the Commission to pay this Bond or the interest hereon. The Series 1993 A Refunding Capital Appreciation Bonds maturing shall not be subject to redemption prior to their respective stated maturities. This Bond is transferable or exchangeable for other authorized denominations by the registered owner hereof, in person or by its attorney duly authorized in writing, at the corporate trust office of the Trustee in Los Angeles, California, but only in the manner, subject to the limitations and upon payment of the charges provided in the Indenture, and upon surrender and cancellation of this LA1-235754.V3 B-2-2 04/06/93 • • • • Bond. Upon such transfer a new fully registered Bond or Bonds without coupons, of authorized denomination or denominations, of the same series, tenor, maturity and interest rate for the same aggregate principal amount will be issued to the transferee in exchange heretofore. The Commission, the Trustee and any paying agent may deem and treat the registered owner hereof as the absolute owner hereof for all purposes, and the Commission, the Trustee and any paying agent shall not be affected by any notice to the contrary. The rights and obligations of the Commission and of the holders and registered owners of the Bonds may be modified or amended at any time in the manner, to the extent, and upon the -terms provided in the Indenture, which provide, in certain circumstances, for modifications and amendments without the consent of or notice to the registered owners of Bonds. It is hereby certified and recited that any and all acts, conditions and things required to exist, to happen and to be performed, precedent to and in the incurring of the indebtedness evidenced by this Bond, and in the issuing of this Bond, do exist, have happened and have been performed in due time, form and manner, as required by the Constitution and statutes of the State of California, and that this Bond, together with all other indebtedness, of the Commission pertaining to the Revenues, is within every debt and other limit prescribed by the Constitution and the statutes of the State of California, and is not in excess of the amount of Bonds permitted to be issued under the Indenture or the Law. This Bond shall not be entitled to any benefit under the Indenture, or become valid or obligatory for any purpose, until the certificate of authentication hereon endorsed shall have been manually signed by the Trustee. LA1-235754.V3 B-2-3 04/06/93 IN WITNESS WHEREOF, THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION has caused this Bond to be executed in its name and on its behalf by its Executive Director and countersigned by its Clerk, and the seal of the Commission to be impressed hereon, and this Bond to be dated as of the day of , 1993. (SEAL) Attest: Clerk of the Riverside County Transportation Commission LA1-235754.V3 RIVERSIDE COUNTY TRANSPORTATION COMMISSION By Executive Director B-2-4 04/06/93 • • • • • [FORM OF CER'11FICATE OF AUTHENTICATION AND REGISTRATION] This is one of the Bonds described in the within -mentioned Indenture and registered on the date set forth below. Dated: SECURITY PACIFIC NATIONAL BANK, as Trustee By Authorized Signatory [FORM OF ASSIGNMENT] For value received hereby sell, assign and transfer unto the within Bond and hereby irrevocably constitute and appoint attorney, to transfer the same on the books of the Commission at the office of the Trustee, with full power of substitution in the premises. Dated: Signature Guaranteed by: LA1-235754.V3 NOTE: The signature to this Assignment must correspond with the name on the face of the within Registered Bond in every particular, without alteration or enlargement or any change whatsoever. NOTE: Signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. B-2-5 04/06/93 - ----- COMPARISON OF FOOTERS -FOOTER 1- LAl ^ 235754.V304106193 - FOOTER 2- -FOOTER 3 - Footer Discontinued - FOOTER 4- A-# - FOOTER 5 - Footer Discontinued -FOOTER 6- B-1-# -FOOTER 7- Footer Discontinued -FOOTER 8- B-2-# LA1-235754.V3 B-2-6 04/06/93 • • • DATE: January 5, 1994 • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION TO: Administrative Committee Budget and Finance Committee FROM: Dean Martin, Controller THROUGH: Jack Reagan, Executive Director SUBJECT: Single Signature Authority Report For the period ending December 31, 1993, three contracts were executed under single signature authority granted to the Executive Director by the Commission. Those contracts are outlined on the attached report. There remains approximately $18,500 capacity to enter into additional contracts for the remainder of the fiscal year. For the first six months of the fiscal year, the entire capacity was not utilized. There was an unexpended and expired capacity of $48,000. Staff Recommendation: That the Commission receive and file. :jw Attachment F:\USERS\PREPRINT\JAN.94\SINSIG.DM • • • • • CONSULTANT JULY THRU DECEMBER 1993 Crockettt Ente rprises Beve rly Co peland Tetra Tech, Incorpora ted E. Robert Freeman TOTAL AMOUNT AVAILABLE JANUARY 1, 1923 THRU DECEMBER 31, 1993 CONTRACTS AUTHORIZED UNDER SINGLE SIGNATURE AUTHORITY AS OF DECEMBER 31, 1993 DESCRIPTION CONTRACT EXPENDED RE MAINING OF SERVICES AMOUNT A MOUNT BALANCE Consulting service with the Orange County Transportation Coalition. Consulting servic e f or revision of Measure A Specialized Transit application. Perform a preliminary hazardous waste investigati on at the Latimer Grain Mill property. 10,000 1,500 10,000 Appraisal Service 10,000 31,500 50,000 AM OUNT REM AINING THRU DECEMBER 31, 1993 18,500 862 9,138 1,000 500 0 10,000 1,400 8,600 3,262 28,238 • • DATE: • RIVERSIDE COUNTY TRANSPORTATION COMMISSION January 5, 1994 TO: Budget and Finance Committee Administrative Committee FROM: Jack Reagan, Executive Director SUBJECT: Continued Item - Proposed Staffing to Proceed with Projects in Riverside County During its December 8, 1993 meeting, the Commission considered a proposal to provide reimbursable services of RCTC contract employees to Caltrans to expedite project development. The PECG vs. Caltrans ruling, and subsequent rulings, limits Caltrans ability to contract directly, or indirectly through local agencies, for consultant services; no such limitation exists for reimbursable work performed for Caltrans by local agencies' employees. The Commission acted to generally support the proposal, and directed RCTC and Caltrans to work out a more specific proposal and contract for reimbursable services. The most immediate opportunity for such services is to assist Caltrans District 11 to expedite the Route 86 projects; twelve (12) person years of RCTC employee assistance could trim approximately one-year from the schedule of required work. Immediately following the meeting, Gary Gallegos, Director of Caltrans District 11 inquired if it might be possible for RCTC to perform the work in FY 1993-94 with reimbursement of its employee costs in FY 1994-95. The purpose of this item is to determine the Commission's willingness to execute and agreement to provide services subject to deferred reimbursement. Staff Recommendation: That the Commission: 1) Indicate willingness to provide RCTC contract employee services in FY 1993- 94, subject to an agreement for reimbursement in FY 1994-95; 2) And Caltrans should negotiate an agreement for reimbursement of required services; and 3) Proceed with recruiting for contract employees to meet the requirements of Caltrans District 11. :jw F:\USERS\PREPRINT\JAN.94\CONTEMPL.JR DATE: • RIVERSIDE COUNTY TRANSPORTATION COMMISSION January 5, 1994 TO: Administrative Committee Budget and Finance Committee FROM: Paul Blackwelder, Deputy Executive Director SUBJECT: Gilman Grade Separation Project In October 1993 Caltrans District 08 requested and the Commission approved an advance of up to $ 1 million in Measure A funds to proceed with the purchase of right of way necessary for the Gilman Springs/Route 79 Grade Separation Project. The Commission approval was based on Caltrans providing assurance that RCTC would be reimbursed early in FY 1994/95. Caltrans requested this assistance in order to be able to use the shorter RCTC right of way process for purchase of the Gilman Springs interchange project, such that the interchange would be constructed with the Route 79 (Lambs Canyon) project which has a June 30, 1994 SB 300 bid deadline. Based on a review of the two projects and their cost estimates, we expect that by constructing both projects under one construction contract could result in a savings of up $2.6 million. Written information regarding reimbursement we have received from Caltrans to date does not provide adequate time specific assurance for reimbursement to RCTC based on the near term shortages for state revenues. District 08 staff will meet with the federal agencies prior to the Budget/Finance and Administrative Committee meetings in hopes of getting their sign off for the project. If the federal agencies determine they can grant environmental approval for the Grade Separation project, Caltrans will be able to provide a much higher level of assurance to the Commission regarding reimbursement for the advanced expenditure for the project. Since we are not sure which way the federal decision will fall, and since approval by the federal agencies may in fact solve the potential problem, staff will have to provide a verbal update at the Committee meetings and submit the written report to the Commission in the Commission Meeting Agenda materials. F:\USERS\PREPRINT\JAN.94\GILMAN.PB Page 2 Staff Recommendation: That the Commission discuss and take possible action based on the results of efforts to obtain federal environmental approval for the Gilman Grade Separation project. :jw F:\USERS\PREPRINT\JAN.94\GILMAN.PB • • DATE: • RIVERSIDE COUNTY TRANSPORTATION COMMISSION TO: FROM: THROUGH: SUBJECT: January 5, 1994 Administrative Committee Budget and Finance Committee Tom Horkan, Bechtel Project Manager Jack Reagan, Executive Director Cost Revisions for Press Enterprise