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02 February 23, 2009 Budget & Implementation86501 RECORDS RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE MEETING AGENDA TIME: 9:30 a.m. DATE: Monday, February 23, 2009 LOCATION: BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside %g., COMMITTEE MEMBERS -t) Mary Craton, Chair / Jordan Echrenkranz, City of Canyon Lake Gregory S. Pettis, Vice Chair / Kathleen DeRosa, City of Cathedral City Roger Berg, / Jeff Fox, City of Beaumont Joseph DeConinck / Robert Crain, City of Blythe Ray Quinto / Jim Hyatt, City of Calimesa Eduardo Garcia / Steven Hernandez, City of Coachella Scott Matas / Russell Betts, City of Desert Hot Springs Terry Henderson / Don Adolph, City of La Quinta Darcy Kuenzi / Scott Mann, City of Menifee Rick Gibbs / Kelly Bennett, City of Murrieta Gordon Moller / Alan Seman, City of Rancho Mirage Steve Adams / Andy Melendrez, City of Riverside Ron Roberts / Jeff Comerchero, City of Temecula John F. Tavaglione, County of Riverside, District II Jeff Stone, County of Riverside, District III 4P., STAFF ..go Anne Mayer, Executive Director Theresia Trevino, Chief Financial Officer ‘P- AREAS OF RESPONSIBILITY 0%0 Annual Budget Development and Oversight Countywide Strategic Plan Legislation Measure A Implementation and Capital Programs Public Communications and Outreach Programs Competitive Federal and State Grant Programs SAFE/Freeway Service Patrol TUMF Program Comments are welcomed by the Committee. If you wish to provide comments to the Committee, please complete and submit a Speaker Card to the Clerk of the Board. 11.36.06 RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE www.rctc.org AGENDA* *Actions may be taken on any item listed on the agenda 9:30 a.m. Monday, February 23, 2009 BOARD ROOM County Administrative Center 4080 Lemon Street, First Floor Riverside, California /n compliance with the Brown Act and Government Code Section 54957.5, agenda materials distributed 72 hours prior to the meeting, which are public records relating to open session agenda items, will be available for inspection by members of the public prior to the meeting at the Commission office, 4080 Lemon Street, Third Floor, Riverside, CA, and on the Commission's website, www:rctc.org. In compliance with the Americans with Disabilities Act and Government Code .Section 54954.2, if you need special assistance to participate in a Committee meeting, please contact the Clerk of the Board at (951) 787-7141. Notification of at least 48 hours prior to meeting time will assist staff in assuring that reasonable arrangements can be• made to provide accessibility at the meeting. 1. CALL TO ORDER 2. PLEDGE OF ALLEGIANCE 3. ROLL CALL 4. PUBLIC COMMENTS - Each individual speaker is limited to speak three (31 continuous minutes or less. The Committee may, either at the direction of the Chair or by majority vote of the Committee, waive this three minute time limitation. Depending on the number of items on the Agenda and the number of speakers, the Chair may, at his/her discretion, reduce the time of each speaker to two (2) continuous minutes. Also, the Committee may terminate public comments if such comments become repetitious. In addition, the maximum time for public comment for any individual item or topic is thirty (30) minutes. Speakers may not yield their time to others without the consent of the Chair. Any written documents to be distributed or presented to the Committee shall be submitted to the Clerk of the Board. This policy applies to Public Comments and comments on Agenda Items. Budget and Implementation Committee February 23, 2009 Page 2 Under the Brown Act, the Board should not take action on or discuss matters raised during public comment portion of the agenda which are not listed on the agenda. Board members may refer such matters to staff for factual information or to be placed on the subsequent agenda for consideration. 5. APPROVAL OF MINUTES - JANUARY 26, 2009 6. ADDITIONS/REVISIONS (The Committee may add an item to the Agenda after making a finding that there is a need to take immediate action on the item and that the item came to the attention of the Committee subsequent to the posting of the agenda. An action adding an item to the agenda requires 2/3 vote of the Committee. if there are less than 2/3 of the Committee members present, adding an item to the agenda requires a unanimous vote. Added items will be placed for discussion at the end of the agenda.) 7. CONSENT CALENDAR - All matters on the Consent Calendar will be approved in a single motion unless a Commissioner(s) requests separate action on specific item(s). Items pulled from the Consent Calendar will be placed for discussion at the end of the agenda. 7A. QUARTERLY INVESTMENT REPORT Overview This item is for the Committee to: Page 1 1) Receive and file the Quarterly Investment Report for the quarter ended December 31, 2008; and 2) Forward to the Commission for final action. 8. PROPOSED POLICY GOALS AND OBJECTIVES FOR FISCAL YEAR 2009/10 BUDGET Overview This item is for the Committee to: Page 14 1) Approve the proposed Commission Policy Goals and Objectives for the FY 2009/10 Budget; and 2) Forward to the Commission for final action. • • Budget and Implementation Committee February 23, 2009 Page 3 9. REVISIONS TO THE DEBT MANAGEMENT POLICY Overview This item is for the Committee to: Page 23 1) Approve the revisions to the Debt Management Policy; 2) Adopt Resolution No. 09-003, "A Resolution of the Riverside County Transportation Commission Regarding the Revised Debt Management Policy;" and 3) Forward to the Commission for final action. 10. TRANSPORTATION ENHANCEMENT APPLICATION REVISION FOR THE STATE STREET MULTI -USE BICYCLE AND PEDESTRIAN PATH PROJECT FOR THE CITY OF HEMET Page 41 Overview This item is for the Committee to: 1) Approve the Transportation Enhancement (TE) Application Revision for the State Street multi -use bicycle and pedestrian path project; and 2) Forward to the Commission for final action. 11. STATE ROUTE 60 EAST JUNCTION TO INTERSTATE 215 HIGH OCCUPANCY VEHICLE LANES CONNECTOR PROJECT RELOCATION PLAN Page 54 Overview This item is for the Committee to: 1) Adopt the State Route 60 East Junction to Interstate 215 high occupancy vehicle (HOV) Lanes Connector Project Relocation Plan (Relocation Plan); and 2) Forward to the Commission for final action. 12. FEDERAL ECONOMIC RECOVERY BILL Overview This item is for the Committee to: Page 87 1) Review and discuss Federal Economic Recovery proposals for Riverside County; and 2) Forward to the Commission for final action. Budget and Implementation Committee February 23, 2009 Page 4 13. ITEM(S) PULLED FROM CONSENT CALENDAR AGENDA 14. COMMISSIONERS / STAFF REPORT Overview This item provides the opportunity for the Commissioners and staff to report on attended and upcoming meeting/conferences and issues related to Commission activities. 15. ADJOURNMENT AND NEXT MEETING The next Budget and Implementation Committee meeting is scheduled to be held at 9:30 a.m., Monday, March 23, 2009, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE ROLL CALL FEBRUARY 23, 2009 Present Absent County Of ersid , ict II L7 County of Riverside, District III 0 City of Bea' City of Blythe City o Cafesa City of Canyon Lake City of Caf City of Coachella City of 7' City of La Quinta Cio< City of Murrieta City of Rancho Mi City of Riverside City of Temec RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE COMMISSIONER SIGN -IN SHEET FEBRUARY 23, 2009 r NAME AGENCY E MAIL ADDRESS -- T G6- 41409114.0 , fa-stQ�r.C�C 1Q -Put 0��j l Pitt t d6 taiivi, /j c E.�✓S / " �H £ C v L/,_ �� r w,_.,6_, �'>� Ev s e c- d_AS? Ric G as ifr V 1 tit 0AL --7--A 56077- /- 4TAS 5 ".CPUlA fate /I-2,4sK, 6 rz.c,. h "tm� YivvIT `� 6 ��` h`^- • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION Monday, January 26, 2009 MINUTES 1. CALL TO ORDER Chair Steve Adams called the meeting of the Budget and Implementation Committee to order at 9:30 a.m., in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. 2. PLEDGE OF ALLEGIANCE At this time, Commissioner Terry Henderson led the Budget and Implementation Committee in a flag salute. 3. ROLL CALL Members/Alternates Present Members Absent Steve Adams Joseph DeConinck Eduardo Garcia Rick Gibbs Gregory Pettis Mary Craton Terry Henderson Scott Matas Ray Quinto Ron Roberts John Tavaglione 4. PUBLIC COMMENTS Roger Berg Darcy Kuenzi Gordon Moller Jeff Stone There were no requests to speak from the public. Budget and Implementation Committee Minutes January 26, 2009 Page 2 5. APPROVAL OF MINUTES - OCTOBER 27, 2008 AND NOVEMBER 24, 2008 M/S/C (Henderson/Craton) to approve the minutes of October 27, and November 24, 2008, as submitted. 6. ELECTION OF OFFICERS At this time, Chair Adams opened nominations for the slate of officers. Commissioner Terry Henderson, seconded by Commissioner Scott Matas, nominated the following slate of officers for 2009: Mary Craton for the Chair position; and Gregory Pettis for the Vice Chair position. No other nominations were received. Chair Adams closed the nominations. Commissioners Mary Craton and Gregory Pettis were unanimously elected as the Budget and Implementation Committee's Chair and Vice Chair, respectively. At this time, Commissioner Craton assumed the Chair. 7. PUBLIC HEARING - PROPOSAL TO OFFER AN EARLY RETIREMENT INCENTIVE UNDER GOVERNMENT CODE SECTION 20903 Michele Cisneros, Accounting and Human Resources Manager, provided an overview for the proposal to offer an early retirement incentive. At this time, Chair Mary Craton opened the public hearing. There were no public comments received and Chair Craton closed the public hearing. In response to Commissioner Rick Gibbs' concern regarding the impact of the vacant positions, Anne Mayer replied that staff is confident that only a few employees who are eligible will take the early retirement offer. Commission management will reorganize staff and the vacant positions would not be filled. M/S/C (Henderson/Adams) to: 1) Approve a budget adjustment for the potential payout of benefit accruals related to an early retirement incentive; and 2) Forward to the Commission for final action. • Budget and Implementation Committee Minutes January 26, 2009 Page 3 • 8. • • ADDITIONS / REVISIONS There was revised information for Agenda Item 14, "Federal Economic Stimulus". 9. CONSENT CALENDAR - All matters on the Consent Calendar will be approved in a single motion unless a Commissioner(s) requests separate action on specific item(s). Items pulled from the Consent Calendar will be placed for discussion at the end of the agenda. M/S/C (Adams/Roberts) to approve the following Consent Calendar item(s): 9A. QUARTERLY FINANCIAL STATEMENTS 1) Receive and file the Quarterly Financial Statements for the period ended December 31, 2008; and 2) Forward to the Commission for final action. 98. INTERFUND LOAN ACTIVITY REPORT 1) Receive and file the Interfund Loan Activity Report; and 2) Forward to the Commission for final action. 9C. QUARTERLY SALES TAX ANALYSIS 1) Receive and file the sales tax analysis for Quarter 3, 2008; and 2) Forward to the Commission for final action. 10. PROJECT MANAGEMENT SERVICES TO ASSIST WITH THE IMPLEMENTATION OF EDEN FINANCIAL MANAGEMENT SOFTWARE SYSTEM Michele Cisneros provided a brief overview on the project management services to assist with the implementation of EDEN Financial Management Software System. Budget and Implementation Committee Minutes January 26, 2009 Page 4 M/S/C (Henderson/Adams) to: 1) Approve Agreement No. 09-19-055-00 with Tyler Technologies, Inc. for the purchase of the EDEN financial management software system; 2) Direct staff to present its award recommendation to the Commission for Agreement No. 09-19-056-00 for project management support for the development and implementation of the EDEN financial management software system; 3) Authorize the Chair, pursuant to legal counsel review, to execute the agreements on behalf of the Commission; 4) Forward to the Commission for final action. 11. REVISED PROJECT BUDGET AND PROGRAMMING FOR THE STATE ROUTE 91 HIGH OCCUPANCY VEHICLE LANE PROJECT Shirley Medina, Programming and Planning Manager, provided an overview for the revised project budget and programming for the SR-91 high occupancy vehicle (HOV) lane project. M/S/C (Adams/Henderson) to: 1) Receive and file an update on the SR-91 HOV lane project; 2) Authorize the Executive Director, pursuant to legal counsel review, to execute the Cooperative Agreement Amendment Nos. 05-31-527-02 and 08-31-002-01 and Corridor Mobility Improvement Account (CMIA) baseline certification amendment that will reflect an update to the project funding; and 3) Forward to the Commission for final action. 12. REVISED PROJECT SCOPE AND BUDGET FOR THE INTERSTATE 215 BI-COUNTY HIGH OCCUPANCY VEHICLE GAP CLOSURE PROJECT Patricia Castillo, Capital Projects Manager, provided an overview on the revised project scope and budget for the 1-215 Bi-County high occupancy vehicle (HOV) gap closure project. Anne Mayer stated staff has worked with San Bernardino Associated Governments (SANBAG), Ca!trans, and Federal Highway Administration to develop a project that is deliverable in the near term on this very important stretch of the 1-215. • • • • Budget and Implementation Committee Minutes January 26, 2009 Page 5 M/S/C (Adams Henderson) to: 1) Approve the inclusion of the 1-215 Bi-County HOV Gap Closure project in the Commission's 2009 Measure A 10-Year Delivery Plan; 2) Approve Agreement No. 09-31-060-00 with SANBAG for the project approval and environmental document (PA&ED) phase for the interim project in the amount not to exceed $1,305,396; 3) Authorize the Chair, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 4) Forward to the Commission for final action. 13. STATE ROUTE 91 HIGH OCCUPANCY VEHICLE GAP CLOSURE PROJECT RELOCATION PLAN Min Saysay, Right -of -Way Manager, provided an overview on the SR-91 HOV gap closure project relocation plan (Plan). In response to Chair Craton's concern regarding business relocations, Min Saysay replied the businesses have been very responsive and positive. In response to Commissioner Adams' concern regarding residential relocations, Min Saysay replied it is a potential relocation of one home. The resident has indicated that if construction will result in the closure of the resident's access for longer than three weeks, the resident wishes to be relocated. M/S/C (Henderson/Matas) to: 1) Adopt the SR-91 HOV Plan; and 2) Forward to the Commission for final action. 14. AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 Aaron Hake, Government Relations Manager, provided an overview on the status of the Economic Stimulus bill. He recognized Craig Scott from the Auto Club of Southern California (AAA), who has been lobbying for regional governments to receive most of the funding for transportation projects. He explained throughout this process it has been observed that the bill is being negotiated at a very high level and air tight process. Staff is leaning heavily on Senators Dianne Feinstein and Barbara Boxer to provide input. Budget and Implementation Committee Minutes January 26, 2009 Page 6 He expressed because the way the bill is going currently leans heavily towards the state, which means the Schwarzenegger Administration will have a significant role in determining how the funds will be distributed. Staff is also working closely with Southern California Association of Governments. Commissioner Adams suggested encouraging the local jurisdictions and constituents to write to Congress to demand funding for transportation projects. Additionally, the Commission needs to be proactive in communicating to the federal legislature that it is essential for the funding to be allocated to the local regions. Anne Mayer concurred with Commissioner Adams' and provided an overview of the letter to Congresswoman Nancy Pelosi attached to the revised agenda item. Chair Craton reported on a legislative trip in Sacramento last week, noting that she emphasized at her meetings that the Commission is ready to put those funds to use immediately. M/SIC to: 1) Receive and file a report on the American Recovery and Reinvestment Act of 2009; and 2) Forward to the Commission for final action. 15. ITEMS PULLED FROM CONSENT CALENDAR There were no items pulled from the Consent Calendar. 