Work - Final Bid Numbers In September of 1993, Staff brought forward an agenda item to reconstruct the Press - Enterprise facilities. The facilities had been disrupted as part of the acquisition of property for needed rail improvements for the Riverside -Downtown Commuter Rail Station and operation of Commuter Rail on Union Pacific tracks. The item included work to be completed on Press -Enterprise property, reconstruction of Vine Street adjacent to the Press property, other street work on Howard and Prospect, and traffic signal installation at the intersection of Vine and Cridge. The construction cost for the Press -Enterprise on -site work was estimated to be $650,000 with final costs numbers to be verified by final bids. The Commission was asked to approve and authorize the Executive Director to enter into, an agreement with the Press -Enterprise for payment of the Press reconstruction. These funds would come from the Measure A Rail program. Staff has been moving towards finalizing the agreement with the Press -Enterprise, and the Press has been receiving final bids for the work, and accounting for all costs involved with the reconstruction. The final costs submitted by the Press -Enterprise are greater than the originally estimated $650,000. The final cost numbers are from actual bids from contractors, and costs incurred by the Press -Enterprise that would be attributable to the necessary reconstruction of the facilities. The current estimated total (construction, construction management, permits, fees, testing and inspection) is $868,850. The difference in costs are accounted for by two factors: 1. The original construction cost estimate staff reported did not include administrative, permitting, fees, testing and inspection services. F:\USERSIPREPRINT\JAN.941PRESS-ENT.TH Page 2 2. The Press -Enterprise had originally envisioned completing the street work on Vine Street adjacent to their facility. This work will now be completed by the City of Riverside and therefore eligible for State TCI (Transit Capital Improvement) funds. RCTC will receive the benefit of State reimbursement for this work, estimated at $250,000. The Press -Enterprise will however incur some additional cost not included in the original September of 1993 estimate. The additional cost will be in staging of work, to be done in conjunction with the City of Riverside contractor, and in additional mobilization costs caused by the staging. Bechtel staff is currently checking bids and other costs submitted by the Press - Enterprise for Commission reimbursement. Staff will update at the Budget and Finance and Administrative Committee meetings on the final results. The Press - Enterprise is ready to begin construction and signature of the Letter of Agreement is the final step to commence the work. The Letter of Agreement is attached with Exhibit A giving a breakdown of the Press -Enterprise costs. This cost was not budgeted in the FY 93/94 budget. Costs were included in the FY 92/93 budget as the work was originally slated to be completed by June of 1993. The funds will be Measure A Rail funds and come from contingency amount in the FY 93/94 budget. Staff Recommendation: That the Commission authorize the Executive Director to enter into the attached letter of Agreement with the Press -Enterprise for completion of reconstruction of Press - Enterprise facilities. The current total estimated cost is $868,850. Staff also recommends allocation of a 15% contingency of $130,000 for change orders to be authorized by the Executive Director for completion of the work. TH:jw Attachment F:\USERS\PREPRINTIJAN.94\PRESS-ENT.TH • • BEST, BEST & KRIEGER A ♦NRN[RiM MMAIDMO NOFnOWNAL CORPORATION{ LAWYERS • • • ARTHUR L. UTTLEWORTH• GLEN E. STEPHENS• WILLIAM R. D.WOLFE• BARTON C. GAUT• PAUL T. SELZER• DALLAS HOLMES• CHRISTOPHER L. CARPENTER* RICHARD T. ANDERSON` JOHN D. WAHLIN• MICHAEL D. HARRIS. W. CURT EALY• THOMAS S. SLOVAK* JOHN E. BROWN• MICHAEL T. RIDDELL• MEREDITH A. JURY. MICHAEL GRANT* FRANCIS J. BAUM` ANNE T. THOMAS• D. MARTIN NETHERY• GEORGE M. REYES WILLIAM W. FLOYD, JR. GREGORY L. HARDKE KENDALL H. M.cVEY CLARK H. ALSO!** DAVID J. ERWIN• MICHAEL J. ANDELSON` • • PROF ORIONAl-CORPORATION DOUGLAS S. PHILLIPS. ANTONIA ORAPHOS GREGORY K. WILKINSON WYNNE S. FURTH DAVID L. BARON GENE TANAKA BASIL T. CHAPMAN TIMOTHY M. CONNOR VICTOR L. WOLF DANIEL E. OUVIER DANIEL J. MCHUGH HOWARD 8. GOLDS STEPHEN P. DEITSCH MARC E. EMPEY JOHN R. ROTTSCHAEFER MARTIN A. MUELLER J. MICHAEL SUMMEROUR VICTORIA N. KING JEFFERY J. CRANDALL SCOTT C. SMITH JACK B. CLARKE. JR. BRIAN M. LEWIS BRADLEY E. NEUFELD SHARYL WALKER PETER M. BARMACK JEANNETTE A. PETERSON ELISE K. TRAYNUM WILLIAM D. DAHUNG, JR. MATT H. MORRIS JEFFREY V. DUNN STEVEN C. D.BAUN ERIC L. GARNER DENNIS M. COTA RACHELLE .1. NICOLLE ROBERT W. HARGREAVES JANICE L WEIS PATRICK H. W. F. PEARCE KIRK W. SMITH JASON D. OABAREINER KYLE A. SNOW MARK A. EASTER DIANE L. FINLEY MICHELLE OUELLETTE DAVID P. PHIPPEN, SR. SUSAN C. NAUSS CHRISTOPHER DODSON BERNIE L. WILUAMSON ELAINE E. HILL KEVIN K. RANDOLPH JAMES B. GILPIN MARSHALL S. RUDOLPH KIM A. BYRENS CYNTHIA M. GERMANO MARY E. GILSTRAP GLENN P. SABINE CHRISTINE L. RI ;HARDSON JOANE GARCIA-COLSON PHILIP .1. KOEHLER DIANE C. WIESE REBECCA MARES DURNET DOROTHY I. ANDERSON G. HENRY WELLES JAMES R. HARPER DINA 0. HARRIS BARBARA R. BARON RICHARD T. EGGER PATRICK D. DOLAN DEAN R. DERLETH HELENE P. DREYER EMILY P. HEMPHILL SONIA RUBIO SHARMA JOHN 0. PINKNEY RAYMOND BEST (1868-1957) JAMES H. KRIEGER (1913-1975) EUGENE BEST (1893-1981) January 3, 1994 Mr. Jack Reagan Executive Director Riverside County Transportation Commission 3560 University Avenue, Ste. 100 Riverside, CA 92501 Ms. Marcia McQueen President and Executive Editor The Press -Enterprise 3512 Fourteenth Street Riverside, CA 92501 Gentlemen: 400 MISSION SQUARE' 3730 UNIVERSITY AVENUE POST OFFICE SOX 1028 RIVERSIDE, CALIFORNIA 92502-1028 TELEPHONE (909) 686-1450 TELECOPIERS (909) 686-3083 • 682-4612 OF COUNSEL JAMES B. CORISON OFFICES IN PALM SPRINGS (619)325-7264 RANCHO MIRAGE (619)568-2811 ONTARIO (909) 989-8584 Re: Letter Agreement -- RCTC/Press-Enterprise Transaction The purpose of this letter is to confirm the transactions between RCTC and the Press -Enterprise which have already taken place and to set forth the understanding of both parties regarding those matters which still need to be finalized. A brief review of the facts and circumstances is as follows: A. RCTC has recently completed construction of commuter rail station facilities in the downtown Riverside area. One of the tracks (upon which commuter rail trains are stored) crosses property formerly owned by the Press -Enterprise and previously used by it as a paint and body shop ("Body Shop Property"). In cooperation with RCTC (and in lieu of condemnation), the Press -Enterprise conveyed this property to RCTC on October 22, 1992. LAW OFFICES OF BEST, BEST & KRIEGER Mr. Jack Reagan Ms. Marcia McQueen January 3, 1994 Page 2 B. As consideration for conveyance of the Body Shop Property from the Press Enterprise to RCTC, RCTC has acquired and conveyed to the Press -Enterprise (1) the Quinlan Property (located at the southeast corner of Vine and Prospect), and (2) the Armenta Property (located at the southwest corner of Vine and Prospect). These properties were conveyed by RCTC to the Press -Enterprise on October 22, 1992 and December 21, 1992, respectively. C. The City of Riverside (the "City") has agreed to vacate a portion of Vine Street (resulting in a 28 foot street width between Cridge and Prospect Streets) in order to facilitate the more efficient utilization by the Press - Enterprise of its properties bordering Vine Street. "'Inasmuch as RCTC's commuter rail activities have caused the relocation of the Press -Enterprise's paint and body shop facility and have otherwise affected the operation of all of its fleet maintenance activities in this area, RCTC and the Press - Enterprise have agreed upon the following allocation of costs and responsibilities with respect to the relocation and reconstruction of such facilities. 1. Demolition/Relocation of Building. Tilden -Coil has completed demolition of the building located on the Body Shop Property (the "Building"). RCTC has agreed to pay the costs associated with the demolition of the Building and its reconstruction upon property owned by the Press -Enterprise immediately to the north of the Body Shop Property. In addition to the cost of demolition and reconstruction, relocation costs also include expenses for rental by the Press -Enterprise of a substitute paint and body shop facility on Brockton Avenue in Riverside. Such substitute facility is being leased by the Press -Enterprise on a month -to -month basis, at the rate of Nine Hundred Dollars ($900.00) per month. These expenses will also include moving expenses, the cost of permits and similar associated costs. 2. Public Improvements. RCTC will have completed by separate forces all "street work" within the public rights -of -way. This will include: demolition of existing street improvements (as necessary), construction of curbs and gutters, grading and paving, cross gutters, relocation of palm trees on Armenta Property, construction of driveway aprons, utility relocation, landscaping, irrigation and construction of street light on Cridge. All of the foregoing will be constructed in accordance with City approved plans. • • • LAW OFFICES OF BEST, BEST & KRIEGER • Mr. Jack Reagan Ms. Marcia McQueen January 3, 1994 Page 3 3. Additional Demolition/Improvements. The Press - Enterprise owns a corrugated metal building, sometimes referred to as the "mop factory," located immediately adjacent to (the south of) the Quinlan Property. Those activities now carried out by the Press -Enterprise in the mop factory will be transferred to the Quinlan Property, and in order to compensate for parking which is being lost as a result of the relocation of the Building, the metal building is to be demolished and the mop factory property is to be graded and a parking lot is to be constructed thereon. The Armenta Property will also be graded and parking improvements will be constructed thereon, in order to further alleviate the loss of parking which has resulted from the relocation of the Building. These parking improvements on the Armenta Property and the mop factory will include grading, paving, concrete, landscaping, irrigation, lighting, fencing and security. 4. Costs/Budget. RCTC will pay all costs associated with the demolition and relocation of the Building and costs of street improvements as described above. A proposed budget for the construction costs described above is attached as Exhibit "A". Prior to the date of this Agreement, RCTC, through funds deposited in Best, Best & Krieger's Trust Account, has reimbursed certain expenses to the Press - Enterprise. As of the date of this Agreement, the total amount which has been reimbursed to the Press -Enterprise by RCTC is $ . Following the execution of this Agreement, reimbursements to the Press -Enterprise for payments to contractors, subcontractors, material suppliers, architects and engineers will be paid by RCTC in accordance with Exhibit "A" and based upon submission by the Press -Enterprise of approved invoices, paid invoices and mechanic's lien waivers, as appropriate. 5. Legal Representation. The parties each acknowledge that the law firm of Best, Best & Krieger continues to represent both parties with respect to the matters described in this letter, pursuant to written waivers from each party. I am providing you each with two copies of this letter. Once this letter has been signed by both of you, it is intended to constitute a binding agreement between RCTC and the Press -Enterprise. If you feel that this letter accurately represents the agreement which has been reached, please so indicate by signing in the spaces below and returning one signed copy of this letter to me. I will then provide that LAW OFFICES OF BEST, BEST & KRIEGER Mr. Jack Reagan Ms. Marcia McQueen January 3, 1994 Page 4 copy to the other party, so that each of you will have fully executed counterparts. Please contact me immediately if you feel that this letter agreement is inaccurate or incomplete in any respect. Ve]N,tru ichael t;ra of Best, Best & Krieger MG/dk153706 Enclosure On behalf of the Riverside County Transportation Commission, I hereby acknowledge and agree to the foregoing. By: Jack Reagan, Executive Director On behalf of The Press -Enterprise, we hereby acknowledge and agree to the foregoing. By: By: Marcia McQueen, President and Executive Editor Howard Owens, Operations Director • • • • EXHIBIT "A" • TILDEN-COIL CONSTRUCTORS, INC. PRESS ENTERPRISE VEHICLE BODY SHOP ?•GILDING AND ONSITE IMPROVEMENTS DECEMBER 16, 1993 ESTIMATE DESCRIPTIPN OF WORK A.) VEHICLE BODY SHOP BUILDING 1. Structural Concrete 2. Reinforcing Steel 3. Masonry 4. -.Metal Building 5. Misc. Metals 6. Rough Carpentry 7. Hollow Metal Doors & Frames 8. Overhead and Canopy Doors 9. Finish Hardware 10. Finish Carpentry 11. Painting and CMU Waterproofing 12. Flooring 13. Plumbing 14. Fire Sprinklers 15. H V A C 16. Security System 17. Electrical 18. Misc. Specialties SUB - TOTAL B.) ONSITE IMPROVEMENTS 1. Remove / Relocate Trees 2. Demolition, Rough Grade and Fine Grade 3. Relocate Existing Pole 4. Store Drain System Under Sidewalk Drains 6. Onsite and Offsite Concrete 7. Chain Link Fence and Gates �. Asphalt Paving, Redwood Header, and Seal Coat a. Landscape and Irrigation O. Line Stripe, Wheel Stops, and Handicap Signs 11. Site Masonry 12. Asbestos Abatement ! ^iop Factory) 50,816.00 9,450.00 52,000.00 76,488.00 11,700.00 20,129.00 3,525.00 3,277.00 2,593.00 1,630.00 14,721.00 2,175.00 33,550.00 11,150.00 9,555.00 11,330.00 62,208.00 13,924.00 * 390,221.00 INC. WITH LANDSCAPE 47,805.00 * INC. WITH ELECTRICAL DELETED FROM TCC SCOPE 5,700.00 48,012.00 * 42,093.00 55,655.00 * 37,576.00 3,240.00 16,750.00 960.00 * • • • • • TILDEN—COIL CONSTRCCTGRS, INC. PRESS ENTERPRISE VEHICLE BODY SHOP BUILDING AND ONSITE IMPROVEMENTS DECEMBER 16, 1993 DESCRIPTIPN OF (WORK ESTIMATE SUB —TOTAL SUB —TOTAL A F. B 257,791.00 648,012.00 TCC PRECONSTF:CCTION SERVICES 23 220.00 * GENERAL CONDITIONS SUPERVISION 81,337.00 OVERHEAD 60 38,880.72 PROFIT 4`s 25,920.48 INSURANCE 1% 6,480.12 BONDS N/A CONTINGENCY 25,000.00 SUB —TOTAL PERMITS AND FEES (ALLOWANCE) TESTING AND INSPECTION (ALLOWANCE) . TOTAL 848,850.32 30,000.00 15,000.00 893,850.32 • DATE: January 5, 1994 • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION TO: Administrative Committee Budget and Finance Committee FROM: Tom Horkan, Bechtel Project Manager THROUGH: Jack Reagan, Executive Director SUBJECT: City of Perris RCTC Property - Conceptual Site Plan and Specific Plan Amendment Background With the RCTC acquisition of the San Jacinto Branch Line from Santa Fe, RCTC also acquired approximately 14 acres in Downtown Perris. This property contains the railroad right-of-way, plus additional property currently being leased to the City of Perris and various private property owners. The City of Perris completed a Specific Plan of the Downtown Area in 1993. The plan had called for the area RCTC owns to be generally open space. Staff felt that this plan ignores the potential ability for mixed use with a future rail station site, that could benefit RCTC and the City of Perris. Staff has been working with City of Perris staff on Specific Plan Amendment to allow a commercial\office use designation for the property. The Commission previously approved a contract with ICF Kaiser to prepare conceptual site plan alternatives for the property. This planning effort was to include study of alternatives for rail line location, future commuter rail station facilities, and the potential for mixed use development on the RCTC property. The study also examined the interrelationship between the RCTC property and the adjacent property owners, some of whom are reliant on the RCTC owned land for parking. Study Results Staff has worked with the consulting team and a Project Advisory Committee consisting of representatives from the City of Perris, SCRRA, RTA, WRCOG, County of Riverside, ATS&F, the Perris Valley Historical and Museum Association, Old Perris Downtown Association, and adjacent property owners. F:\USERS\PREPRINTIJAN.941PERRIS1.TH Page 2 The advisory committee has assisted staff and the consulting team in development of a proposed phased approach to development of the property in the City of Perris. Phase I consists of improving the current track through the property, construction of a new siding for serving the ne • • • • • I FYN SV y1.'uR t✓1 it- r —Wn .4.10..buw•e T--1 0/.. ..w ;, 0/„.' 7/•` . ... .... .... .«... ..�.... ......... .. II .1011100a YiuT GNC4f.y..T faCa;u,. 1.10.1 110,0 -- �n c.rtw �nlur wu wc.oT..o0 1 r YR.0 ttka :7Y:'Gn a MAC W 44101 'I♦ .,e ,... .. I w•• <.,. .�. .� Zip."... _• _ w,- a0/ F•0411117 S.0 VOW Sae op may M SO UL ./a •R 71 Apseyslr 1WAI V traT 000/0).01 ' NOW 0001 sr wt. IKLT11., .01' 71/Igen.11if "i y I FT see. 4 .0r J /.001I�yT 1.0.160-1 -a-L=1.-Lr/6 pr— i m NO COMMUTER R AIL STATI ON 11 . STREET PHASE I r.w-♦ Kw Kw/1I IM1iM11ws litr .a 1 ST./ • pYF+r N.�11 6TH I t tt � 1IIT . IN♦, tart I Tr t`! 7MN IW' ,fritid t I 'fica Ptlif "l 12ND -- •itet- ., tt1FI. rt .. 11 I-- 1ST • C. STREET IF ] NEW COMMUTER RAIL STATION WITH JOINT DEVELOPMENTS /CF KA,SOR PHASE II 6N6/NEERr. SD 0 . VDfl_ iH _I . II 'Cal � nm Ot+G DATE: • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION January 5, 1994 TO: Administrative Committee Budget and Finance Committee FROM: Jack Reagan, Executive Director SUBJECT: Caltrans District 11 Proposal to Rescind Fund Allocation for Route 86 Project I have been advised by Gary Gallegos, Director of Caltrans District 11, that Caltrans will ask the California Transportation Commission (CTC) to rescind its prior vote to allocate funding for the Route 86 project. When projects are nearing advertising, CTC allocates funds to STIP programmed projects, and this was done for the Route 86 project in the Spring of 1993 in anticipation of advertisement for bid prior to June 30, 1993. Unfortunately the requirement for preparation of a full Supplemental Environmental Impact Statement (SETS) for the project will involve a delay of at least two to three years. Caltrans would like to free up the available funding for some other deliverable project within the State. Gary advises that since the prior programmed level was higher than the engineers's estimate on which the funding allocation was made, that the Route 86 project will actually realize an increasing in funding commitment; at this time, District 11 has not finalized the amount of the difference, but it is believed to be at least $17 million, and perhaps a few million dollars more. There is a funding shortage, with only about two years of firm, available funding now assumed to be available for STIP projects, after which time programmed STIP projects may have to be deferred to match revenue stream. Notwithstanding the current requirement for an SEIS, some might consider this action as reducing the commitment to the Route 86 project. The Route 86 Improvement Committee, Legislators, and others are still advocating more immediate resolution of wetlands and other issues so that the project may proceed quickly. F:\USERS\PREPRINT\JAN.94\ROUT86FU.JR w We have discussed this issue with Ken Steele, Director of Caltrans District 8, and have developed a proposal which might keep the funding commitment for a project within Riverside County and still retain the funding commitment to Route 86. The funding programmed to Route 86 is Inter Regional Road System (IRRS) plan funds. The only other highway segment eligible for IRRS funds within the County is Route 74 between Interstates 15 and 215. Currently, RCTC has committed $10 million for Route 74 right-of-way within its approved three year capital budget. Since Caltrans Headquarters did not support RCTC's and Caltrans