16. COMMENTS BY COMMISSIONERS/STAFF 16A. Anne Mayer announced the Commission Workshop will be held on February 5-6, 2009, at the Embassy Suites in Palm Desert. • • • • • • Budget and Implementation Committee Minutes January 26, 2009 Page 7 17. ADJOURNMENT There being no further business for consideration by the Budget and Implementation Committee, the meeting was adjourned at 10:12 a.m. The next meeting of the Budget and Implementation Committee is scheduled for February 23, 2009 at 9:30 a.m. Respectfully submitted, H Jennifer Harmon Clerk of the Board • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: February 23, 2009 TO: Budget and Implementation Committee FROM: Anne Hallberg, Accounting Supervisor THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Quarterly Investment Report STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the Quarterly Investment Report for the quarter ended December 31, 2008; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: Attached are the quarterly investment and cash flow reports as required by state law and Commission policy. The county of Riverside's Investment Report for the month ended December 31, 2008, is also attached for review. Attachments: 1) Quarterly Investment Report for the Quarter ended December 31, 2008 2) County of Riverside Investment Report for the Month ended December 31, 2008 Agenda Item 7A 1 • • PorNOKu lnvaatmant Type LAIF 6.96% County Pod/CaaF 65.61 % Mutual Funs 10,396 InvaabnbrX Agiepnwntc 3.115% Statement of Compliance All of the above investments and any investment decisions made for the quarter ended December 31, 2008 were in full compliance with the Commission's investment policy as adopted on April 9, 2008. The Commission has adequate cash flows for six months of operations. Signed by `r"' L%� ,34PA/7 Chief Financial Officer •sesodmd 6uwodei Iepueu9 so; elgeMeow Leics., se pepodei sl felso Wee wewlsesw 11) 412'16010S S 1V101 406'OZ6'SL £Eb'696'ZS £ 14 9L£'9Z OZCZL9'9Z L90'£OS'£ W4'119'0E17 ELE'ZL sweweekv weugsesw spund IeninW lelol - qns pund uoge6pg0 iuewweno0 ueouewV iSgd ism. -pund suoee6pg0 Nnsewl ueouewy lsnd :spund IeninW drol loud FiunoO owes 3dA11N3W1S3ANI 0321atlWWLi6 emu uodnc0 sopa A pn1eW 6lunlsys ie enleA ied 3NON :se9unwoL euoN :sesegosnd son 'Le segweoe0 pepu3 seyen0 eqL 101 suwioesuesl Luewisenul EON 960 S $ 406 0� Z8� S S 0009Z6S %Z0'0 60/9Z/S0 SO/42/SO 000 9Z6Si $ 7.00'9 V/N 4LZ'L60 COBS S$ 9EE'0L6'99 wVVVieeV ELL'91.C'9Z V/N 406'OZ6'Sl wVVtl/eaV OZL'ZL9'9Z OLE'E LS'69 %BST V/N 1+AMN'/L21N-eaV 6WE lS'6S 919'£L9'4LE V/N V/N Pole810N L90'E0S'E %992 V/N L+ANVYMIN/eeV 6S V99l'lL£ VM V/N +999/EV ELM (SSOV 3111VA 1SOO A11HI11tlN 31V0 31tl0 3a1VA 31V21 d8S1-1011d/SAOOON 3111VA NIVd NIVO 03211V3LINI1 13H21VW 3SVHONIld 010131A AllNalVN 3SVHONnd NVd Nodnoo ONI1V21 Sp1011.118enui pue gse3 IIV 1tl101 auasey ige0/spund Loe(oAd pun IeloleaS pund ualle6NO luawwano0 ueSpewV ISI!d sluewee�8tl 1uewlsanul pund suope6pg0 Nnsewl ueouewy ivld 3A213S3211930/SONOd 103£021d 0N09 NOISSIWW03 lsnil u! p1aH sPund IelolgnS pund uopepodsueil wool :pund wewisanw pelood sdemsewl 61uno0 1Snai NI 013H SONna spund 6wiwed01elo1gns (diyl) pund wewisonw LDu96V leool pund wewisenul mood s deunseail lquno0 spsode0 que9 IeuopeN APO 50Nn3 ONI1VU3d0 9ooZ'L£/egwe0ad :pepu3 pound uodaa 0g0p0d luewlsanul uolsslwwop uogellodsue/l Rlunoo aplsianly • • • SAFETY OF PRINCIPAL PUBLIC ,TRUST MAXIMUM RATE: OF RETURN Don Kent Treasurer -Tax Collector, " Jon Christensen Assistopt Treasurer, -Tax, ' Collector Giovane Pizaho ,:- Investment Mc1i1a/er Durable Goods Orders (-1% actual vs. -3% survey) Consumer Confidence (38 actual vs.45 Unemployment Rate (7.2% actual vs.7% survey ) Payroll change(-524000 actual vs.-500000 survey) "2008, Not So Great!!!" 2008 proved to be the worst year for the U.S. economy and the capi- tal markets since the Great Depression as the housing slump and subsequent subprime meltdown have morphed into an economic crisis of epic proportions. Worldwide, central banks have responded by cutting rates aggressively, hoping to free up capital and to thaw out frozen credit markets. To add fuel to the fire, many states, including California, are having massive budget shortfalls; this too has a trickle down effect right here in Riverside County. At its December 16'h meeting, for the first time in its monetary policy history, the FOMC placed a variable rate range of between 0 and 25 bps. when it cut the benchmark federal funds rate. Additionally, the FED announced its open market activity of buying U.S. Treasury and agency securities in an effort to further bring down bond market rates of inter- est; this is all an attempt to reduce rates In the mortgage market for those looking to purchase or refinance. The rate cuts were in conjunction with the multiple infusions of cash directly into financial Institutions made by the government; it's about as close to nationalizing our bank- ing system as this country has ever come due to free market capitalism being shaken to its core. At this point, the Jury is still out as to whether or not public sector intervention is working, but, through the passage of time and private capital hitting the risk premium bid, some sort of normalcy will reap- pear, albeit slowly. Our best guess is that it will be after all of the TARP funds are spent and on the heels of close to a trillion dollar federal stimulus package to get the ball rolling again. Due to record low interest rates, Pool Investment earnings will continue to come down for the remainder of this fiscal year and next. We will stick to our priorities though of capital preservation in the pursuit of retums for our deposi- tors as we ride out this perfect economic storm, Don Kent Treasurer -Tax Collector November )v1dBi11(1 �i1C ivd�l':�il Value Value 5,141, 619, 940.83 5,122, 200, 572.50 19,419,368.33 September 4,871,056,515.74 4,876,250,943.87 (5,194,428.13) 5, 015, 373, 203.02 5, 019, 501,101.27 (4,127, 898.25) 8 0.38% 3.00 1.06 1.00 -0.11 % 2.96 1.06 1.00 -0.08% 3.10 1.20 1.13 Market values do not include accrued interest C': i 4 The fed changed their target rate to a range of 0 to 25 bps. on De- cember 16. The 2 year T-Note was yielding .76% (down 24bps). while the 10 year T-Note was yield- ing 2.25% (down 68bps.) For December, the Pool had a de- crease of 44bps. in the average monthly yield. 3Mo US Treasury Bill 6 Mo US Treasury Bill 2 Yr US Treasury Note 5 Yr US Treasury Note A Yr US Treasury Nate FED Fund Rate 0.11 0.t7 027 (0.17) 0.76 (0.24) 155 (0.38) 225 (0.68) 025 (0.75) Crude Oil (barrel) 44.60 (23.21) Gold (Ounce) 882.05 152.30 DJIA S&P 500 NASDAQ 8,776.39 903.25 1,577.03 (548.62) (65.50) 143 92) Page 1 • Sector breakdown Negotiable CDs M unicipal Bonds Local Agency Obligation 95,000,000 0.07 2.63 uv�1e 4T 115,321,739 127 3.86 87,329,000 0.95 3.25 TOTAL 6,205,762,880 1.06 2.86 Maturity Distribution 3000 % 2500% 2000% 1500% 1000 % 500% 0% 30 days or 30- 90 Days 90 Days - 1 1 - 2 Years 2 - 3 Years Over 3 Credit Quality AAA i 21.19% A-1 / P-1 or better 10.36 % 331% Federal Agency 65.14% 12 Month Gross Yield Trends2 4 0 Oac-07 Jan-08 Fab-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 0et-08 Nav-08 Dae-08 Cash Flows2 otah 12eeeipts M onAhiy 69e,n th ]y P)isl:nais f:�,io„ore tl 1 /2009 628.9 1,391.0 (762.1) 1,451.2 3/2009 v 807.6 955.9 048.2) 148.2 415.0 5/2009 592.5 1,341.7 (749.2) 371.4 628.9 7/2009 735.3 1,107.9 (372.6) 372.6 127.7 9/2009 564.4 795.9 (231.5) 231.5 36.2 11/2009 743.2 768.4 (25.2) 25.2 100.6 U1 ALs 9 1 ,nl ti.h ;l L9.bu" 1, r Treasurer's Institutional Money Market Index (T'1M69) is compiled and reported by the Riverside County Treasurer's Capital Markets division. It is a composite index derived from the average of three multi -billion dollar AAA rated Prime (funds that invest in a diversified portfolio of U.S. dollar denominated money market instruments including U.S. Treasuries, government agencies, bankers' acceptances, commer- a al paper, certificates of deposits, repurchase agree- ments, eta) portfolios that the Treasurer tracks. Fur- ther details available upon request. a The Pooled Invesnnent Fund cash flow requirements are based upon a 12 month historical cash flow model. Based upon projected cash receipts and maturing investments, there are sufficient funds to meet future cash flow disbursements over the next 12 months. s Z 900d Z L'Z 00'Z 00'Z 26't 961 06'I 98't 96'L 99'L le L le'L 61'1. SC l LL'1 69'I /91 [9'I 05'l 56'L SY'l 99'l 9'L Z6'L Z6'L 88 L LB'L 9' L EL EL'L ZL 99'I 19'L Z9'L 05'1. 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Nerefeet, 97(121Md V3 NO1-119 00'OOD'SZO'0 909L YeZ99 WhW/ey 1S N010NIHSVM 00'000'000'04 LX909L6C6 VWBeV-V 0E19tl1 ABILSONI 00'000'SZ9'C ZfAL9S9S0 keea IV NNV909Vi1 00'000'000'Sb 00'000.0SON4 VNZett 3037103 A1NW3 VO V1 00000'0Z4'Z VV/*VV/teV 1S N010NIHSVM 00'000'909'C bb'b' N003 9 9X1 WNOO VWICoV AN Ik-S `Flie N3110116 NO0380 00'000D20'1 4CO3y. 411.-1u1 4.44 1l U1 �Vo�- i VW NO33 9 9E1 MOO AN 00'000'990'8 NOLLdIH7S9Q 2IVd `646ZEII644 631AL0989 WCIV1ZZ29: 8fNZ0E609 dlSf13 pun3 auatuasanuI mood r °tseau The Treasurer's Pooled Investment Fund was in FULL COMPLIANCE with the Treasurer's Statement of Investment Policy. The County's Investment Policy is more restrictive than the California Government Code. This policy is reviewed annually by the County's Investment Oversight Committee and approved by the County Board of Supervisors. Investment Category Maximum Maturity 5 YEARS Authorized % Limit Quality S&P/ Moody's NO LIMIT A/A2/A Maximum Maturity 3 YEARS Authorized Limit Quality S&P/ Moody's Actual Riverside Portfolio% 15%/$150MM A/A2/A 1.86% LOCAL AGENCY OBLIGATIONS 5 YEARS NO LIMIT 3 YEARS 2.50% INVESTMENT GRADE 1.41% FEDERAL AG EN01 BILLS OF EXCHANGE 270 DAYS 40% (1) 180 DAYS 30% A1/P1/F1 COMMERC' CERTIFICATE & TIME DEPOSITS 5YEARS 30% 1YEAR 25%MAX A1/P1/F1 1.53% KP*1-1 REVERSE REPOS 92 DAYS 20% 60 DAYS 10% MAX N/A NTE©, , CaITRUST SHORT TERM FUND N/A N/A N/A DAILY LIQUIDITY 1% BOARD APPROVED 0.86% SECURED BANK DEPOSITS 5 YEARS NO LIMIT 1 YEAR 2% , MO:RTB.., LOCAL AGENCY INVESTMENT FUNDS N/A NO LIMIT 3 YEARS 0% MAX I No more than 30% of this category may be invested with any one commercial bank Mutual Funds maturity may be Interpreted as weighted average maturity not exceeding 90 days - 3 Or must have an Investment advisor with not less than 5 years experience and with assets under management of $500,000,000. • THIS COMPLETES THE REPORT REQUIREMO OF CALIFORNIA GOVERNMENT CODE 53646 • Page 9 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: February 23, 2009 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: John Standiford, Deputy Executive Director SUBJECT: Proposed Policy Goals and Objectives for Fiscal Year 2009/10 Budget STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the proposed Commission Policy Goals and Objectives for the FY 2009/10 Budget; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: The initial step in the budget process is to develop policy goals and objectives for the next fiscal year that are consistent with the Commission's overall strategic direction. The goals and objectives for FY 2009/10 reflect the continuation of the transition planning efforts related to the completion of the 1989 Measure A and commencement of the 2009 Measure A projects. Most importantly, the adoption of the Budget Goals and Objectives provides an opportunity to match the Commission's spending priorities in a manner that implements the promises made to the citizens of the county of Riverside in both Measure A Expenditure Plans. Using the Commission's guiding principles, staff has updated the attached Policy Goals and Objectives for the FY 2009/10 Budget. Attachments: Proposed Goals and Objectives for FY 2009/10 Budget Agenda Item 8 14 • • Commission Policy Goals and Objectives The following material outlines the Commission's adopted policy goals, objectives and financial policies that serve as the framework for the work plan presented in the FY 2009/10 Budget. Promote Mobility The Commission, in cooperation with local, state, and federal agencies, will strive to create a transportation system that promotes efficient mobility both within the County andregion. - - While Riverside County grapples with the challenges of a declining real estate market and an uncertain economy, the need for better mobility and transportation remains a top public policy priority that the Commission is poised to address. The 10-Year Westem County Highway Delivery Plan, approved in December 2006, will become more prominent this year as environmental and design work moves into high gear on SR-91, 1-15 and 1-215. The Commission will also work with partners including the Southern California Regional Rail Authority (SCRRA or Metrolink), CVAG, and WRCOG to deliver transit services, improve highways and arterials in the Coachella Valley, and ensure investment of TUMF dollars in Westem County. In moving forward with this aggressive program of projects and services, the Commission will face the challenge of lower Measure A receipts and declining state transportation revenues along with uncertainty regarding the availability of federal dollars. The following are emphasis areas for the Commission in FY 2009/10: • Complete projects and programs included in the 1989 Measure A and determine use for unexpended revenues. Deleted: regionally • Continue to aggressively pursue completion of the environmental and design _ { Deleted: implement processes on key components of the 10-Year Western County Highway Delivery Plan which includes the widening of SR- 91, 1-15, and 1-215. • Continue to develop the toll program consistent with the 10-Year Western County Highway Delivery Plan including obtaining federal toll authority for select projects and executing toll program agreements with kev regional and state partners including Caltrans, OCTA, CHP, TCA, and others. • Seek to obtain state legislative authority to utilize the design -build method of project delivery to advance project delivery schedules. • Continue to work with state and federal agencies to fund and construct projects programmed in the STIP FTIP. Proposition 1B bond programs, and Measure A prograrrl,as well as other high priority regional projects. • Maximize the effective application and use of Western County TUMF funds to deliver eligible Commission priority projects. • Work closely with local jurisdictions to implement the ,TUMF Regional Arterial Program and facilitate the delivery of arterial improvements in Western County. • ,Complete the Project Approval and Environmental document phase for the Mid County Parkway,_ 15 L Deleted: state and 1 Deleted: program -f Deleted: the .` Deleted: , and `Deleted: FY 2007-2009 J l Deleted: Circulate the project level Deleted: and receive the Record of Decision by the end of the 2008 calendar year i • Circulate for public review the draft project level environmental document elated to _ the SR-79 realignment project. • Evaluate the results of geotechnical field exploration, testing services, and technical evaluation for the proposed Irvine -Corona Expressway, a CETAP corridor, and determine next steps for the project. • Actively participate in the SR-91 Advisory Committee and Riverside Orange Corridor Authority to facilitate near and long-term improvements to SR-91; enhance intercounty public transit options and foster the development of a new corridor between the two counties. • Advocate streamlining efforts at the state and federal levels to facilitate timely project reviews and approvals. • Coordinate and provide public access to commuter information and tools.such as _ _ - ridematching for car/vanpooling, generating bicycle routes and transit itineraries for commute planning and real-time traffic information for congestion avoidance to _ _ foster the use of alternate modes of transportation. • Continue cooperation with the FTA regarding the Small Starts process to support the initiation of the Perris Valley Line commuter rail service ILI _ • Continue to develop a vision of transit service for Riverside County. • Continue to develop a vision of transit service to further promote seamless intracitv intercity, and regional transit connectivity for County residents. Mitigate and Address the Impact of Goods Movement The Commission will work with federal, state, and local govemments to facilitate the movement of goods and services to, within, and through the County, recognizing the vital role mobility plays in the economic health of the County, the State, and the nation. • Seek funding and local agency concurrence to implement the Commission's approved, high -priority railroad grade separation priority list to mitigate the impact of increased goods movement demands on the transportation system. • Remain committed to a regional approach regarding goods movement issues in order to maximize funding from state and federal sources to goods movement needs in Southern California. • Continue working with the Ports of Los Angeles, and Long Beach. and regional transportation commissions to develop an infrastructure cargo fee. • Continue working with LA Metro OCTA SANBAG SANDAG VCTC SCAQMD and Mobility 21 to encourage Congress to create a national goods movement program to treat the nation's multimodal national goods movement network as a system rather than individual projects. Ensu• re Improved System Efficiencies The Commission will select projects and allocate funds in a manner that will improve safety and reduce congested traffic corridors. • Advocate the development and use of advanced technologies for transportation Deleted: to foster the use of alternate modes of transportation Deleted: transit through the provision of a regional trip planner Deleted: by Deleted: , which has now been included for $50 mBlion in the President's FY 2008/09 federal budget Deleted: travel Deleted: San Pedro Bay Deleted: ports Deleted: <9> Work closely with Caltrans, SANBAG, Ventura County Transportation Commission, and the Los Angeles County Metropolitan Transportation Authority (Metro) to conduct an environmental justice analysis and community outreach to supplement the Multi -County Goods Movement Action Plan (MCGMAP)1 16 • applications that are affordable and practical. • Work with public and private interests to apply real-time technology to disseminate commuter information that will support the use of altemate modes and improve efficiency of the regional transportation system. • Assure the effectiveness of transit planning through coordination with the Transit Operators Working Group, Citizens' Advisory Committee, and annual SRTP process with a goal toward promoting program efficiency and effectiveness. • Provide innovative commuter rideshare programs to reduce single occupant vehicle trips and coordinate with other regional rideshare service providers to address intercounty commute trips. • pevelop an Inland Empire region 511 system, in partnership with SANBAG, that will make real-time traffic information available to commuters for the purpose of trip planning and congestion avoidance. • Leverage existing online trip planning services such as Gooqle Transit by integrating and maintaining regional transit schedules and routes. • Work with local iurisdictions, Caltrans and the California Highway Patrol (CHP) to continue providing a motorist aid system which includes a call box program and an FSP program including temporary services in freeway construction zones. • Continue development, in partnership with Caltrans and SANBAG, of the Inland Empire Transportation Management Center. • Leverage our resources to incorporate park and ride services at Metrolink stations that have available capacity. Foster Environmental Stewardship The Commission will achieve its mobility goals while promoting environmental stewardship and protecting the area's natural resources and quality of life. • Continue working with the RCA to implement the MSHCP, • Work with SCAG, the South Coast Air Quality Management District (SCAQMD), sub -regional agencies, and local jurisdictions to implement a Regional Transportation Plan (RTP) that meets regional air quality goals and conformity guidelines. • Support a variety of outreach channels and educational programs that promote the benefits of ridesharing, transit, rail, and availability ofp-ommuter resources. _- • Facilitate private/public use of clean fuels technology. • Consider and address new state and federal mandates regarding greenhouse gas emissions jncludinq participation in various forums to develop implementation . guidelines. • Continue to develop sustainable and green commuter rail stations and provide upgrades and rehabilitation proiects to reduce the environmental impact of the existing stations. • Coordinate with local and regional agencies regarding compliance with SB 375 and AB 32. Deleted: Support the deployment of a Southern California Association of Governments (SCAG) Deleted: and to assist in the assembly of the reserve system, with a goal to utilize the Measure A commitment to the MSHCP as much as possible prior to the beginning of the 2009 Measure A program Deleted: help through www.CommuteSmarrinto 1-500- COMMUTE, and 511 Deleted: as part of long-range and transportation planning. This will require a close working relationship with regional, local, stale, and federal agencies 17 Encourage Economic Development Transportation decisions will consider the economic benefits derived from any improvement, and, where feasible and practical, will pursue transportation altematives that enhance or complement economic development. • Support local agencies in the design and construction of interchanges that are in proximity to regional economic centers and developments. • Support local projects, consistent with countywide transportation goals, which enhance business development, local employment, and area tourism. Support Transportation Choices through intermodalism and Accessibility County residents will be served, where economically feasible, through the development of transportation alternatives and travel options that consider the needs of a wide range of citizens. • Work with transit providers and local social service agencies to provide specialized transit service,to meet a broad spectrum of socio-economic transit needs. _ • ,Leverage commuter assistance and freeway service patrol outreach channels in order to increase the awareness of and foster the use of alternative commuting • modes. • Implement the Commission's commuter rail SRTP and SCRRA's long-range strategic plan for expansion of the commuter rail system benefiting Riverside County constituents with an emphasis on the Perris Valley Line, an extension from Riverside to Perris via Moreno Valley. • Pursue the goals and objectives as outlined in the Public Transit -Human Services Transportation Coordination Plan for Riverside County related to a unified, comprehensive but flexible strategy for transportation service delivery to address transportation gaps and/or barriers focusing, on unmet transportation needs of _ - Deleted: ed elderly individuals, persons with disabilities, and individuals of,jimited income. _ - Deleted: low • Enhance security surveillance and emergency response capabilities of County transit facilities and infrastructure through proactive planning, interagency coordination, and investment. • Deleted: and the Commission's innovative Transporlation Reimbursement and Information Project program Deleted: Integrate commuter assistance programs and marketing with transit Prioritize Public and Agency Communications The Commission will provide timely, informative, and accurate information to encourage informed public and agency participation in the Commission's decision -making processes. • Promote a close working relationship with news and civic entities to increase interest in and understanding of transportation and related issues. • Enhance the provision of public information through various forms of communication (e.g., website, television, Speakers Bureau, print media, radio, etc). • Maintain an ongoing effort of informing Riverside County's Congressional and State Legislative delegations regarding County transportation issues. 18 • • • Develop an effective long-range legislative strategy regarding the upcoming reauthorization of Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) to ensure that the federal govemment participates as a full partner in funding Riverside County projects that are of national and regional significance. • Advocate for sufficient funding for Riverside County from various federal and state revenue sources including, but not limited to, the Federal Stimulus Act, STIP, and State and Local Partnership Program. • Seek legislative flexibility for innovative financing and delivery methods. • Maintain ongoing efforts to educate commuters, businesses, and the public regarding the Commission's toll planning efforts and specific proiect development efforts currently underway. 19 Financial and Administration Policies Budget Policies • • The Commission shall budget no more than one percent (1 %) of Measure A sales tax revenue for administrative salaries and benefits. • Administrative program delivery costs will be budgeted at whatever is reasonable and necessary, but not to exceed four percent (4%) of Measure A sales tax revenues (inclusive of the one -percent salary limitation). • The Commission shall budget 100% of the annual required contribution related to the postretirement health care benefits. • Amounts will be budgeted by fiscal year for multi -year projects based on best available estimates with the understanding that, to the extent actuals vary from those estimates and the project is ongoing, adjustments will be made on an ongoing basis. • The fiscal capital budget should be consistent with the strategic plan and deviations appropriately noted, explained, and justified. • A balanced budget shall be adopted annually with operating and capital expenditures and other financing uses funded by identified revenues and other financing sources as well as available fund balances. Revenue Policies • Sales tax revenue projections will be revised semi-annually to ensure use of current and relevant data. Staff may adjust annual amounts to reflect the most current economic trends. • A strategic application of local funding sources will be used to maximize federal and state funding of projects. • Fiduciary responsibility regarding Western County TUMF revenues shall be exercised, and revenues will be allocated pursuant to Commission direction and the approved 2009 Measure A. Debt Management Policies • The Commission will maintain 2.0x debt ratio coverage on all senior debt. • Debt issuance will be for major capital projects including engineering, right of way, and construction. Operating requirements, if any, must be from current ongoing revenues. • Costs of issuance including the standard underwriter's discount will not exceed two percent (2%). • The Commission may enter into interest rate swaps to better manage assets and liabilities and take advantage of market conditions to lower overall costs and reduce interest rate risk. • While it is the intent of the Commission to establish a cash debt reserve for long term bond issuance, surety bonds can be obtained when beneficial to the 20 • • Commission. • The commercial paper program and other short-term financing vehicles will provide advance funding for projects included in the expenditure plan of the approved 2009 Measure A. • The Commission will consider actions to lessen the restriction of the $500 million 2009 Measure A bonding cap, which could include the possibility of a future ballot measure to increase the cap. Auditing, Accounting, and Financial Reporting Policies • The Commission will replace its financial software system in order to better integrate proiect accounting needs and improve accounting efficiency. • The Commission will issue a Comprehensive Annual Financial Report (CAFR) in accordance with the GASB Statement 34 financial reporting model. • An audit is to be conducted annually on the Commission's accounting books and records. As long as the Commission has outstanding bonds, an independent accounting firm must conduct the audit. • The Commission is responsible for ensuring that audits of Measure A and TDA funding recipients are completed and reviewed for compliance and other matters in a timely manner. • An internal audit ,program will be maintained to identify improvements in controls , and procedures as well as best practices. Capital Planning and Programming Policies • Established priorities will be reviewed annually with the Commission. Reserve Policies • The Commission will maintain program reserves in accordance with Measure A and TDA policies and guidelines. • The Commission will maintain a cash reserve at least equal to five percent (5%) of annual revenues (exclusive of reimbursements and matching funds). • The Commission will establish and maintain a transit operator's reserve of ten percent (10%) for the Coachella Valley and Palo Verde Valley. Additionally, a ten percent (10%) reserve will be established and maintained for each of the Western County transit operators (public bus and commuter rail). Cash Management/Investment Policies • Where possible, the Commission will encourage receipt of funds by wire transfer to its accounts. • Balances in the bank operating account will be maintained at the amount necessary to meet monthly expenditures. • Idle funds will be invested per the Commission's established investment policy 21 Deleted: risk assessment emphasizing in order of priority: 1) safety, 2) liquidity, and 3) yield. • Cash disbursements to local jurisdictions and vendors/consultants will be completed in an expeditious and timely manner. Human Resources Management Policies • Commission staffing levels will be consistent with the intent of its enabling legislation, which envisioned a small, but effective staff. • Contract staff and consultants will be used to augment staff efforts as much as possible to support programs or work loads, which do not appear to be of a permanent nature. Information Technology Policies • Significant effort will be made to maintain efficient and cost-effective technology infrastructure by continuously upgrading network equipment and software to ensure quality performance, productivity, and connectivity among staff, other agencies, and the public. Network security will continue to be a top priority to maintain the integrity of the Commission's network and information. The following matrix illustrates the linkage of the Commission's overall policy goals described in this section to the individual departmental goals included in Section 7. • 22 60/800Z JeaA le3s!A sanipargp pug woo iabpnq pana dde ui paleaodaooui . sleo6 bupoodn saleinaRN . uoRoa qp oibalaals sausi!geisD . AeW ui uoissnosip la6pnq aoj. abets slag . sani}oarqp pue sieo9 suoReopnwwoo Aouabb pue ailgnd azRpopd . Amgissaaab pue wsftepowJelui Onakil saaiouo uoRepodsuaa1 poddns . diusp peak reluewuoainud aaisod . sapuaplo weisAs pang dwi aansu3 . 