District 8's bid for IRRS funds for Route 74 during the 1992 STIP process, we have assumed that this project would need to be funded entirely from Measure A. The Route 74 project is near final approval of a NEPA certified EIS and the design for construction may be completed within the next six -months or so. It should be possible to request that CTC allocate the funds previously voted for the Route 86 to the Route 74 project, subject to a requirement that RCTC would commit to replace the amount of such IRRS funds with Measure A funds for the Route 86 project at such time that project is ready to proceed. Staff Recommendation: That the Commission support rescinding the allocation of IRRS plan funds to Route 86 only under the condition that such funds should be allocated to the Route 74 project and a like amount of Measure A funds would be allocated to the Route 86 project. :jw F:\USERS\PREPRINTWAN.94\ROUT86FU.JR • • DATE: TO: FROM: RIVERSIDE COUNTY TRANSPORTATION COMMISSION January 5, 1994 Administrative Committee Budget and Finance Committee Dean Martin, Controller THROUGH: Jack Reagan, Executive Director SUBJECT: Funding Agreement with SunLine Transit Agency SunLine Transit Agency is requesting that the Commission advance against SunLine's five percent share of Coachella Valley Measure A revenues. SunLine would like to use the funds to expand its dial -a -ride and bus services. SunLine is proposing to repay the loan within five years. The advanced funds would purchase property which includes a structure in downtown Indio. The structure would be used to house SunLine's Dial -A -Ride operations, and would serve as the staging areas for 12 full size transit buses. The facility would also contain a full public access compressed natural gas fueling station. SunLine is looking at other potential tenants such as College of the Desert's Energy Technology Training Center and NGV ecotrans (compressed natural gas conversion company). Currently SunLine pays about $48,000 a year to lease a building for its Dial -A -Ride program. That money would now be invested in an owned facility. Cost savings would result due to sharing facility costs with other tenants. Once the debt is retired, the entire savings would be used to maintain and expand levels of service. SunLine estimates that the reduction of deadhead time due to housing twelve buses at this facility would generate additional savings up to $200,000. In summary, SunLine would realize the following benefits from purchasing this property and using it as outlined above: Reduction of facility costs. Long term additional funds available to maintain and expand dial -a -ride services (minimum of $48,000). F:\USERS\PREPRINT\JAN.94\SUNLFUND.DM Page 2 Savings up to $200,000 from reduced deadhead time. Clean air promotion by providing alternative fuel to the public. Create local jobs by attracting new business to the Valley. Support educational development within the Valley. Help to revitalize downtown Indio and generate sales tax revenue. Access low cost debt via the Commission (see paragraph below). SunLine expects that the entire cost including land, building, and improvements will not exceed $600,000. A funding agreement has been drafted that reflects the Commissions financing guidelines as adopted earlier this year. Source of repayment would be SunLine's five percent share of the Coachella Valley's Measure A sales tax. Staff would propose to initially use Commercial Paper to fund this request. Tax exempt commercial paper rates are currently less than 3%. Staff Recommendation: That the Commission: 1) Approve the advance of Coachella Valley Measure A funds from the special transportation/transit program in an amount not to exceed $630,000 (including costs of issuance) to SunLine Transit Agency; and 2) Authorize the Executive Director to execute the attached funding agreement in substantial form as presented subject to review by legal counsel. :jw F:\USERS\PREPRINT\JAN.94\SUNLFUND.DM BEST, BEST & KRIEGER A PARTNERSHIP INCLUDING, PROPESSOONAL CORPORATIONS • • LAWYERS ARTHUR L. LITTLEWORTH• DOUGLAS S. PHILLIPS. GLEN E. STEPHENS• ANTONIA GRAPHOS WILLIAM R. D.WOLFE• GREGORY K. WILKINSON BARTON C. GAUT• WYNNE S. FURTH PAUL T. SELZER• DAVID L. BARON DALLAS HOLMES• GENE TANAKA CHRISTOPHER L. CARPENTER. BASIL T. CHAPMAN RICHARD T. ANDERSON• TIMOTHY M. CONNOR JOHN D. WAHLIN• VICTOR L. WOLF MICHAEL D. HARRIS` DANIEL E. OLIVIER W. CURT EALY• DANIEL .1. McHUGH THOMAS S. SLOVAK. HOWARD 8. GOLDS JOHN E. BROWN. STEPHEN P. DEITSCH MICHAEL T. RIDDELL• MARC E. EMPEY MEREDITH A. JURY• JOHN R. ROTTSCHAEFER MICHAEL GRANT• MARTIN A. MUELLER FRANCIS J. BAUM• J. MICHAEL SUMMEROUR ANNE T. THOMAS. VICTORIA N. KING D. MARTIN NETHER'''. JEFFERY J. CRANDALL GEORGE M. REYES SCOTT C. SMITH WILLIAM W. FLOYD, JR. JACK B. CLARKE, JR. GREGORY L. HARDKE BRIAN M. LEWIS KENDALL H. MacVEY BRADLEY E. NEUFELD CLARK H. ALSOP• SHARYL WALKER DAVID J. ERWIN• PETER M. BARMACK MICHAEL J. ANDELSON• JEANNETTE A. PETERSON • A PROFESSIONAL CORPORATOR HAND DELIVERY ELISE K. TRAYNUM WILLIAM D. DAHLING, JR. MATT H. MORRIS JEFFREY V. DUNN STEVEN C. DeBAUN ERIC L. GARNER DENNIS M. COTA RACHELLE J. NICOLL( ROBERT W. HARGREAVES JANICE L. WEIS PATRICK H. W. F. PEARCE KIRK W. SMITH JASON D. DABAREINER KYLE A. SNOW MARK A. EASTER DIANE L. FINLEY MICHELLE OUELLETTE DAVID P. PHIPPEN, SR. SUSAN C. NAUSS CHRISTOPHER DODSON BERNIE L. WILLIAMSON ELAINE E. HILL KEVIN K. RANDOLPH JAMES B. GILPIN MARSHALL S. RUDOLPH KIM A. BYRENS CYNTHIA M. GERMANO MARY E. GILSTRAP GLENN P. SABINE CHRISTINE L. RICHARDSON JOANE GARCIA-COLSON PHILIP J. KOEHLER DIANE C. WIESE REBECCA MARES DURNEY DOROTHY I. ANDERSON G. HENRY WELLES JAMES R. HARPER DINA 0. HARRIS BARBARA R. BARON RICHARD T. EGGER PATRICK D. DOLAN DEAN R. DERLETH HELENE P. DREYER EMILY P. HEMPHILL SONIA RUBIO SHARMA JOHN 0. PINKNEY RAYMOND BEST (1868-1957) JAMES H. KRIEGER 11913-1975) EUGENE BEST (1893-1981) December 15, 1993 Dean Martin Controller Riverside County Transportation Commission 3560 University Avenue Suite 100 Riverside, CA 92501 Dear Dean: 400 MISSION SQUARE 3750 UNIVERSITY AVENUE POST OFFICE BOX 1028 RIVERSIDE. CALIFORNIA 92 502-1 02 8 TELEPHONE (909) 686-1450 TELECOPIERS (909) 686-3083 • 682-4612 OF COUNSEL JAMES B. CORISON OFFICES IN PALM SPRINGS (619)325-726♦ RANCHO MIRAGE (619)568-2611 ONTARIO (909) 989-8584 Re: Advance Funding Agreement with Sunline Transit Agency At your request, we have prepared the attached Advance Funding Agreement under which the Commission will advance certain Measure "A" funds to Sunline Transit. We have patterned the agreement after other funding agreements entered into by the Commission. As you will note, this is still in the draft stage, and there are issues which remain to be resolved. However, I think this provides a good starting point for discussions. At your request, I am providing a copy of the draft agreement to Sunline for their review and comment. SCD/des Encl. cc: Randy Watts Vert ours, t ver3 C! b8F"Bes st & Krieger Counsel, Riverside County Transportation Commission SCD196591 • • • SCD196593 DRAFT 12/15/93 ADVANCE MEASURE "A" FUNDING AGREEMENT 1. Parties and Date. This Agreement (the "Agreement") is entered into this day of , 199_, by and between the Riverside County Transportation Commission ("RCTC") and the Sunline Transit Agency, a joint powers agency (the "Agency"): 2. Recitals. 2.1 RCTC is a county transportation commission created and existing pursuant to California Public Utilities Code Sections 130053 and 130053.5. 2.2 The Agency is a joint powers agency which provides public transit services within the Coachella Valley in Riverside County. 2.3 RCTC has enacted and the voters of Riverside County ("County") have approved Measure "A" which authorizes RCTC to impose a retail transaction and use tax of one-half percent (.5%) throughout County of Riverside for up to twenty years. This tax is popularly known as a l cent sales tax. 2.4 The Transportation Improvement Plan (the "Plan") implementing Measure "A" provides that such funds are to be used for transportation purposes in the County and further provides that percent ( %) of Measure "A" funds returned to the Coachella Valley area of the County are to be used to provide discount fares and transit services for seniors and disabled persons ("Transit Funding"). 2.5 The proceeds of the retail transaction and use tax ("Measure "A" Funds") are collected by the California Board of Equalization pursuant to a contract between RCTC and the Board of Equalization, and paid to RCTC monthly. 2.6 The Agency has requested and RCTC has agreed that RCTC will advance to the Agency certain amounts which the Agency and RCTC anticipate RCTC would otherwise collect and allocate to the Agency as Transit Funding. 2.7 The Agency agrees that it will repay to RCTC the advances and costs associated therewith described herein from Transit Funding. 3. Terms. 