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WOonpy . sepHod uoRe.ijsiu!wpd pue lepueuu ui weisits ammilos lepueu!I luauaaoeidaa papnpui . la6pnq pull. jo uoRdope uoissiwuaoo— 01. aunt . la6pnq pasodoad ao� 6upeaq ollgnd uadpAm • Ta6pnq pasodoad aoj. iGeuauans anRnoaxa �o nnainaa 991.11WW00 I'88— LZ I!add • • • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: February 23, 2009 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: John Standiford, Deputy Executive Director SUBJECT: Revisions to the Debt Management Policy STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the revisions to the Debt Management Policy; 2) Adopt Resolution No. 09-003, "A Resolution of the Riverside County Transportation Commission Regarding the Revised Debt Management Policy;" and 3) Forward to the Commission for final action. BACKGROUND INFORMATION: The Internal Revenue Service has commenced a compliance project to evaluate post -issuance and record retention policies, procedures, and practices of governmental issuers of tax-exempt bonds. Accordingly, as a proactive measure, staff requested Fieldman, Rolapp & Associates (Fieldman), the Commission's financial advisor, to review the current debt management policy to ensure that it is appropriate and in compliance with applicable laws and regulations. Additionally, staff requested that Fieldman consider any revisions applicable to the issuance of toll revenue bonds in future years. The attachment to this staff report is the marked -up version of the debt management policy with the proposed changes. The most significant changes to the debt management policy are as follows: • Reference to the 2009 Measure A program debt limitation; • Updated ratings; • Updated information regarding outstanding debt anticipated as of June 30, 2009, the date of expiration of the 1989 Measure A program; • Update to responsibility for developing and maintaining the time and responsibility schedule; • Requirement for a marketing plan to be prepared by the book -running senior manager; Agenda Item 9 23 • Clarification in the limit on variable rate debt when variable rate debt has been swapped to a fixed rate; • Change in the continuing disclosure requirements regarding national repositories; • Addition of a section on arbitrage rebate and yield calculation requirements; • Addition of recordkeeping and tax return filing requirements; and • Updated information regarding location of investor disclosure information. Staff believes that the revised debt management policy is in compliance with applicable laws and regulations and recommends that the Commission approve such policy. Attachments: 1) Resolution No. 09-003 2) Proposed Debt Management Policy Agenda Item 9 24 • • RESOLUTION NO. 09-003 RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION REGARDING THE REVISED DEBT MANAGEMENT POLICY WHEREAS, the Riverside County Transportation Commission (the "Commission") currently retains the authority to add, delete or otherwise modify the Commission's policies and procedures. NOW, THEREFORE, the Riverside County Transportation Commission does hereby resolve as follows: Section 1. The Riverside County Transportation Commission hereby adopts the Debt Management Policy, as revised on March 11, 2009. APPROVED AND ADOPTED this 11th day of March, 2009. Bob Magee, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon Clerk of the Board 25 I, Jennifer Harmon, Clerk of the Board, do hereby certify that the foregoing Resolution No. 09-003 was duly and regularly adopted by the Riverside County Transportation Commission at a regular meeting thereof, held on the 11t'' day of March, 2009, and that the foregoing is a full, true and correct copy of said Resolution. Jennifer Harmon Clerk of the Board 26 DEBT MANAGEMENT POLICY The Riverside County Transportation Commission (RCTC) is responsible for providing leadership and creating transportation choices that enhance the quality of life in Riverside County. RCTC's mission is to create, coordinate, finance, and deliver an easy to use transportation network that keeps Riverside County moving and meets the public's needs. In an effort to fulfill this vision, RCTC issues short and long-term debt on an as -needed basis. RCTC's Chief Financial Officer (CFO) is responsible for the sale of debt for the specific projects. RCTC's main objectives in the sale of debt are to: • Issue bonds subject to a bond debt limitation of S525,000,000 under the 1989 Measure A program, • Issue bonds subject to a bond debt limitation of $500,000,000 under the 2009 Measure A program, • Maintain a 2x debt service coverage, • Obtain the lowest possible cost of funds for each of RCTC's borrowing programs, • Obtain the highest possible credit ratings that allow sufficient flexibility, • Minimize risk exposure to variable rate debt and/or derivatives, and • Maintain the required secondary market disclosure with the rating agencies, institutional and retail investors. This Comprehensive Debt Management Policy contains the policies and the procedures that govern all debt sales. All participants performing services on RCTC's debt sales: • Must comply with the policies and procedures set forth herein, and • Will be expected to consistently perform at a level that provides maximum benefit to RCTC. 1 The CFO, after consultation with and approval by RCTC's j3oard of Commissioners (Board), reserves _ the right to remove any participant from an RCTC transaction or underwriting pool at any time for substandard performance or failure to abide by RCTC's Comprehensive Debt Management Policy. The CFO actively manages all phases of each financing. All decisions related to each transaction are subject to the CFO's approval. Questions regarding the policies and procedures outlined in this Comprehensive Debt Management Policy should be directed to: Theresia Trevino, CFO Riverside County Transportation Commission 4080 Lemon Street, 3'd Floor Riverside, California 92501 Mailing Address: PO Box 12008, Riverside, CA 92502-2208 1951) 787-7141 —E-mail address: urevinoatIrctc.org F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 27 Deleted: Budget and Implementation Committee A. GOALS AND CREDIT OBJECTIVES RCTC's goals and credit objectives are to: • Serve the people of Riverside County in the fulfillment of RCTC's policy and transportation objectives, • Comply with all State and Federal laws and regulations governing the issuance of debt, • Promptly repay when due the principal and interest on all debt issued and outstanding, • Implement debt programs with the highest possible credit ratings which provide the necessary flexibility in order to achieve the lowest possible borrowing costs on RCTC's debt obligations, • Ensure that RCTC's debt proceeds are invested in safe, liquid and secure investments that earn competitive market rates of return in accordance with RCTC's Annual Investment Policy and indenture, • Establish policies and procedures for participation in RCTC's debt financing, • Hold debt financing participants accountable to such policies and procedures, • Reward adherence to RCTC's policies and procedures and good performance by the debt financing participants with continued participation in RCTC's debt financing program, • Explore and implement innovative structuring ideas when they are prudent and consistent with the statements listed above, and thus • Protect the funds that Riverside County taxpayers have entrusted to RCTC. B. CREDIT RATING OBJECTIVES RCTC seeks to obtain and maintain the highest possible debt ratings while at same time providing the appropriate and necessary flexibility in its bond financing documents. r '11, ;,.,, rr Deleted: A Deleted: and an A Deleted: a-2- Deleted: The outstanding debt issues as of June 30, 2005 are as follows:1 Deleted: 1993 Sales Tax Revenue Bonds (Limited Tax Bonds), Series p r i A,. Principal Amount S Sales Tax Revenue Bonds ti RCTC currently maintains an "AAZ" rating from Moody's Investors Service, an "AA + rating,fromii 4'r , Standard and Poor's Ratings Group and a "AA" from Fitch Ratings. Any debt related to the 1989 Measure A will be retired as of June 30, 2009. As of June 30, 2009,J ' 't , RCTC will have the following debt issues or commercial paper programs outstanding under the,r; ; 2009 Measure A: ;; rr u„ , r, 1. ,S126,395,000 Sales Tax Revenue Bonds, Series 2008 Bonds and, 2. ,S185,OOO,000 Commercial Paper Notes, Series A and Series Q C. SELECTING THE APPROPRIATE METHOD OF DEBT SALE It is in the interest of RCTC to sell its public debt using the method of sale that is expected to achieve the best sale results, taking into account both short-range and long-range implications for Riverside County taxpayers. The CFO will advise the ,Board of the most appropriate method of sale in light of the prevailing financial, market and transaction -specific conditions. D. APPOINTMENT OF A FINANCIAL ADVISOR The CFO, with the approval of the,Board, may select a financial advisor to assist in the issuance and administration of RCTC's debt. The services of the financial advisor may include, but are not limited t0: • Monitoring all fixed income markets, F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 Deleted: 136,610,000. Deleted: 1996 Sales Tax Refunding Bonds (Limited Tax Bonds), Series A, Principal Amount Deleted: 61,765,000 Deleted: <p> 1997 Sales Te Revenue Bonds (Limited Tax Bonds), Series A, Principal Amoun $47,910,000.1 <p> 1997 Junior Sales Tax Revenue Bonds (Limited Tax Bonds). Series B, Principal Amount S13,245,000.1 <#>2000 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A, Principal Amount S35,825,000.1 <r/>2005 Commercial Paper Notes (Limited Tax Bondsl, Series A and B, Authorized Amount S185,000,000.1 1 1 1 Deleted: Budget and l Implementation Committee rEreleted: Budget and L Implementation Committee Deleted: and the Commissioners 28 • • • • Evaluating proposals submitted to the CFO, • Analyzing the costs and risks of debt issues, • Reviewing the structuring and pricing of debt issues, 1 • Developing and maintaining the time and responsibility schedule, • Advising on terms and conditions of credit facilities dealing with the issuance of variable rate debt, • Assisting in the preparation of official statements, and • Reviewing presentation materials for rating agencies, investors and insurers. The services of a financial advisor will be obtained through a competitive evaluation of proposals. The criteria to be used in evaluating and selecting a financial advisor include: • Experience in providing formal financial advisory services, • Experience with diverse and complex financial structuring requirements, • Experience and reputation of assigned personnel, and • Fees and expenses. RCTC's financial advisor will provide RCTC with objective advice and analysis, maintain the confidentiality of RCTC's financial plans and be free from any conflict of interest as defined by the: • CFO and all California statutes and regulations governing financial advisors. RCTC's financial advisor may not participate in any of RCTC's syndicates in the sale of debt. E. APPOINTMENT OF LEGAL COUNSEL The CFO, with the approval of the ,Board, must select,legal counsel, including bond counsel and disclosure counsel, and engage RCTC's general counsel, to assist in the issuance of RCTC's debt. All debt issued by RCTC must include a written opinion of ,bond counsel affirming that RCTC is authorized to issue the proposed debt, that RCTC has met all the constitutional and statutory requirements necessary for the issuance of the proposed debt and a determination of the proposed debt's income tax status. This approving legal opinion and other documents relating to the issuance of the proposed debt must be prepared by a nationally recognized private legal counsel with extensive experience in municipal finance and tax matters. The services of the,bond counsel may include, but are not limited to: • Rendering a legal opinion with respect to the authorization and valid issuance of debt obligations of RCTC including whether the interest paid on the debt is tax exempt under federal and State of California laws; • Preparing all necessary legal documents in connection with the authorization, sale, issuance and delivery of bonds and other obligations; • Assisting in the preparation of the preliminary and final official statements and commercial paper memoranda; • Participating in discussions with potential investors, insurers and credit rating agencies, if requested, and • Providing continuing advice, as requested, on the proper use and administration of bond proceeds under applicable laws and the indenture, particularly arbitrage tracking and rebate requirements. The services of the disclosure counsel may include, but are not limited to: F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 29 Deleted: Budget and Implementation Committee and the Commissioners Deleted: a Deleted: legal Deleted: legal Deleted: um • Preparing the preliminary and final official statements and commercial paper memoranda. RCTC will engage its outside general counsel in the review of all documentation, including the preliminary and final official statements and commercial paper memoranda. Outside general counsel will provide an opinion that RCTC has duly authorized the documents for the issuance of the proposed debt. F. APPOINTMENT OF UNDERWRITERS The CFO, with the approval of the ,Board, may select a pool of qualified_ underwriters. The appointment will be based upon a competitive evaluation of objective criteria. The best -qualified firm will be appointed as the book -running senior manager for long-term debt. The best -qualified firm will be appointed as the dealer for commercial paper. Criteria to be used in the appointment of qualified underwriters will include: • Demonstrated ability to manage complex financial transactions, • Demonstrated ability to structure debt issues efficiently and effectively, • Demonstrated ability to sell debt to institutional and retail investors, • Demonstrated willingness to put capital at risk, • Quality and applicability of financing ideas, • Experience and reputation of assigned personnel, and • Fees and expenses. The CFO will monitor the performance of the members of the underwriting pool and recommend changes as appropriate. The underwriters selected to participate in RCTC's underwriting pool must follow certain rules for participation: Minimum Underwriter Qualifications 1. The firm must maintain minimum net capital of at least i$500,0001. 2. The firm must hold and maintain all licenses and registrations required by applicable federal and state laws for businesses offering underwriting or investment banking services. All licenses and registrations must be current and in good standing with each of the following: • the U.S. Securities and Exchange Commission (SEC), • the National Association of Securities Dealers (NASD), and • the California Department of Corporations ICDCI. G. PROFESSIONAL CONDUCT All of RCTC's debt financing participants shall maintain the highest standards of professional conduct at all times: 1. Municipal Securities Rulemaking Board (MSRB) Rules, including Rule G-37, shall be followed at all times. 2. RCTC expects debt financing participants to assist RCTC's staff in achieving its goals and objectives as defined in this Comprehensive Debt Management Policy. F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 Deleted: Budget and Implementation Committee and the Commissioners • 30 • • • 3. All debt financing participants shall make cooperation with RCTC's staff their highest priority. H. NEW ISSUANCE AND BOND PROCEEDS MINIMUM BALANCE RCTC has developed a Strategic Plan (Plan) which sets forth the transportation programs and services to be provided to the residents of the County. The Plan also contains cash flow analysis for the capital program with corresponding analysis projecting the available sources and uses of funds verifying RCTC's financial ability and commitment to deliver current and planned programs and services. The RCTC Plan is based on a set of assumptions developed through detailed data collection and analysis of historical data concerning revenues, economic forecasts and trend projections. The main sources of revenues include sales tax revenues, contributions from other agencies and federal ,capital assistance grants. The largest sales tax revenue source is the Measure A Yz cent , _ - Deleted: operating ,transactions and use tax. The revenue generated from Measure A is expended on the projects _- Deleted: sales contained in the Measure A Ordinance. RCTC also intends to earn revenues through the imposition of tolls for the use of selected transportation corridors. Tolls will be imposed and toll revenues expended as allowed under the governing statutes and ordinances. RCTC's Measure A and toll programs ar4 capital intensive. RCTC will issue its debt as needed in , _ - order to fund the Measure A and toll programs. RCTC must be able at all times to pay contractors and vendors for pork in progress. Therefore, the CFO will, work with the Applicable RCTC directors __ Deleted: Measure A to forecast the ,program construction draw down requirements. Based upon ,program construction draw down requirements and the conclusions resulting from the Plan, the CFO shall attempt to keep a reasonable amount of bond proceeds (approximately 4 months of program construction draw down requirements) available for construction draw down purposes. The CFO with the approval of the Board may increase the size of the Measure A tax-exempt commercial paper program to maintain liquidity in the ro ram construction draw down account. - - Deleted: Measure A { Deleted: is Deleted: Deputy Executive Director Deleted: Measure A Deleted: Measure A Deleted: Measure A I. MANAGING THE COMPETITIVE SALES PROCESS The CFO is responsible for implementing and managing RCTC's competitive bid debt sale process. If the CFO selects a competitive bid process for a sale of debt, the CFO will instruct RCTC's financial advisor to deliver a preliminary official statement and notice of sale to prospective underwriters and buyers that clearly states the location, time and requirements of the bid. After a successful competitive bid, the CFO will instruct RCTC's financial advisor to work closely with the winning underwriter(s) in order to prepare and deliver the final official statement at closing. J. MANAGING THE NEGOTIATED SALES PROCESS The CFO is responsible for implementing and managing RCTC's negotiated debt sale process. Introduction A. RCTC expects its underwriters to participate in a valuable and significant way with respect to the structuring and pricing of each debt issue, sales performance and various other aspects of the financing. B. Underwriters are expected to make themselves available to participate, when requested, in information and other meetings prior to the issuance of debt. F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 1212/05 31 C. D. Underwriters are expected to cooperate fully with the book -running senior manager in a way that provides the maximum benefit to RCTC. The book -running senior manager is responsible for communicating RCTC's finance plan and timing to the other managing underwriters in the syndicate. Syndicate Management Process A. Liability 1. Prior to the day of pricing, the book -running senior manager must provide to the CFO a recommended liability assignment for each underwriter in the underwriting syndicate. The CFO will review the recommended assignments and make any necessary adjustments. Upon approval by the CFO, the liability assignments of each underwriter must be incorporated into the Agreement Among Underwriters (AAU) by the book - running senior manager. 2. As a general rule, the liability assignments must not exceed the underwriting ability of the underwriters in the syndicate to whom they are assigned. B. AAU The AAU must include the liability assignments of each managing underwriter, the priority of orders for the purpose of allocation and the takedown designation policy. The book -running senior manager must provide a copy of the AAU to each managing underwriter in the syndicate. Each underwriter in the syndicate must review the terms and conditions set forth in the AAU and return a signed copy of the AAU to the book -running senior manager the day of the pricing. C. Underwriting Gross Spread Components; Fees and Expenses • The management fee, if any, will be distributed to the managing underwriters based upon their relative contribution to the development and implementation of the financing plan. • Proposed takedowns (i.e. sales commissions) for all maturities must be included as part of the proposed pricing terms delivered by the book -running senior manager to RCTC prior to the final pre -pricing discussions. All takedowns are subject to review and approval by the CFO. • The expense component of the underwriting gross spread must be submitted by the book - running senior manager to RCTC's CFO for approval prior to the day of pricing. The CFO reserves the right to review and approve all fees and expenses and to request their substantiation. An estimate of the expense component of the underwriting gross spread must be submitted by the book -running senior manager to the CFO no later than one week prior to the pricing. RCTC expects the book -running senior manager to keep expense items and costs of issuance to an absolute minimum. • In general, RCTC will not reimburse the book -running senior manager for clearance fees except for the Depository Trust Company I"DTC") charge on issues that are registered in book -entry form only. RCTC will not reimburse the book -running senior manager for MSR,B,_ ,Securities Industry and Financial Markets Association and California Public Securities Association expenses • There will be no consideration of an underwriting risk component of the gross underwriting spread until after the order period closes. At that time, the CFO and the book -running senior manager will review the book of orders and discuss the need, if any, for including an underwriting risk component in the gross underwriter's spread for unsold bonds. There will be no negotiation of the underwriting risk component of the gross underwriter's spread after the CFO has given the verbal award to the book -running senior manager. F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 Deleted: The book -running sen manager is responsible for developing a time and responsibility schedule that will allow for the timely and successful completion of the financing. Deleted: S Deleted: Public J • 32 • • • D. Marketing Plan Once the issue of debt has received its ratings and the credit enhancement, if any, has been determined, the book -running senior manager will provide to the CFO and the financial advisor its plan for marketing the issue. The plan will specify the sectors and specific customer types to which each maturity, group of maturities or type of bonds will be directed. In addition, the marketing plan will specify the efforts of the syndicate in advertising the issue and distributing notice of the issue to the market as a whole and the expected customers. E. Selling Groups The book -running senior manager will discuss with the CFO the advantages and/or disadvantages of using a selling group for the financing. If the CFO decides to use a selling group, the book -running senior manager will provide a list of recommended firms for RCTC's approval at least one week prior to the day of pricing. F. Retention and Takedown Designation Policies • The book -running senior manager will discuss the use of retention with the CFO at least one week prior to the day of pricing. During this discussion, the book -running senior manager will provide to the CFO the proposed retention amounts by maturity for each underwriter in the syndicate. • If the use of retention is advised by the book -running senior manager and agreed upon by the CFO, the book -running senior manager will make retention amounts and maturities available to the underwriters as soon as possible prior to the day of pricing. • Any change in the retention to the managing underwriters must be approved by the CFO -prior to its release. • At least one week prior to the day of pricing, the book -running senior manager must provide the CFO a proposed priority of orders for the purpose of allocation and a proposed policy for the designation of takedown on net designated orders. The policy must include a maximum percentage of takedown to be designated to any one firm, as well as a minimum number of firms to be designated on any one net designated order. It is anticipated that each underwriter in the syndicate will be allowed to place net designated orders on all RCTC debt sales. Upon approval by the CFO, the priority of orders and the designation policy must be communicated to the underwriters and included in the preliminary pricing wire. Any changes to the designation policy must be approved by the CFO and communicated to all underwriters in the syndicate and selling group members, if any,, RCTC and the financial advisor. _ _ - -� Deleted: and G. Pricing Procedures • At least one hour prior to the pre -pricing meeting or conference call (one business day prior to the day of the pricing) the book -running senior manager must deliver to the CFO and the financial advisor the proposed pricing terms. This is to allow for the thorough evaluation of the proposed pricing terms by the CFO. The list of the proposed pricing terms must include principal amounts, coupons, yields, optional redemption prices, and takedowns per maturity. • One day prior to the day of the pricing, the book -running senior manager must initiate a pre - pricing meeting or conference call with the CFO and the financial advisor to discuss the proposed pricing terms, order period, underwriting gross spread components, market conditions and other necessary pricing information. • A draft copy of the preliminary pricing wire must be provided to the CFO upon the completion of the pre -pricing meeting or conference call. Prior to its release, the preliminary F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 33 pricing wire is subject to the approval of the CFO. The preliminary pricing wire must include, among other things, all pricing terms agreed upon by the CFO and the book -running senior manager during the pre -pricing meeting or conference call. • On the morning of the day of the pricing (and prior to the start of the order period), if the book -running senior manager believes that a change in any of the pricing terms approved at the pre -pricing meeting or on the pre -pricing conference call is required, the book -running senior manager must contact the CFO and the financial advisor to review proposed changes and any suggested changes in light of the current market conditions. Any change in the initial pricing terms must be approved by the CFO and promptly communicated to the underwriters and syndicate and selling group members, if any. • The book -running senior manager must track the receipts of orders broken down by maturity, amount, type and firm. Status reports of the pricing, including total orders receivedfor each maturity, amount, type and firm, may be requested by the CFO and the financial advisor at any time during the order period. The Dalnet "Orders and Allotments by Maturity" report is an acceptable report for these purposes. • The book -running senior manager must receive approval from the CFO before terminating any order period on any maturity before the previously determined close of the order period. • At the close of the order period, the book -running senior manager must provide in writing and in a format acceptable to the CFO and the financial advisor, a listing of the total orders received for each maturity, amount, type and firm, through the end of the order period. At this time the book -running senior manager must also make a concerted effort to provide the CFO and the financial advisor with the true interest cost of the issue. The book -running senior manager must initiate a meeting or conference call with the CFO and the financial advisor to review the book of orders and negotiate any change in pricing terms, prior to the verbal award of the issue to the book -running senior manager as the representative of the underwriters in the syndicate and selling group members, if any. • The CFO may agree to a verbal award of the bonds and sign a bond purchase contract with the book -running senior manager as representative for the underwriters in the syndicate after consultation with and approval from the,Board. _ - j Deleted: commission • A complete set of final ,quantitative analyses must be provided to the CFO before the CFO -- Deleted:computer signs the bond purchase contract. The ,quantitative analyses must include, but not necessarily be limited to, a table of sources and uses of funds, a summary of assumptions and results (including significant dates, underwriting gross spread breakdown, ratings, true interest cost, etc.) and any additional tables that include coupons, yields, prices, takedowns, principal amounts and related debt service by maturity. • The book -running senior manager and underwriter's counsel is jointly responsible for coordinating the execution of the bond purchase contract. • The CFO reserves the right to postpone the pricing if the above pricing procedures are not strictly followed. H. Allocation of Bonds The book -running senior manager will be responsible for ensuring that the overall allocation of bonds meets RCTC goals of: (a) obtaining the best price for the issue and (b) providing each underwriting firm involved with bond allocations that are commensurate with the work performed (i.e., the type and amount of orders submitted). The CFO reserves the right to monitor the order taking process and to review and approve bond allocations prior to their release. 1. Post -Sale Support • In accordance with MSRB rules, sales credits designated by an institutional investor must be distributed within 30 days after the delivery of the bonds. F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 Deleted: computer • 34 I I I • In accordance with MSRB rules, final settlement of the underwriting account and the distribution of any profit to members must be made within 60 days of delivery of the bonds. • The underwriting syndicate agrees to comply with any syndicate rules prohibiting the selling of bonds below the public offering price (less the full takedown) prior to the release of syndicate restrictions. In addition, each managing underwriter in the syndicate agrees to inform the CFO of any non-compliance with such syndicate rules. • For seven business days following the release of syndicate restrictions, the managing underwriters in the syndicate agree to inform the CFO of any firm significantly lowering the price of the bonds in the secondary market below market levels. • The book -running senior manager must be prepared to provide the CFO on an ongoing basis for at least seven business days following the release of the syndicate restrictions secondary market price levels, unsold balances, and the level of trading activity of the bonds. • RCTC expects the managing underwriters in the syndicate to provide liquidity in the secondary market for its bonds on an ongoing basis. J. Post -Sale Evaluation RCTC has a policy of acknowledging good performance and building accountability into its relationships with its managing underwriters. RCTC will conduct post -sale evaluations of the underwriting account to ensure that its policies are adhered to and that sales performance is documented. • The book -running senior manager must provide the CFO and the financial advisor with a final pricing book. The final pricing book must include, but not necessarily be limited to, the following information: the time and responsibility schedule; the working group distribution list; a discussion of the market conditions leading up to and during the final pricing; the preliminary and final pricing wires; media coverage; rating agency credit reports; a full set of ,quantitative analyses; a table identifying takedown and designation dollars by firm; and a __ -- Deleted: computer table identifying designations on net designated orders. The book -running senior manager's final pricing book must be provided to the CFO and the financial advisor within 60 days of 4he closing. • The financial advisor must also provide the CFO with its own final pricing report. The final pricing report must include, but not necessarily be limited to, the following information: a discussion of the market conditions leading up to and during the final pricing; a discussion on the sales process; a pricing comparison of similar credits in California and the national markets and the preliminary and final pricing wires. The financial advisor's final pricing report must be provided to the CFO within 30 days,pf the pricin_g. _ _ : _ - _ _ , - { Deleted: of the day • In addition to the book -running senior manager, each underwriter is encouraged to provide the CFO and the financial advisor with a confidential written analysis of the sale of the bonds. l Deleted: the day of K. MANAGING THE SALE OF COMMERCIAL PAPER The CFO is responsible for implementing and managing RCTC's sale of commercial paper. The CFO shall work closely with RCTC's commercial paper dealers to develop a marketing strategy for the initial sale and subsequent frequent rollover of commercial paper amounts and maturities. The marketing strategy for the initial sale and subsequent frequent roll-over of commercial paper amounts and maturities shall take into account the short-term yield curve as well as RCTC's philosophy to have a significant number of diverse commercial paper investors. I The CFO eay_require RCTC's commercial paper dealers to provide quarterly, and annual reports detailing the commercial paper average cost, average maturity and a list of commercial paper investors. FIUSERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 35 _`Deleted: will Subject to the approval of its liquidity and/or letter -of -credit provider, RCTC reserves the right to change the number of commercial paper dealers for the commercial paper program. L. REFUNDING OPPORTUNITIES An advance refunding involves refunding bonds in advance of the bond's first optional redemption date. An advance refunding is an important debt management tool for RCTC. Advance refundings are commonly used to achieve interest cost savings, remove or change burdensome bond covenants or to restructure future debt service payments. Advance refundings are limited by federal tax law and must be used judiciously. RCTC generally will only pursue an advance refunding if the threshold present value savings level (net of all issuance costs and any cash contribution to the refunding) is at least three percent of the par value of the refunded bonds. However, in certain circumstances, the CFO after consultation with and approval by the,8oard, may agree that lower savin_gs levels may be justified. RCTC's debt management practices anticipate the potential for advance refundings. When RCTC issues debt careful attention is given to pricing considerations that will affect future advance refunding flexibility such as: • Optional redemption provisions and • Coupon characteristics. In addition, it is important to create a refunding defeasance escrow that will produce the greatest savings level. A defeasance escrow is efficient if the yield on the defeasance escrow is as close as possible (i.e., generally less than 100'" of a basis point) to the arbitrage yield on