3.1 Advance of Measure "A" Funds. A. Amount of Advance. RCTC hereby agrees to advance to the Agency, on the terms and conditions set forth herein, the sum of Dollars ($ ) (the "Advance"). B. Interest. The Advance is made from the proceeds of RCTC Sales and Use Tax Bonds issues on (the "RCTC Bonds") currently bearing an interest rate of % per annum. The Advance shall accrue interest at the actual interest rate RCTC is obligated to pay on such RCTC Bonds and Agency shall reimburse RCTC said interest ("Interest"). RCTC may, in its sole discretion, refinance or refund any RCTC Bonds from time to time, and the interest accruing on the Advance shall then bear a like interest rate, effective upon the date of such financing or refunding. C. Costs of Financing. It is understood that RCTC has incurred certain costs and expenses associated with issuing the RCTC Bonds in order to make available the Advance to Agency ("Costs of Financing"). The Advance includes the initial Costs of Financing associated with making the Advance as set forth in Exhibit "A." Agency shall reimburse RCTC for the Costs of Financing as provided herein. D. Repayment of Advance. The Agency shall repay the Advance in accordance with the payment schedule attached hereto as Exhibit "B." Payments shall be made in the amounts and at the times indicated in the payment schedule attached as Exhibit "B." E. Payment of Interest. Interest shall be paid by Agency at the interest rate specified in Section 3.1(B) above in arrears on the unpaid portion of the Advance when payments of the Advance are required as specified in Section 3.1(D) above. In addition, if additional Costs of Financing are incurred in connection with refinancing or refunding the RCTC Bonds then interest shall accrue and be paid on such additional Costs of Financing. Interest shall be paid when payments are made on the Costs of Financing as required by Section 3.1(F) below. F. Payment of Additional Costs of Financing. In the event Costs of Financing are incurred by RCTC in connection with the Advance beyond those included within the Advance, then such additional Costs of Financing shall be paid by Agency to RCTC at the time payments are made as required by the schedule set forth in Exhibit "B" and the amounts of such payments shall be sufficient to amortize such Costs of Financing over the remaining term of the payment schedule set forth in Exhibit "B." G. Reimbursement of Administrative Costs. It is anticipated that RCTC may incur some costs and expenses which are not financed as part of the issuance of the RCTC Bonds and that it will incur ongoing administrative expenses associated with administering the terms of this Agreement (collectively "Administrative Costs"). Agency • 411 • SCD196593 • • shall reimburse RCTC for such Administrative Costs associated with issuing the RCTC Bonds, making the Advance and administering this Agreement. RCTC shall, from time to time, deliver invoices to Agency for such Administrative Costs and such invoices shall be paid by Agency within thirty (30) days after they are delivered to Agency by RCTC. H. Prepayment. Because the Advance is, or may be, the proceeds of tax exempt bonds, prepayment of the Advance may be made by the Agency only with RCTC's prior written consent. 3.2 Repayment. A. Authorization to Apply Transit Funding to Payments. For so long as any obligation of Agency under this Agreement remains outstanding, Agency hereby instructs RCTC to apply Agency's portion of any Transit Funding which would otherwise be distributed to Agency under Measure "A" to pay any due but unpaid obligations of Agency to RCTC under this Agreement. B. Application of Local Share. RCTC shall calculate the Transit Funding which would otherwise be allocated to the Agency under Measure "A" within thirty (30) days of receipt by RCTC of such funds from the Board of Equalization, and shall apply such amount against any amounts due from the Agency and not yet paid to RCTC under this Agreement. C. Remaining Balance Payable. RCTC shall notify the Agency of the calculation and application of funds made under 3.2(B) above, and any amounts then due to RCTC from the Agency, within thirty (30) days of RCTC's calculation and application of such amounts. RCTC's calculations shall be final, absent clerical or mathematical error. The Agency shall pay to RCTC any balance due within thirty (30) days of receipt of such notice from RCTC of such amount. 3.3 Conditions of Advance. The obligation of RCTC to make the Advance shall be subject to the condition precedent that RCTC shall have received, in form and sub- stance satisfactory to RCTC, all of the following: A. Duly executed copies of this Agreement and such other documents as RCTC may request in order to fully effect the purposes and intent of this Agreement. B. The written opinion of the General Counsel of the Agency, addressed to RCTC, that this Agreement and the other documents contemplated herein have been duly authorized and do not require the further consent or approval of any body, board or commission or other authority; are the valid, binding and legally enforceable obligations of the Agency in accordance with their respective terms; are not in contravention of or conflict with any law or regulation; will not conflict with any other agreements of the Agency, nor constitute an event of default on any obligations of the Agency to RCTC, on any existing public debt issuance of the Agency, or under any other agreements of the SCD196593 -3- Agency; and the projects identified on Exhibit "C" are each a qualified use of Transit Funding under Measure "A." C. Such documents and certificates regarding the existence, authority and power of the Agency to execute this Agreement and any related documents as RCTC deems reasonably necessary. 3.4 Agency's Representations and Warranties. The Agency hereby makes the following representations and warranties which shall be deemed to be continuing representations and warranties so long as the Advance remains outstanding: A. Agreement Authorized. The execution, delivery and performance of this Agreement and any and all related documents (collectively "Advance Documents") are duly authorized and do not require the further consent or approval of any body, board or commission or other authority. B. No Default. The Agency is not in default, nor is it aware of any events that, with the passage of time or the giving of notice, would constitute an event of default on any obligation of the Agency to ROTC or on any existing public debt issuance of the Agency. C. No Conflict. The execution, delivery and performance of the Advance Documents does not contravene or conflict with any constitutional provision, law, statute, regulation, or any agreement, indenture or undertaking to which the Agency is a party or by which it or the Measure "A" Funds may be bound or affected, and does not and will not cause any lien, charge or other encumbrance to be created or imposed upon the Measure "A" Funds by reason thereof. D. Solvency. The Agency is solvent. E. No Violation of RCTC Measure "A" Advance Policies. The Agency is not in violation of the policies of RCTC for recipients of Measure "A" funds, a copy of which is attached as Exhibit "D." F. Litigation. There is no litigation or other proceeding pending or threatened against or affecting the Agency and relating to the Advance, or the Advance Documents, or the transactions contemplated herein or thereby. G. Financial Condition. All financial statements and data submitted in writing by the Agency to RCTC in connection with the request for Advance are true and correct, and said statements truly represent the financial condition of the Agency as of the date thereof and the results of the operations of the Agency for the period covered thereby and have been prepared in accordance with generally accepted accounting principles on a basis consistently maintained. Since such date there have been no materially adverse changes in the ordinary course of business. The Agency has no knowledge of any liabilities, contingent or otherwise, at such date not reflected in said statements, and the Agency has • • • SCD196593 -4- • • • not entered into any special commitments or substantial contracts which are not reflected in said statements other than in the ordinary and normal course, which may have a materially adverse effect upon its financial condition or operations as now conducted. 3.5 Agency's Affirmative Covenants. The Agency agrees that so long as the Advance is outstanding, it will, unless RCTC shall otherwise consent in writing: A. Use of Advance. Use the Advance only for purposes and projects identified in Exhibit "C" attached hereto. In addition, Agency recognizes that under Measure "A" the purpose of Transit Funding is to provide specialized transportation programs for seniors and disabled persons within the County. The Agency has represented to RCTC that the savings from the construction of the facilities described in Exhibit "C" will at least equal the amount of the Advance. The Agency covenants that such savings shall first be applied to fund Measure "A" qualified specialized transit services until the amount so applied equals or exceeds the amount of the Advance. B. Tax Covenants. Comply with all applicable restrictions and requirements of Internal Revenue Code §§ 103 and 141 through 150, as amended, including any written instructions from RCTC arising from requirements or covenants contained in any nonarbitrage certificate relating to any RCTC Bonds. C. Maintain Transportation Efforts. Expend such amounts, from such funds and accounts as necessary, to remain eligible to receive Transit Funding Measure "A" Funds. D. Records and Reports. Maintain a standard and modern system of accounting in accordance with generally accepted accounting principles on a basis consistently maintained and furnish RCTC annual audited financial statements and such other information relating to the affairs of the Agency or the uses of the Advance as RCTC reasonably may request from time to time. E. Inspection. Permit, at any reasonable time, upon reasonable notice, qualified personnel designated by RCTC in writing, to inspect any projects funded by the Advance and any records maintained in connection therewith and the Pledged Revenues. RCTC shall have no duty to make any such inspection and shall not incur any liability or obligation by reason of making or not making any such inspection. F. Notice of Default. Promptly notify RCTC in writing of the occurrence of any Event of Default hereunder or of any event which would become an Event of Default hereunder upon giving of notice, lapse of time, or both. 3.6 Agency's Negative Covenants. The Agency will not, so long as the Advance remains outstanding, without RCTCs prior written consent create, incur, assume or permit to exist any mortgage, deed of trust, security interest (whether possessory or nonpossessory) or other lien upon or on the Agency's Local Share of Measure "A" Funds other than liens in favor of RCTC. SCD 196593 -5- 3.7 Rights and Remedies. A. RCTC shall at all times have the rights and remedies of a secured party under the California Commercial Code (the "Code") in addition to the rights and remedies provided herein or in any other agreement or document executed by the Agency. B. The rights and remedies of RCTC under this Agreement shall not be exhausted by the exercise of any of the rights or remedies of ROTC pursuant to this Agreement or any other agreement between the Agency and RCTC or any action, proceeding or any number of successive actions or proceedings, unless and until all of the sums owing RCTC by the Agency shall be fully paid, performed and discharged. All rights and remedies afforded to RCTC pursuant hereto or under any other agreement at any time in effect between the Agency and RCTC (whether or not there are other parties in addition to the Agency and RCTC) shall be separate and cumulative and in addition to any and all rights or remedies available at law, in equity or otherwise, and no one of such rights or remedies, whether exercised or not, shall be deemed to be in exclusion of any other right or remedy available and shall in no way limit or prejudice any other right or remedy. The exercise of any one of such rights or remedies shall not be deemed a waiver of, or an election not to exercise, any other right or remedy. 3.8 Events of Default. The occurrence of any one or more of the following events shall, at RCTC's option, constitute an event of default (each an "Event of Default") and the Agency shall provide RCTC with immediate notice thereof. A. Any warranty, representation, statement, report or certificate made or delivered to RCTC by the Agency of any of the Agency's officers, employees or agents now or hereafter is incorrect, false, untrue or misleading in any material respect; or B. The Agency shall fail to pay, perform or comply with, or otherwise shall breach, any obligation, warranty, term or condition in this Agreement, any agreement delivered pursuant hereto or any other agreement whether now or hereafter existing between the Agency and RCTC; or C. There shall occur any of the following: dissolution, termination or existence or insolvency of the Agency; the commencement of any proceeding under any bankruptcy or insolvency law by or against the Agency; entry of a court order which enjoins, restrains or in any way prevents the Agency from paying any sums owed by the Agency to RCTC. 3.9 Further Assurances. The parties shall at all times hereafter executed, acknowledge, deliver, and perform all financing statements, documents and acts and further assurances as are reasonably necessary to fulfill their obligations hereunder and to affect the transactions contemplated therein. • SCD196593 -6- • • • SCD196593 3.10 Indemnification. The Agency shall indemnify, hold harmless and defend RCTC from and against any and all claims, losses, liabilities, damages, costs, and expenses, including interest, penalties, and reasonable attorneys' fees and costs, incurred or suffered, which arise, result from, or relate to their breach of or failure to perform any of their agreements, covenants, obligations, representations, or warranties contained herein. 3.11 Miscellaneous. A. No Waiver. No waiver of any Event of Default or breach by the Agency hereunder shall be implied from any omission by RCTC to take action on account of such default, and no express waiver shall affect any default other than the default specified in the waiver and the waiver shall be operative only for the time and to the extent therein stated. Waivers of any covenant, term, or condition contained herein shall not be construed as a waiver of any subsequent breach of the same covenant, term or condition. The consent or approval by RCTC to or of any act by the Agency requiring further consent or approval shall not be deemed to waive or render unnecessary the consent or approval to or of any subsequent similar act. B. No Third Parties Benefitted. This Agreement is made and entered into for the sole protection and benefit of RCTC and the Agency and no third person, other than a permitted assignee or successor hereunder, shall have any right of action under this Agreement. C. Notices. All notices or other communication required or permitted to be given hereunder shall be in writing and shall be considered as properly given if mailed by first class United States mail, postage prepaid, registered or certified with return receipt requested, or by express courier delivery or personal delivery to the addressee. Notice mailed by U.S. mail shall be effective two (2) business days following its deposit. Notice given in any other manner shall be effective only if and when received at the addressee's address. For purposes of notice, the addresses of the parties shall be as follows: RCTC: Agency: RIVERSIDE COUNTY TRANSPORTATION COMMISSION 3560 University Avenue Suite 100 Riverside, CA 92501 Attn: Executive Director SUNLINE TRANSIT AGENCY P.O. Box 398 Thousand Palms, CA 92276 -7- Each party shall have the right to change its address for notice hereunder to any other location by the giving of notice to the other party in the manner set forth above. D. Applicable Law. This Agreement and all documents provided for herein shall be governed by and construed in accordance with the internal laws of California. E. Time. Time is of the essence of this Agreement, and each and every provision hereof in which time is an element. F. Amendment and Waiver. This Agreement and each provision hereof may be amended, changed, waived, discharged or termination only by an instrument in writing signed by the parties hereto. G. Attorney's Fees. The prevailing party in any action arising out of this Agreement shall be entitled to its actual attorney's fees and other related expenses actually incurred. H. Severability. The invalidity and unenforceability of any one or more provisions of this Agreement will in no way affect any other provision. SCD196593 I. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. J. Headings. The various headings used in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provision hereof. K. Further Assurances. At any time or from time to time upon the request of RCTC, the Agency will execute and deliver such further documents and do other -8- • d • • • SCD196593 acts and things as RCTC may reasonably request in order to effect fully the purposes of this Agreement, and any other Advance Documents and to provide for the payment of the - Advance and interest thereon in accordance with the terms of this Agreement. RIVERSIDE COUNTY SUNLINE TRANSIT AGENCY TRANSPORTATION COMMISSION By: S.R. "Al" Lopez, Chairman REVIEWED AND RECOMMENDED FOR APPROVAL: By: Jack Reagan, Executive Director REVIEWED FOR FISCAL IMPACT: By: Dean Martin, Controller APPROVED AS TO FORM: By: Best, Best & Krieger Counsel to the Riverside County Transportation Commission -9- By: (Title) By: (Title) w Exhibit List Exhibit A Description of Advance Exhibit B Repayment Schedule Exhibit C Uses of Advance Exhibit D Commission Policies • • SCD196593 -10- DATE: January 5, 1994 • RIVERSIDE COUNTY TRANSPORTATION COMMISSION TO: Administrative Committee Budget & Finance Committee FROM: Marilyn Williams, Senior Staff Analyst THROUGH: Jack Reagan, Executive Director SUBJECT: Telecommuting WorkCenter of Riverside County At its September, 1993 meeting the Commission approved the continuance of the Telecommuting WorkCenter of Riverside County for Year 3. That approval was based on the fact that funding Tor the third year operations would be from Year 2 carry-over funds (State PVEA funds) and any other resources that might be acquired through rental income or partnership contributions. In staff's report it was estimated that $110,000 in carry-over funds would be available. The preliminary budget for facility lease expenses was set at $60,000. Based on discussions with the WorkCenter's landlord at that time it was believed that a reduced rent rate from $.90 to $.60 per sq.ft. could be negotiated in keeping with the preliminary budget. Since that time, staff and legal counsel have worked with the WorkCenter property agent and owner's representative and have been unable to reach an agreement. Commission will recall that in September, staff was recommending a flat rate of $5,000 per month with the property owner at $6,500 per month. A negotiated rate of $5,500 was agreed upon. Legal counsel began its review of the existing lease agreement between Inland Empire Economic Partnership (IEEP) and the property owner. It was determined that its terms and conditions were not in the best interest of the Commission and that the existing lease agreement should not be assumed by RCTC. The property owner verbally agreed to Commission legal counsel generating a new revised lease agreement. During this time it was realized that staff and the property agent each had a different understanding of the $5,500 negotiated rate. Staff believed the rate to be all inclusive, the TOTAL monthly cost. The property agent believed the rate to be $5,500 ($.62/sq.ft.) and that, in addition, common area costs of approximately $2,800 ($.32/sq.ft.) per month would be accessed. F:\USERS\PREPRINT\JAN.94\CENTER.MW Page 2 The combined total of $.94/sq.ft. exceeds the Year 2 rate of $.90/sq.ft. paid by IEEP and, clearly, would not meet the goals of the Commission to reduce lease costs in Year 3. Staff again stated that its TOTAL per month offer was $5,500. The offer was rejected by the property owner in early December. Staff has given notice that the WorkCenter will vacate the property at 3190 Chicago Avenue, Riverside, CA by January 31, 1994. While $.94/sq.ft. is within the market rate for business park space, the size of the WorkCenter (8,810 sq.ft.) far exceeds the current space needs of the demonstration project. The only way for the WorkCenter to stay at its current site was to negotiate a reduced per sq.ft. cost. Staff is in the process of developing site options for relocation of the WorkCenter should the Commission elect to continue the demonstration