the refunding bands. The CFO will select the appropriate defeasance securities. M. FIXED RATE VERSUS VARIABLE RATE DEBT l Deleted: Commission The CFO and the ,Board recognize that variable rate securities are a useful debt management tool _ , - Deleted: commission that traditionally have had lower interest rate costs than fixed rate debt. RCTC's current goal is to maintain a debt program which consists of approximately 20% to 25% of variable rate debt (which includes commercial paper but does not include variable rate debt subject to an interest rate swap to a fixed rate) with the remaining 75% to 80% kept as fixed rate debt. RCTC's book -running senior manager, commercial paper dealer and financial advisor shall advise the CFO if the rating agencies and/or institutional investors feel that 20% to 25% of RCTC's debt in the variable rate mode is too large a percentage. N. DERIVATIVES RCTC will continue to explore the use of derivative products as appropriate and in accordance with the Investment Policy and the Swap Policy, provided that the derivative products: • Hedge variable rate debt exposure, • Lower interest rate costs, or • Minimize risks to RCTC. Although RCTC may enter into swap agreements, including fixed to variable rate swap agreements, derivative products for debt shall not be used for the purpose of interest rate speculation. F:lUSERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 • 36 • • The CFO has the sole responsibility for determining which prospective debt products for new issue debt are derivatives. Derivative products debt instruments may be incorporated into RCTC's debt program only after the CFO has informed the €xecutive ,Director and the Commissioners of the purpose and the risks associated with the derivative product debt instruments including but not limited to: • Interest rate risk, • Counterparty credit risks, • Termination risks, and • Tax implications. If appropriate, the CFO, after consultation and approval by the J3oard, may determine a minimum level of savings required before implementing a derivative product debt instrument. If the Commission authorizes the use of derivative products, the CFO will provide the Commissioners within twenty-four hours with a memo detailing any activity related to the use of derivative products. O. PRIMARY AND SECONDARY MARKET DISCLOSURE A trustee has been appointed for the benefit of the Measure A Sales Tax Revenue Bonds. The trustee shall perform all functions and duties required under the terms and conditions set forth in the respective indentures. ,In addition to the responsibilities reguired_by_the _respective indentures, RCTC has a commitment to continuing to disclose material information after the sale of its debt. The CFO is responsible for implementing and managing RCTC's legal and professional commitment to continuing to disclose material information after the sale of its debt. In adherence to Securities and Exchange Commission Rule 15c2-1211:1(5), the Commission's Continuing Disclosure Agreement with its trustee or disclosure dissemination agent, as applicable, agrees to provide its Annual Report and notice of material events to the NRMSIR (until June 30, 2009) or the MSRB {effective July 1, 2009) and state repository, as applicable, for dissemination to interested parties. "Material events" are defined as: 1. Principal and interest payment delinquencies; 2. Non-payment related defaults; 3. Unscheduled draws on the debt service reserve funds reflecting financial difficulties; 4. Unscheduled draws on credit enhancements reflecting financial difficulties; 5. Substitution of credit or liquidity providers, or their failure to perform; and 6. Adverse tax opinions or events adversely affecting the tax-exempt status of any bonds or COPS; 7. Modifications to rights of Bondholders; 8. Optional, contingent or unscheduled bonds calls; 9. Defeasances; 10. Release, substitution or sale of property securing the payment of any bond or COPS. 11. Rating changes. P. COMPLIANCE WITH ARBITRAGE REBATE AND YIELD CALCULATIONS, RCTC will engage the services of an expert advisor to assist in the calculation of arbitrage rebate from investment of bond proceeds. Trustee statements and other requested documents and information will be provided to the rebate service provider upon request on a prompt basis. The CFO will monitor the arbitrage rebate services to assure compliance with required rebate payments, if any, no later than each 5 year period over the term of the tax exempt bonds. F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 37 - Deleted: Chief Deleted: Office Deleted: Commissioners Deleted: For example, RCTC is required to distribute an Annual Report within 7 months of RCTC's June 30 fiscal year-end to a recognized municipal securities information repository (NRMSIR) and the state repository. The Annual Report must include audited financial statements, an update las of RCTC's June 30 fiscal year-endl for the table entitled -Sales Tax Receipts and Historical Debt Service Coverage Ratios" and an update of the table entitled "Debt Service for All Outstanding Bonds" in RCTC's Official Statement.l 7 Deleted: RATING AGENCIES In addition, during the construction period of the capital project, the CFO will monitor the investment and expenditure of bond proceeds and will consult the arbitrage rebate service provider to determine compliance with exceptions from the arbitrage rebate requirement upon the expenditure of proceeds during each 6 month spending period up to 6 months, 18 months or 24 months as applicable, following the issuance of the bonds. The CFO will retain copies of the arbitrage reports and trustee statements as described below. Q. RECORD KEEPING AND TAX RETURN FILING REQUIREMENTS The CFO, or its designee, will maintain a copy of the bond closing transcript and other relevant documentation for the term of the bonds (including refunding bonds, if any) plus three years. A copy of all material documents related to capital expenditures financed by bond proceeds should be maintained by the CFO for the term of the bonds (including refunding bonds, if any) plus three years. Such documents will include construction contracts purchase orders, invoices trustee requisitions and payment records. Such documents will include documents relating to costs reimbursed with bond proceeds. Furthermore, the CFO, or its designee, shall maintain records identifying the assets or portion of assets that are financed with tax exempt bond proceeds. A copy of all contracts and arrangements involving private or unrelated use of the bond financed assets shall be maintained for the term of the bonds (including refunding bonds, if any) plus three years. In addition, copies of all records of investments, investment agreements, arbitrage reports and underlying documents, including trustee statements shall be retained for the term of the bonds (including refunding bonds, if any) plus three years. The CFO, or its designee, will also assure compliance with IRS tax return filing requirements. The CFO, or its designee, will coordinate the engagement of our accounting firm and the delivery of the requested information in order to assure the preparation and filing of annual tax returns on a timely basis. R. RATING AGENCIES The CFO is responsible for implementing and managing RCTC's rating agencies relations program. The CFO recognizes the importance of immediate and timely disclosure of relevant financial and program information concerning each of RCTC's debt programs to the rating agencies. The CFO shall promptly respond to any inquiry from any rating agency analyst. In addition, the CFO and one or more representatives of RCTC's Commissioners shall periodically meet with the rating agencies in order discuss RCTC's recent financial results, financial projections, Board policy, specific RCTC programs such as Measure A as well as the general economy in Riverside County and Southern California and other matters. S. INVESTOR RELATIONS The CFO is responsible for implementing and managing RCTC's investor relations program. The CFO shall make every attempt to promptly respond to any inquiry from an institutional or retail investor. In addition, the CFO shall periodically attempt to meet with key institutional investors in order to familiarize the institutional investors with RCTC's financial history and financial projections. The CFO shall periodically post investor disclosure information on the unique website established by ,the Digital Assurance Certification, LLC (DAC) for RCTC on its website, www,dacbond.com. F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 • -`Deleted: RCTC's J 38 T. GLOSSARY Additional Bonds Test: A calculation based upon total pledged revenues divided by total proposed debt service. This is a protection to investors so that the issuer cannot issue additional parity bonds without providing ample security to the investors in the previous financing(s). Advance Refunding: A defeasance of outstanding debt prior to the date the bonds can be called by depositing cash and/or securities in escrow sufficient to pay all principal and interest plus the call premium, if any, when due. Upon an advance refunding and defeasance, all covenants and restrictions of the refunded bond indenture are extinguished. Agreement among Underwriters or AAU: The contract establishing the underwriting syndicate formed to underwrite and purchase the bonds. The AAU will include provisions covering the liability of each syndicate member, a description of order types, pricing of the bonds and requirements respecting a public offering. The AAU may contain a variety of other matters relating to trade practice and applicable rules of the MSRB. Allocation: The post -sale distribution of bonds among the syndicate and selling group members, if any. Basis Point: Yields on bonds are usually quoted in increments of basis points. One basis point is equal to 1/100 of one (1) percent. For example, the difference between 7.00% and 7.50% is 50 basis points. Bond Purchase Agreement: The contract between the syndicate and the issuer setting forth the final terms, prices and conditions upon which the syndicate will purchase a new issue. Book -Running Senior Manager: The managing underwriter that controls the book of orders for the transaction and is primarily responsible for the successful execution of the transaction. Concession: In the new issue market, one of the two discounts members receives from the syndicate. In the secondary market, a discount one dealer offers to another. Group Net Order: An order for bonds submitted by a syndicate member in which the takedown is distributed to syndicate members according to their respective liability shares in the issue. Liability: The principal amount of bonds to be underwritten by each member of the syndicate. Member Order: An order for bonds placed by a member of the syndicate where the bonds would be confirmed to that member at syndicate terms. Municipal Securities Rulemaking Board (MSRB): An independent self -regulatory organization established by the Securities Acts Amendments of 1975, which is charged with primary rulemaking Commission over broker -dealers and brokers in municipal securities. National Association of Securities Dealers (NASD): A self-regulating and self -financed organization which acts as a buffer between the Securities and Exchange Commission (SEC) and broker -dealers. The NASD operates in municipal securities according to a special set of municipal bond rules written by the MSRB. Net Designated Order: An order for bonds submitted by a syndicate member in which all or a portion of the takedown is to be credited to firms designated by the purchaser of the bonds according to relative designated by the said purchaser. F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 39 Priority Order: A retail or a net designated order. Retail Order: An order for bonds placed by an individual or, as determined by the CFO, a retail order may also include an order placed by a bank trust department or an investment advisor for an individual. Retention: An amount of bonds that will be guaranteed to be available for sale by each member of the syndicate. Rule 10b-5: A regulation of the SEC adopted pursuant to the Securities and Exchange Act of 1934, which makes it unlawful for any person to employ any device, scheme, or artifice to defraud, to make any untrue statement of a material fact or to omit a material fact necessary to make statements made, in the light of the circumstances under which they were made, not misleading; or to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security. Securities and Exchange Commission ISECI: The federal agency that oversees and regulates stock, bond and other financial market participants. Selling Group: A group of underwriters formed to aid in the distribution of the bonds in a bond financing. Selling group members do not assume any financial or legal liability in the financing. Syndicate: A group of underwriters formed to purchase and re -offer an issuer's bonds for sale to the public. Each syndicate member has a share in the liability of the issue. Syndicate Participation Percentages: A sales participation goal for each syndicate member determined by RCTC and its CFO for RCTC bond issues. Takedown: The total discount at which members of syndicates buy bonds from an account - composed of two parts: concession and takedown. True Interest Cost: The rate, compounded semi-annually, necessary to discount the amounts payable on the respective principal and interest payment dates to the purchase price received on the closing date of the bond issue. Trust Indenture: A contract between an issuer and a trustee, for the benefit of investors. The trustee administers the funds specified in the indenture and implements the remedies provided in case of default. Underwriter's Gross Spread: In a negotiated sale, the difference between the price the underwriter pays the issuer and the original re -offering price to the public; includes the management fee, expenses, and sales commissions (takedown and concession). F:/USERS/FINANCE/FISCAL PROCEDURES/DEBT POLICIES.DOC - 12/2/05 40 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: February 23, 2009 TO: Budget and Implementation Committee FROM: Technical Advisory Committee Grace Alvarez, Staff Analyst THROUGH: Shirley Medina, Programming and Planning Manager SUBJECT: Transportation Enhancement Application Revision for the State Street Multi -Use Bicycle and Pedestrian Path Project for the City of Hemet TECHNICAL ADVISORY COMMITTEE AND STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the Transportation Enhancement (TE) Application Revision for the State Street multi -use bicycle and pedestrian path project; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: The city of Hemet (City) has submitted a request to change the project scope of its TE funded State Street multi -use bicycle and pedestrian path project. This project was originally approved for $520,000 in 2000. The project was delayed due to the State Street Improvement project, which included road widening, rehabilitation, and drainage improvements on a 1.5 mile segment of State Street between Chambers Street and Domenigoni Parkway. The State Street improvement project was completed in November 2006, and the City has reviewed the feasibility of constructing the original TE project. The original TE project encompassed a 1.6 mile multi -use path. The City has concluded that the original project could not be built for the amount of funds currently available ($798,000 - $520,000 of TE funds and $278,000 of local match). Therefore, the project has been re-scoped to a 1,200-foot multi -use path consisting of an eight -foot wide combination sidewalk/bike path, an adjacent six-foot wide equestrian trail, a terminus rest area with benches, and solar -powered trail lights to allow evening use. The project will also include the installation of drought -tolerant and California native landscaping. The project will be constructed along the west side of State Street from Chambers Road south for approximately 1,200 feet. The City also proposes to maintain the local match at 35% of the total project cost as identified in the original application. Agenda Item 10 41 Given the fact that the City could not start the TE project due to delays caused by the State Street improvement project, and that these delays resulted in an increase project cost, the Technical Advisory Committee at its June 16, 2008 meeting, unanimously approved the downsize of the project scope to match the current available TE funding. The anticipated start of construction for the State Street multi -use bicycle and pedestrian path project is June 2009. Ultimate completion of the remaining portion of the original 1.6 mile trail is anticipated to take place as the area develops. The City plans to condition the property owner (currently Metropolitan Water District) to complete the trail in order to fulfill the original objectives of the project, to provide an alternative transportation mode linking to the Diamond Valley recreation area and to create a showcase example for environmental enhancement of a major regional transportation facility at State Street. TE funds are required to be incorporated into the State Transportation Improvement Plan for allocation and approval; allocation/approval is subject to TE funding availability. Therefore, the June 2009 start of construction is pending the successful allocation of the TE funds by the California Transportation Commission. Attachments: 1) Letter from City of Hemet 2) Revised TE Application Agenda Item 10 • • 42 City of.7femet PUBLIC .wpre Cs DEPARTMENT • . ENGINEERING DIVISION 510 E. Florida Ave. • Hemet, CA 92543 • (951) 765 3880 • FAX (951) 765-3898 . May 15, 2008 TO: Riverside County Transportation Commission Technical Advisory Committee FROM: Mike Gow, City of Hemet Director of Public Works / City Engineer RE: STATE STREET MITLTI-USE BICYCLE & PEDESTRIAN PATH REQUEST FOR CHANGE OF PROJECT SCOPE The City of Hemet requests a change in the scope of the State Street Multi -use Bicycle and Pedestrian Path, a TEA -funded project originally selected for funding in 2000. Original Project Description &Scope: Construction of a 1.6 miles multi -use path consisting of a Class 1 bike facility, a pedestrian path, an adjacent equestrian trail, rest areas with benches and drinking fountains, and pathway lighting for evening use. The project will be generally constructed along the west side of State Street between Chambers Road and Domenigoni Parkway. All necessary right-of-way has been pledged for the project. Revised Project Description .