project given the newest developments. Staff will make a presentation regarding WorkCenter options and will identify the cost of moving and any impacts identified to the current three employers and their 20 active telecommuters participating in the WorkCenter. Staff Recommendation: Staff will present options regarding the demonstration project for consideration by the Commission. F:\USERS\PREPRINT\JAN.94\CENTER.MW • • • • DATE: TO: FROM: RIVERSIDE COUNTY TRANSPORTATION COMMISSION January 5, 1994 Administrative Committee Budget and Finance Committee Jerry Rivera, Staff Analyst III THROUGH: Jack Reagan, Executive Director SUBJECT: Request for Contract Amendment from Hamner Towing, Inc. Hamner Towing, Inc., is the sole provider of tow truck service for the four beats of Riverside County's Freeway Service Patrol (FSP) program. The following are the per hour costs per beat included in Hamner's contract with the Commission: Beat #1 Beat #2 Beat #4 Beat #18 $ 42.50 per hour $ 39.80 per hour $ 41.80 per hour $ 42.50 per hour The attached letter was received from Hamner requesting consideration of an adjustment to their monthly bill for additional costs they are incurring due to new regulations on diesel fuel standards. As noted in their letter, Hamner is requesting a "fuel surcharge adjustment" of approximately $840 per month to cover the increase in costs. This adjustment, if granted, would amount to about $0.80 per hour per beat, or an additional $9,408.00 (+ 1.92%) on an annual basis. The increase for fiscal year 1993-94 would be $4,800.00. Without the contract amendment, Hamner may be forced to consider terminating their contract with RC SAFE. Staff is very satisfied with the quality of service being provided by Hamner and recommends favorable consideration of their request. Furthermore, Hamner has indicated that if their request is granted, they would be willing to lock in the adjusted hourly rates for an additional year at the Commission's option if the Commission decides to extend the program beyond the June 30, 1995 demonstration period. For your information, the following are the next lowest bids received for each of the beats as well as what the revised hourly rates would be for Hamner if their request is approved: F:IUSERSIPREPRINTIJAN.941HAMNFSPA.JR Page 2 Beat #1 Beat #2 Beat #4 Beat #18 Staff Recommendation: Other Bid Rates $ 53.75 per hour No Other Bid $ 50.00 per hour $ 50.00 per hour Revised Hamner Rates $ 43.30 per hour $ 40.60 per hour $ 42.60 per hour $ 43.30 per hour That the Commission amend the contract between the Riverside County Service Authority for Freeway Emergencies and Hamner Towing, Inc., for tow truck services for the Freeway Service Patrol program to increase the hourly rate by $0.80 per hour per beat effective January 3, 1994, and include an additional year through June 30, 1996, at the Commission's option. F:\USERS\PREPRINT\JAN.94\HAMNFSPA.JR DATE: January 5, 1994 • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION TO: Administrative Committee Budget and Finance Committee FROM: Jack Reagan, Executive Director Dean Martin, Controller Claudia Chase, Property Technician SUBJECT: Renewal of Property Lease Agreement: 1) Framco in Perris; 2) Latimer Trust in Riverside; and 3) Adams Outdoor Advertising RCTC staff has negotiated terms to renewal and revision to the following three lease agreement. Legal Counsel has prepared new agreement to reflect the terms: 1. Framco in Perris The Framco lease is in Perris, on the west side of the San Jacinto tracks between 3rd and 4th streets and "C" Street. Framco is a hardware and lumber retailer in Perris. Framco had three separate lease agreements with ATSF, the most limiting of which provided for two additional three year renewals of this agreement. If all renewals were exercised, the property would have been leased to Framco through 1999. The Framco properties are located where RCTC consultants have proposed platforms and parking for a future commuter rail station in Perris. The existing Framco lease was assumed to affect timing for commuter rail service. Since RCTC had no legal basis to unilaterally vary from the ATSF/Framco agreement which we inherited, our initial negotiations focused on "price" - to yield the 8% to 10% return on value set as Commission policy. For two of the three lease properties currently up for renewal, we sought a lease of $ 16,000 per year. Dick Kaiser, owner of Framco stores, indicated that the increase we were proposing would harm the profitability of the Perris store. We were able to negotiate mutually acceptable terms for a new agreement. The major elements of that proposed agreement is as follows: a. Wrap all three separate leases into a single agreement. b. Base the new lease rate on the existing combined leases of $12,000 per year, with an indexed annual increase. F:\USERS\PREPRINT\JAN.94\LEASES.JR Page 2 c. Provision for a three year lease only, with month to month rental thereafter (90 day notice; option for Framco to terminate earlier if relocated within the City of Perris). d. Framco would not protest RCTC proposed specific plan amendments and site plans for its Perris properties, and would waive any future relocation claim. e. RCTC would accept the property at termination of lease "as is" and demolish existing buildings. Staff Recommendation: That the Commission approve the revised lease agreement as proposed in light of the increased flexibility to implement commuter rail on the San Jacinto Branch line by 2000. 2. Latimer Trust in Riverside Latimer Trust currently leases what we have referred to as the "mill property" immediately north of the Riverside Downtown Commuter Rail station. ATSF notified Latimer Trust that it was terminating the leases on this property, because a portion of the property is needed for the third track Santa Fe is installing to accommodate its rail operations. The balance of the property is to be deeded to RCTC. RCTC had previously agreed to terms for a short-term lease with Latimer Trust to take effect upon transfer of the property. However, Latimer Trust subsequently filed suit to seek a preemptive easement for the land immediately adjacent to its orange packing house, upon which an access track had previously been located but which Latimer Trust has used for approximately thirteen (13) years for truck access to its operations. Although both RCTC and Santa Fe Counsels believe the suit has little merit, it would delay any plans which RCTC might have for improving this land for train storage. The "mill property" is one of two sites that RCTC, SCRRA, and consultants are investigating for future train storage and layovers. The other site at Highgrove is recommended as the preferred site because of the capability to store more and longer trains at a single location. So, looking to alternate use of the "mill property" is appropriate. RCTC Counsel and I accompanied Santa Fe Counsel to a settlement conference with Latimer Trust. The proposed revised Lease Agreement resulted from that settlement conference and includes the following general terms: a. A five-year lease at a rate of 10% of property value (i.e., between $2,000 and $2,500 per month) with annual indexed increases and annual extensions. F:\USERS\PREPRINT\JAN.94\LEASES.JR Page 3 • • b. Requirement for one-year notification by either party to terminate the Lease. c. Latimer is to withdraw the suit and agree to waive any additional prescriptive easement claim and waive any future relocation claim against RCTC. d. Latimer and RCTC to agree on a statement of intent to consider a "joint development" agreement for the combined properties which would equalize land values at such time that the orange packing operation is terminated or relocated. Staff Recommendation: That the Commission approve the revised lease agreement as proposed, in light of the more desirable alternative of storing commuter trains at Highgrove, the fair return on the value of RCTC's property, and intent to define future joint development opportunities. 3. Adams Outdoor Advertising ATSF and Adams Outdoor Advertising had executed a lease agreement for up to 30 outdoor advertising sites on the San Jacinto right-of-way which abuts the 1-215 freeway between Cajalco and California Street; to date, signs have been erected on 14 of the sites. Total annual revenue is $82,800. This is an annual lease, with provision for RCTC to terminate with 30 -days notice. Some Commissioners may consider outdoor advertising signs to be objectionable. At this point, we are uncertain if land use controls along the 1- 215 corridor are sufficient to provide assurance that such signs would not merely be moved back on private property in the event they were removed from RCTC's right-of-way. In addition, this lease currently provides reasonable return for the benefit of commuter rail programs. For now, staff proposes a one-year renewal of a revised lease agreement with Adams Advertising, subject to the following terms: a. The number of approved sign sites shall be limited to those which are currently developed; entitlement for the erection of additional signs shall be eliminated. b. The annual rental amount shall remain $82,800 per year. Staff Recommendation: That the Commission approve the revised lease agreement as proposed. :jw F:\USERS\PREPRINT\JAN.94\LEASES.JR w • • • DATE: TO: RIVERSIDE COUNTY TRANSPORTATION COMMISSION January 5, 1994 Administrative Committee Budget and Finance Committee FROM: Hideo Sugita, Assistant Director of Planning and Programming THROUGH: Jack Reagan, Executive Director SUBJECT: Phase 11 Development of the Downtown Riverside Metrolink Station ISSUE In order to provide Metrolink commuter rail service from San Bernardino to Riverside to Irvine and from Riverside to Los Angeles via Fullerton, track improvements and facilities to support these services must be constructed. The improvements include construction of a third main line in the Santa Fe right-of-way from Riverside to just north of Highgrove; connecting