& Scope: Construction of 1,2oo-foot long multi -use path consisting of 1) an eight -foot wide combination sidewalk/bike path; 2) an adjacent six-foot wide equestrian trail; 3) a . terminus rest area with benches; and 4) solar —powered trail lights to allow evening use. The project will be construction along the west side of State Street from Chambers Road south for approximately 1,200 feet. The City owns all of the necessary right-of-way for this project. Reasons for Change in Scope This project was postponed for a number of years as the result of multiple delays in the adjacent State Street Improvement project, which involved road widening and drainage improvements. The street project is now complete. 43 RE: STATE STREET MULTI -USE BICYCLE & PEDESTRIAN PATH Page 2 REQUEST FOR CHANGE OF PROJECT' SCOPE • Unfortunately, the funding awarded eight years ago is no longer adequate to construct the project as described in the original application. As a result, the project scope has been reduced based on the amount of funding available and the amount of work this funding will cover at 2oo8 prices. In addition, the proposed change in project scope eliminates the need to acquire. additional right-of-way. As a result, $98,000 allocated for site acquisition will be utilized for construction costs. The effect of these changes on the original project costs and local match percentages are summarized in the tables below. Phase ORIGINAL PROJECT COST ESTIMATE 9 TEA Local Costs Funding Funding Environmental 2,000 Design/Construction Engineering 98,000 ROW Acquisition 98,000 Construction 600,000 TOTALS 798,000 520,000 520,000 65% 2,000 98,000 98,000 8o;000 278,000 35% Phase REVISED PROJECT COST ESTIMATE TEA Local Costs Funding Funding Environmental 2,000 Design/Construction Engineering 98,000 ROW Acquisition Construction 698,000 52o,000 i78,000. TOTALS 798,000 520,000 2,000 98,000 278,000 65 % 35% • 44 RE: STATE STREET MULTI -USE BICYCLE & PEDESTRIAN PATH Page 3 REQUEST FOR CHANGE OF PROJECT SCOPE The result of these changes will be a shorter multi -use trail with all of the amenities included in the original application, i.e., concrete bicycle/pedestrian path, adjacent equestrian path, landscaping (trees and shrubs), irrigation, lighting, fencing, and a rest stop with benches and drinking fountain. (See attached site map and drawings.) Ultimate completion of the remaining portion of the original 1.6-mile trail is anticipated to take place as the area develops. The City plans to condition the property owner (currently Metropolitan Water District) to complete the trail in order to fulfill the original objectives of the project to provide an alternative transportation mode linking to the Diamond Valley recreation area and to create a show case example for environmental enhancement of a major regional transportation facility (State Street). 45 City of Hemet State Street Multi -Use Bicycle & Pedestrian Path ORIGINAL AND REVISED PROJECT SCOPE EXHIBIT Original iraject 46 o _J_ .'�: FTpT[ z �I g. roe mix* .RW1Colo(t T.v 0.271.3 . Olt! .M 71r121 innrt 6f. TMn I' I r, a wean Ft, Name. rrMagr6gnaWK osolI&"4airani .Ilan.., III M11.610 t City of Nsrnet STATE STREET muLn -USE TRAP. !N WM n•a..weAn11V.{ • Transportation Enhancement (TE) Application (PSR Equivalent) TE funds are federal funds and must follow federal funding guidelines and environmental (NEPA) processes. All projects must have an approved eligible application prior to programming.: PART ONE. GENERAL PROJECT INFORMATION ✓ RTIP TE MP TE SHOPP TE PROJECT TITLE: State Street Multi -Use Bicycle & Pedestrian Path IMPLEMENTING AGENCY Adminisbator/person with day- to-day responsibility for implementing project pane; tide, agency. address, phone, tax, er an Victor Monz, Principal Civil Engineer City of Hemet 510E Florida Avenue Hemet, CA 92543 (951) 765-3847 FAX (951) 765-3878 vmonzQdtyofi emetorg (Round dollars to nearest thousands). TE FUNDS REQUESTED $ 520.000 State Match Local Match (if Required) $ 278,000 TOTAL TE PROJECT COST $ 798,000 0 TE is a stand-alone project. ❑ TE is part of a larger project.. Person who can answer questions. about this application (Name, title, phone, fax, email) Victor Monz, Principal Civil Engineer (951) 765-3847 FAX (951) 765-3878 vmonzt@cityotlteme t.otg PARTNER(S) (Name, title, agency, address, phone, fax) Not Applicable • IF TE IS AN ENHANCEMENT TO A LARGER PROJECT, DESCRIBE LARGER PROJECT (if larger project is programmed, provide PPNo, EA, Project Title; if not currently programmed, describe the project) TE project is an enhancement to the State Street Improvement Project EPPNO 08-9902R; EA No. 0S-412414], which was completed in November 2006. This project consisted of roadway widening, rehabilitation and drainage improvements on a 1.5-mile segment of State Street between Chambers Street and Domenigoni Parkway. Total Project Cost 8 4.927.690 PROJECT SCOPE OF PROPOSED TRANSPORTATION ENHANCEMENT ACTIVITIES (Describe the project's location, Bmits of work, size, etc. Not the justiticatbn or benefits). Construction of a 1,200-foot long multi -use path consisting of 1) an eight -foot wide combination sidewalk/bike path; 2) an adjacent six-foot wide equestrian trail; 3) a terminus rest area with benches; and, 4) solar -powered trail lights to allow evening use. The project will also include the installation of drought -tolerant and California native landscaping. The project will be constructed along the west side of State Street from Chambers Road south for approximately 1,200 feet. NEED AND PURPOSE (Describe how is project above and beyond a standard transportation project) Construction of the State Street Multi -Use Path will: 1: Visually enhance an existing transportation facility (State Street) 2. - Make recreational facilities available for the surrounding community (including two public schools) 3. Provide an alternative mode of transportation linking residential/urban areas with recreational facilities at Diamond Valley Lake 4. Enhance safety by separating pedestrians from automobile traffic on State Street Oration 2005 Page 1 48 RELATIONSHIP (TE projects must have a relationship to surface transportation; desc nbe relation to surface transportation) The State Street Multi -Use Path has a direct relationship — by function, proximity and impact = to the surface transportation system, especially State Street. The path will be constructed adjacent to State Street and will effectively separate tricyclists,, pedestrians, and equestrians from high-speed (55 mph 4) traffic traveling on State Street Construction of the path will also provide the beginning of an attractive alternative to using an automobile for accessing Diamond Valley Lake and adjacent misting and planned recreational facilities. CONFORMANCE (Describe conformance with Route Concept Report or Transportation Corridor Report and District System IAanagement Plan - MP projects only) . Not Applicable —The State Street Multi -Use Path is not an ITTP project. CONTEXT SENSITIVE SOLUTIONS (Describe tow project reflects Director's poNcy - MP projects only) Not Applicable —The State Street Multi -Use Path is not an ITTP project. ALTERNATIVES CONSIDERED The original scope of thts project, which was approved for TEA funding in 2000, called for the construction of a 1.6-roil path, However, the project was postponed for a number of years as the result of multiple delays in the adjacent State Street Improvement Project (completed in 2006), which involved road widening and drainage improvements. Unfortunately, the funding amount awarded for this project in 2000 is no longer adequate to construct the entire 1.6.mile path. As a result; the project scope was reduced based on the funding available and the amount of work this amount of funding will cover at 2008 prices. WHICH OF THE 12 TE CATEGORIES DOES THE PROJECT ENCOMPASS T (Maybe more than one.) http://www.dot.ca.govfhq/TransEnhAct/rransEnact.htm This project encompasses the following TE Categories:, 1. Provision of faedities for pedestrians and bicycles. 5. Landscaping and other scenic beautification. PROJECT LOCATION MAPS (Provide Location Map of project in State/Region and Area Specific Map) See attached maps. TE Appication Jan. 2005 • • Page 49 • pared by Victor Monz il $ncy City of Hemet PART TWO: FUNDING Title Principal Civil Engineer phone 951-765-3847 FAX 951-765-3878 PROJECT' COMPONENT COSTS (round to nearest"$1.000s) . RTIP ITIP SHOPP • E&P (PA&ED) $ __ 2,000 $ $ • PS&E $ 98,000 $ $ • Fight of way capital $ o $ $ • Right of Way Support' $ $ $ • Construction Support' $ $ $ Construction Capital $ 698,000 $ $ Proposed year of Construction June 2009 (MMNY) TOTAL PROJECT COSTS 'Right of way and construction support are for Caltrans implemented projects only $ 798,000 PRELIMINARY ITEM ESTIMATE - CONSTRUCTION CONTRACT ITEMS Item Description Unit Quantity Unit Price Amount 1 Mobilization L.S. 1 27,000. 27,000. 2 Concrete Path (includes grading/paving) S.F. 34,000 5. 170,000. 3 Landscaping — Trees EACH 110 500. 55,000. 4 Landscaping Shrubs EACH 150 100. - 15,000. 5 Landscaping — Irrigation L.S. 1 34,400. 34,400. 6 Lighting L.S. 1 125,000.. 125,000. 7 Fencing L.F. 34,000 30. 102,000. 8 Rest Stop (benches, trash receptacles, etc.) EACH 2 15,000. 30.000, CONTINGENCY (25%) TOTAL CONSTRUCTION CONTRACT ITEMS 558,400. 139.600. 698.000. MAINTENANCE ( The enhancement must be maintained in a functional and operational manner as its intended purpose for the expected life cycle for the type of project. If it is not maintained in such a manner, reimbursement of a8 or a portion of the enhancement funds may be required). Who will maintain? City of Hemet Parks Department personnel will perform ongoing maintenance of the multi -use path. What is the source of maintenance funds? Park Maintenance Fees If project is within Caltrans right of way, must be signed by Deputy District Director, Maintenance DDD Maintenance: Date: son zoos 50 Page 3 PART THREE: ASSURANCES This page must be signed for the project to be considered for funding. Project Implementing Agency possesses legal authority to nominate this transportation enhancement and to finance, acquire, and construct the proposed project, and by formal action (e.g., a resolution) the Implementing Agency's governing body authorizes the nomination of the transportation enhancernent, including all understanding and assurances contained therein, and authorizes the person Identified as the official representative of the Implementing Agency to act in connection with the nomination and to provide such additional information as may be required. Project implementing Agency will maintain and operate the property acquired, developed, rehabilitated, or restored for the life of the resultant facaty(les) or activity. With the approval of the Califomia Department of Transportation, the Implementing Agency of its suocessors in interest in the property may transfer the responsibility to maintain and operate the property. Project Implementing Agency will give the California Department of Transportation's representative access th and the right to examine all records, books, papers, or documents related to the transportation enhancement activity. Project Implementing Agency will comply where applicable with provisions of the California Environmental Quality Act, the National Environmental Policy Act, the Americans with Disabilities Act, the Secretary of the Interior's Standards and Guidelines for Archaeology and Historic Preservation, CTC Guidelines, FHWA Transportation Enhancement Guidance and any other federal, state, and/or local laws, rules and/or regulations. It TE funds or projects are used for other than the intended enhancement purposes as defined by federal or state guidelines, the Implementing agency may be required to remit all state and federal enhancement funds back to the state. I certify that the information contained in this transportation enhancement activiiyapplication, including required attachments, is accurate and that I have read and understand the important information and agree to the assurances on this form. Signed Date 2-1/4/0 (TEA Administering ency Representative) Printed (Name and Title) Mike Gov" - Public Works Director/City Engineer Administering Agency City of Hemet Upon receiving an eligibility determination, a Project Nomination Sheet most be submitted to the District for programming. rEaaacarm Jan. 2006 Pagel' 51 City of Hemet State Street Multi -Use Bicycle and Pedestrian Path =Earth.' umPer 3011,19a 179) VICINITY IVIAP 41. TA, -fib E chwitrin Ave oh* Av• . Viotift C14 444 &day Me ' ? . 9° 2 ' :Fictida it" W ? ei '&11. r .'"'" Are 2 rag. Mt cu„,,. E.......... Vali V-Ifl-a"--1-4W.P. e st z a W Florida Ave g 0 ig " - " ' • East Hemet Awe* Am ' ' z• i... zi,iv. . is Wotan Av. . -... ' HftnitAiA -i 14951 0 ' AlrporiV...E09", 'a a ..- Stetson Ave ."" same Ad i I " IN 4- \ .‘. irKARIVI. , • if 4 '' • .. W Caltonwood Ave . 1 3 k \ i a ...Sae Jadnto • Vd 7/h Si 2 E 'RAM \ le 4. a w atom od. Ave w Esplanade Ave cs 1 2 Ts. t se*4 kabobs tn. : 1 < 1 i ; • i' 4 . i J 4 ?' t kia rrrro as Gdzobed Rd kiwi° n Park I IA bi Raiz Rd! Vida Rd Catird"111A, Rv 52 Project Site Location 01808 Navtesi 0 2008 IVie molt plodding CALIFORNIA Chico° Retto4 'NEVADA Sacramento ♦• 'arson City San Francisco s0cia°1;‘•- • ' San Jose f‘Frosno somas* Lae Vegas 906;,pi, , vSlintra mad% ‘:‘; "Bakarsasid Kiftgra 4L-Nti"11111.16s , It4i8kati • WIti Y11114/TUMCNIA •M•. 711fiLc asn- innw 13MLLS alVIS Pluay io �Tl� }- t� mom Co Om ` A nri M -i m 71111 119911.22110.1 A Ours OILY ono ONILSIX9 31tl S Ova .2; ON NLYd DIEVXTYA13OI5 NOILYI481100 A eww o Ynin 3dY0sONV1 A I .1 V.