the existing Downtown Riverside station to the Santa Fe main lines and the construction of a layover facility. BACKGROUND In October of 1991 RCTC submitted a Transit Capital Improvement Program (TCI) grant for the Downtown Riverside Commuter Rail Station which was approved ($7.6 million). RCTC cooperated with a California Transportation Commission (CTC) request to phase the project and receive $4.5 million in FY 1992-93 and the balance of $3.1 million in FY 1993-94. Phase 1 development of the Downtown Station was based on construction of the station (platform/parking lot) and the necessary improvements to connect the station to the Union Pacific main line. Phase 11 construction of the station includes track improvements to connect the station (on both ends) to the Santa Fe main line and identification and construction of a new lay over (train storage) facility. The operational plan for the reconfigured station will allow both Metrolink and Amtrak trains to operate through the station. The construction of a "new" layover facility was anticipated in the Morrison Knudsen study which identified the location for the facility at Highgrove. Please note that provision of the planned commuter rail services on the Santa Fe San Bernardino Subdivision is dependent on the completion of these improvements. F:\USERS\PREPRINT\JAN.94\HIGHLAYO.HS rage L DISCUSSION RCTC has a commitment from CTC of $3,129,160 of FY 1993-94 TCI funds for the Phase II Downtown Riverside Station project. From these funds we have requested CTC action (January 1994) to fund $475,000 of off site (street improvements) which were a condition of re-establishing the old Union Pacific right of way and constructing the station. This action will leave a balance of 52,654,160 of TCI funds. In addition, CTC previously approved $1,570,000 for the third track project in Downtown Riverside to north of Highgrove. The total amount of funds available to support these projects is $4,224,160. Due to the condition of the state budget RCTC is only able to request a partial allocation of the FY 1993-94 TCI funds ($475,000) in this fiscal year. The balance of TCI funds will be made available in FY 1994-95. In the CTC approved program budget for the Riverside to Fullerton to Los Angeles rail corridor project, RCTC has programmed $11.44 million of Proposition 108 funds to fund "Tier II" commuter rail stations. Since the balance of $2,654,160 of FY 1993-94 TCI funds will not be available until next fiscal year staff recommends the temporary use of the Tier II station Prop 108 funds to support development of the track improvements and lay over facility. The Tier II station funding will be replaced in FY 1994-95 with the TCI funds. This action represents a temporary "exchange" of funds and will assist CTC, as well as ourselves, in moving forward with this project at a time of limited state budget capacity. The layover facility and track improvements necessary to make the Downtown Riverside Station operational for San Bernardino to Riverside to Irvine and the Riverside to Fullerton to Los Angeles services include: o Construction of a third main track from Riverside to north of Highgrove and switches to connect the station to the Santa Fe main line on the north and south ends of the station. o Construction of a layover facility at Highgrove which will accommodate up to six five car trains and is expandable, if necessary in the future, to accommodate 10 trains. RCTC acquired the land for this facility in the purchase of the San Bernardino Subdivision and San Jacinto Branch line. At this time staff, along with Metrolink consultant staff, Schiermeyer Consulting Services and Bechtel have evaluated the capital improvements and their respective cost. Attached is a memorandum from Schiermeyer Consulting Services which provides an analysis of the improvements and their estimated costs. The cost range for the improvements is $2,467,000 to $3,735,500. The highest cost option estimate is approximately $400,000 under the funding budgeted for this work. F:\USERS\PREPRINT\JAN.94\HIGHLAYO.HS rage 3 • • Specifically, the low cost estimate assumes the use of recycled rail, ties, and switch housings which may be available from other lines that are being taken out of service (e.g. the Pasadena Subdivision of the Santa Fe will be converted to light rail technology). This could mean as much as a $620,000 savings. The other "savings" does not represent an actual reduction in costs but is a deferral of improvements which may be necessary for operating service on the San Jacinto Branch line. The improvements recommended to be deferred include 4 crossovers and associated signaling which would allow trains traveling from the San Jacinto Branch to cross the Santa Fe main lines to enter the Downtown Riverside station. Staff is recommending these crossovers be deferred until such time that the refinement study of the San Jacinto Branch line is completed and the RCTC determines a course of action for implementing service on the line. The amount of construction costs to be deferred is estimated to be $648,600. Staff Recommendation: That the Commission: 1) Authorize temporary use of $2,654,160 of Proposition 108 funds currently budgeted for the future development of Tier II stations for the purpose of supporting the development of a layover facility at Highgrove with the condition that these funds will be replaced with FY 1993-94 TCI funds in FY 1994-95; and 2) Authorize staff to proceed with the development of a layover facility at Highgrove and improvements necessary to provide access to the Santa Fe main lines for the purpose of providing Metrolink service from San Bernardino to Riverside to Irvine and from Riverside to Fullerton to Los Angeles. :jw Attachment F:\USERS\PREPRINTWAN.941HIGHLAYO.HS • • • • • • SCSSCHIERMEYER CONSULTING SERVICES • 17390 RROOKHURST STREET, SUITE 100 • FOUNTAIN VALLEY, C192708 • (714) 964-0200 TO: HIDEO BUGITA, RCTC PROM: CARL BCHIER*EYER DATE: DECEMBER 22, 1993 RE: COST UPDATE ON HIGHGROVE LAYOVER AND NEW THIRD MAIN A. Purpose of This Memorandutp This memo aggregates the most recent cost information related to the additional RCTC funds required to construct the new third main and Highgrove layover facility. The preparation of this memo has been coordinated with Charlie deWeese of Parsons. All costs in this memo refer to project costs above and beyond certain basic project costs which may be subject to other agreements (such as the new 3rd main track). These are costs which will be funded by RCTC. A. Third Main from West Riverside to Hiaharove This updated cost is built upon the deWeese letter of November 11, 1993, to John Rinard. That letter noted a total project cost increase attributable to RCTC of $1,473,300. If RCTC elects not to construct the multiple track crosso::ers at Highgrove at this time, there would be an estimated savings of $485,600 for four (4) #24 turnouts and $163,000 in associated special signaling costs associated with the interlocking plant. The total savings would be $648,600. Offsetting these savings somewhat is a modest decrease in the savings estimated from the reduction in the number of relocated switches itemized in the MK report (from 8 to 4 and from $100,400 to $83,200 in savings). Thus the total RCTC cost of the 3rd main changes is $841.900. If the crossovers at Highgrove are built in the current contract, the RCTC cost will be $1,490,500. C. Hiaharove Layover Facility There are three (3) separate cost components which constitute the Highgrove Layover Facility: 1) track upgrade costs on the Santa Fe lead track which connects directly with the layover facility; 2) crossing protection costs at Center Street for the two tracks leading into the layover facility; and 3) the layover facility. The current conceptual cost estimate for the 2,000 linear feet of track required for upgrade is $140,000. MEMORANDUM ON COST UPDATES, Page 2 The current conceptual cost estimate for the crossing protection at Center Street is $120,000. The preliminary cost estimate for the layover facility itself is $1,985,100, including $620,000 for track and ties and $150,000 for a pre-fab building to house the crew base. There has been some indication from SCRRA staff that the rail and ties might be second- hand stock cascaded down from elsewhere in the Metrolink system and provided at no cost, save transportation expense, to RCTC. If such were the case, the "net" RCTC cost could be as low as $1,365,100, including $242,000 for contingency. The lowest probable cost for the entire Layover project is $1,625,100. If RCTC must acquire ties and rail per the budget estimate, the total cost will increase to $2,245,000. D. Total Cost Range of 3rd Main and Highgrove Layover The two lowest cost options for the 3rd Main and Highgrove Layover equal $2,467,000. The two highest cost options for the same projects would cost $3,735,500. E. Discussion of Cost Choices RCTC is currently undertaking a thorough examination of all options related to the development of passenger rail service on the San Jacinto branch, including the routing- option of utilizing the Southern Pacific Railroad Riverside Branch route between downtown Riverside and Box Springs. If such a route were selected, there would be no need to construct the three sets of crossovers at Highgrove which are part of the full cost option of the 3rd main project. Given the need to conduct a full, unbiased study of all feasible San Jacinto -Riverside routing options, I recommend that RCTC delete the Highgrove crossovers from the budget estimate and, consequently adopt the low cost option. Furthermore, for budgeting purposes I recommend that RCTC also adopt the low cost analysis for the layover facility. sCRRA staff have been persuasive that good, second-hand rail can be made available at no cost to RCTC from other Metrolink sites. Thus the lower overall budget of $2,467,000 for both the added costs of the 3rd main track and the new layover facility would appear prudent. a • •