% h rn+ a$ m 2 >' n 2 r Z • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: February 23, 2009 TO: Budget and Implementation Committee FROM: Min Saysay, Right -of -Way Manager THROUGH: Marlin Feenstra, Project Delivery Director SUBJECT: State Route 60 East Junction to Interstate 215 High Occupancy Vehicle Lanes Connector Project Relocation Plan STAFF RECOMMENDATION: This item is for the Committee to: 1) Adopt the State Route 60 East Junction to Interstate 215 high occupancy vehicle (HOV) Lanes Connector Project Relocation Plan (Relocation Plan); and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: As part of the right-of-way acquisition phase for the SR-60 East Junction to 1-215 HOV lanes connector project, a Relocation Plan has been prepared in connection with the commencement of right of way activities. The Relocation Plan provides the Commission with information regarding the potential impact of the project on the affected residential occupants, and responds to each as to their eligibility for benefits. State statutes require that relocation assistance programs provide for the fair, uniform, and equitable treatment of all affected persons. The regulations further require that all eligible persons be adequately informed of the assistance, benefits, policies, practices and procedures, including grievance procedures of the relocation assistance program. The Relocation Plan sets forth policies and procedures necessary to conform to statues and regulations established by California Government Code Section 7260 and California Code of Regulations Title 25, Division 1, Chapter 6 (Guidelines), the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as amended (Uniform Act), the implementing federal relocation and acquisition guidelines found at 49 CFR Part 24, and the Commission's adopted right-of-way policies and procedures. Agenda Item 11 54 The plan includes a description of the project's location and specific sites, an assessment of the relocation needs of the residential occupants subject to displacement, a study of available replacement housing sites in close proximity to the project, and an overview of the proposed relocation assistance program. Assessment of Relocation Needs The proposed project will impact a 15-unit apartment complex at the northwest quadrant of Box Springs Road and Morton Road in Moreno Valley. The apartment complex is located on a 3.5-acre property, with the improvements located on the southeast portion of the site. The property owner has indicated the desire to rebuild on the remaining property, which is approximately 2.5 acres, if feasible. As such, the Commission has appraised the property for both partial and full acquisition. Both alternatives require the demolition of the apartment complex. All occupants have been personally interviewed and detailed information, such as unit size, term of occupancy, monthly rent, and relocation preferences are detailed in the Relocation Plan. No eligible person shall be required to move from the dwelling unless comparable replacement dwellings are available to such persons. Housing site availability is summarized in the Relocation Plan. Based on the replacement needs of the residential occupants, survey results indicate that there is a sufficient availability of housing units to provide comparable replacement housing. Relocation Assistance Program The Relocation Plan provides a comprehensive overview of the Commission's Relocation Assistance Program, which follows applicable state and federal regulations. Components of the program include relocation advisory services, an explanation of benefits available for residential and commercial occupants and for both owner occupied and tenant -occupied units, and general information on payment of relocation benefits. Specific eligibility requirements and benefit plans will be detailed on an individual basis with the displacees. Pursuant to CCR, Section 6038, a general notice has been provided to each occupant of affected properties 30 days prior to submission to the Commission for adoption. There is no fiscal impact as a result of this Relocation Plan. Attachment: SR-60/I-215 East Junction HOV Project Relocation Plan Agenda Item 11 55 RELOCATION PLAN Riverside Commission T JUNCTION HOV EJECT Submitted January 2009 By Epic Land Solutions, Inc. www.epicland.com 3850 Vine Street, Suite 200 Riverside, CA 92507 Phone: 951-321-1800 Fax: 951-321-1836 bb • • • Table of Contents Introduction 3 Project Description 3 Property Description 3 Property Description Aerial Photographs 4 Project Site Photographs 4 Relocation Impact and Replacement Resources 5 Assessment of Needs 5 Census Demographics and Housing Information 5 Language 5 Age 5 Residential Relocation Area Preferences and Needs 6 Replacement Housing Resources 6 Resource Survey Results 6 Temporary Housing Section 7 Concurrent Residential Displacement 7 Relocation Program 7 Program Assurances and Standards 7 Citizen Participation/Plan Review 7 Residential Relocation Assistance Program 7 Relocation Benefit Categories 8 Relocation Moving Expense Payments 8 Assistance to Tenants 8 Payment of Relocation Benefits 9 Eviction Policy 10 Appeals Policy 10 Projected Dates of Displacement 10 Last Resort Housing 10 Estimated Relocation Costs 10 EXHIBIT A - General Information Notice 12 EXHIBIT B - Relocation Brochure - Residential 16 EXHIBIT C - Notice of Eligibility for Relocation Assistance 22 EXHIBIT D - Residential Occupant Interview Form 25 EXHIBIT E - 90-Day Information Notice - Residential Occupant 28 EXHIBIT F - 30-Day Notice to Vacate - Residential Occupant 30 57 • • • Introduction The Riverside County Transportation Commission (the "Commission") has implemented a plan to construct a high occupancy vehicle (HOV) lane on the I-215/SR-60 interchange, in the County of Riverside (the "Project). The project will result in the acquisition of an apartment complex occupied by fifteen tenant households. The Commission be requested to adopt by resolution a Relocation Plan (the "Plan"), to minimize the hardship of impacted individuals and families within the project area. The Commission has retained Epic Land Solutions, Inc. to prepare a Relocation Plan (Plan). The purpose of the Plan is to provide the Commission with information regarding the potential impact of the project on the affected residential occupants, and to respond to each household's eligibility of benefits. The Plan provides: ✓ The results of a needs assessment survey ; ✓ A study of available replacement housing comparables; ✓ An overview of the Commission's proposed relocation program. The Plan also sets forth policies and procedures necessary to conform to statutes and regulations established by California Government Code Section 7260 and California Code of Regulations Title 25, Division 1, Chapter 6, Subchapter 1 ("Relocation Assistance and Real Property Acquisition Guidelines"). Project Description The project's mission is to construct a high occupancy vehicle (HOV) lane on the I-215/SR-60 Interchange (East Junction), in the City of Moreno Valley, in the County of Riverside. Its purpose is to add operational improvements in an effort to reduce congestion, improve existing operation conditions, and enhance safety. Property Description The Subject property is on the 20900 block of Box Springs Road. It is located at the northwest quadrant of Box Springs Road and Morton Road in the vicinity of the City of Moreno Valley, in the unincorporated area of Riverside County. The zoning of the subject property is General Residential, which allows for single family and multi -family residential uses and a variety of commercial uses. The carve -out portion of the part taken is 36,000 square feet of land area which is currently improved with a fifteen unit apartment complex. Aerial photographs of the subject property are shown on the following page. Page 3 of 31 Epic Land Solutions, Inc 58 Property Description Aerial Photographs Project Site Photographs 20980 BOX SPRINGS ROAD Page 4 of 31 Epic Land Solutions, Inc 59 • Relocation Impact and Replacement Resources Assessment of Needs Personal interviews were conducted to obtain information for the preparation of this Relocation Plan. The table below reflects the family composition and relocation needs of the fifteen (15) displacements. Address , -2098Q Box: i Springs Road Unit #1 Tenant # of Children #ofPersons; : with Disabilities Curren,; MOMhIp�; .. =Special " ;Language „ ijeeds Unit #2 Tenant Unit #3 Tenant Unit #4 Tenant Unit #5 Tenant Unit #6 Tenant Unit #7 Tenant Unit #8 Tenant Unit #9 Tenant Unit#10 Tenant Unit#11 Tenant Unit#12 Tenant Unit#13 Tenant Unit #14 Tenant Unit #15 Tenant • Census Demographics and Housing Information Language Language is an integral component in a relocation program. With differing languages, the relocation process becomes considerably challenging. Relocation laws, policies and procedures are complex and can be difficult to explain, so it is important for a relocation advisor to make necessary provisions to communicate effectively with the project occupants. The fifteen households interviewed identified English as their primary language. In the event other primary languages were identified, efforts would have been made to accommodate the project occupant's language needs during the relocation process. Age The following table summarized the age distribution of the residents in the project area. Page 5 of 31 Epic Land Solutions, Inc 60 umber of;PecPle .'; 0 to 9 Years 10to 17 Years 18 to 30 Years 31 to 45 Years 46 to 65 Years Over 65 Years Unknown Residential Relocation Area Preferences and Needs In summary, the replacement housing resources needed for the affected displacements, within the proposed project area, are 4 studios and 11 one bedroom single family residences. The fifteen (15) households interviewed indicated the importance of remaining in the vicinity of the County of Riverside, due to the proximity of their respective employment, school district, and medical facilities. Replacement Housing Resources A replacement housing resource survey was made during the month of 2009. The survey focused on locating available housing for each of the affected residential occupants while confirming all met the decent, safe, and sanitary requirement. The comparable replacement properties are situated in similar neighborhoods within close proximity to the project area. This market study determined an adequate number of available replacement units replicating the displacement properties within the City of Moreno Valley and/or County of Riverside. Functional comparability includes the required minimum number of rooms to include bedroom and bathrooms with adequate habitable living space for each household. Resource Survey Results A summary of the resource survey is given below and shows the number of available comparable decent, safe, and sanitary units. These units are of adequate size and contain the required number of bedrooms for each household and their monthly rental rates. Available Two and Three 60 East Junction V Bedroom Rental Units in the cinity, as of January 13, 2009 Monthly Rental Rates, Units Available $ 750.00 - $900.00 i $ 901.00 1.100.00 5 $ 1101.00 - 1300.00 5 Page 6 of 31 Epic Land Solutions, Inc if • 61 • Temporary Housing Section There is no anticipated need for temporary housing. Should such a need arise, the Commission will respond appropriately and in conformance with all applicable laws and requirements. Concurrent Residential Displacement The consultant preparing this Plan contacted the Commission to determine if there are any additional residential displacements in the immediate area of the existing project. There are no upcoming projects within the immediate area, which would cause concurrent displacements. Relocation Program Program Assurances and Standards Service assurances and standards for replacement housing are upheld by the federal Fair Housing Amendments Act, the Americans with Disabilities Act, Title VI of the Civil Rights Act of 1964, Title VIII of the Civil Rights Act of 1968, the California Fair Employment & Housing Act, and the Unruh Act. These standards ensure a displacement does not result in discriminatory treatment of individuals or households based on race, nationality, color, religion, national origin, sex, marital status, familial status, disability or any other basis. No one will be displaced without a formal 90-Day Written Notice and unless functionally "Comparable" replacement housing can be identified and is available. "Comparable" housing includes standards such as: Decent, Safe, and Sanitary (as defined in § 6008(d) of the Guidelines); comparable as to the number of bedrooms, living space, and type and quality of construction of the acquired unit but not lesser in rooms or living space than necessary to accommodate the displaced household; in an area that does not have unreasonable environmental conditions; not generally less desirable than the acquired unit with respect to location to schools, employment, health and medical facilities, and other public and commercial facilities and services; and within the financial means of the displaced household as defined in section 6008, subdivision (c)(5) of the Guidelines. The relocation program to be implemented by the displacing entity conforms with the standards and provisions set forth in Government Code section 7260 et seq., the Guidelines, California Health and Safety Code section 33410 et seq., if applicable, and all other applicable regulations and requirements. Citizen Participation/Plan Review The Commission did not request any citizen participation for the preparation of this Plan. Residential Relocation Assistance Program Epic's Relocation Assistance Agents maintain close contact with each displaced household Page 7 of 31 Epic Land Solutions, Inc OF 62 and are available to help answer their questions about the relocation process. Each household is given a comprehensive relocation assistance program, with technical and advisory assistance. Specific activities provide: ■ A General Information notice; ■ Three comparable replacement dwelling referrals and, if necessary, transportation to inspect potential replacement dwellings; ■ Assistance with completion and filing of relocation claims, rental applications, and appeals forms, if necessary. Relocation Benefit Categories Relocation benefits are provided in accordance with the Uniform Acquisition and Relocation Assistance Act, the California Relocation Assistance Law, the California Government Code section 7260 et seq. (CRAL), the Guidelines, and all other applicable regulations and requirements. Benefits are paid upon submission of required claim forms and documentation. The Commission will provide appropriate benefits for each displaced household as required by the referenced Legislative Mandates. Relocation Moving Expense Payments The subject households will be eligible to receive a payment for moving expenses. Payments are made based upon either a fixed room count schedule or an invoice for actual reasonable moving expenses from a licensed professional mover. ■ Fixed Payment - A fixed payment for moving expenses based on the number of rooms containing furniture or other personal property to be moved. The fixed moving payment will be based upon the most recent Federal Highway Administration schedules maintained by the California Department of Transportation. ■ Actual Reasonable Moving Expense Payments - The displaced households may elect to have a licensed, professional mover perform the move; if so, the displacing entity will pay for the actual cost of the move up to 50 miles and all reasonable charges for packing, unpacking, insurance, and utility connection charges. The payment will be made directly to the mover or as reimbursement to the displaced household. Included in these costs may be the cost of retro-fitting a replacement site for a handicap person. Assistance to Tenants ■ Rental Assistance/Down Payment Assistance - Displaced households who are residential tenants and who have established residency within the Project site for a minimum of 90 days prior to the "initiation of negotiations" will be eligible for both Rental Assistance and Moving Expense Payments. "Initiation of negotiations" is defined as the first written offer to buy the property from which the households will Page 8 of 31 Epic Land Solutions, Inc 401 • • 63 be displaced. Except in the case of Last Resort situations, Rental Assistance Payments will be limited to a maximum of $5,250 based upon the monthly housing need over a forty-two month period. In addition, the households may opt to apply the amount to which they are entitled toward the purchase of a replacement dwelling. Tenants must occupy a replacement dwelling within one year of the date that the household vacates the acquired dwelling. • Last Resort Housing Payments for Tenants - When there is an adequate supply of replacement housing available but at an increased monthly rental cost, there is a need to provide Last Resort Housing Payments to tenants. "Last Resort Housing" payments are authorized by statute if affordable "comparable replacement housing" cannot be found for the displaced tenant household (i.e., housing not more than 30% of the household's average monthly income). In this case, payments may be made beyond the $5,250 statutory cap up to 42 months worth of rental assistance. The supplemental increment beyond $5,250 may be paid in installments or in a lump sum at the discretion of the displacing entity. If a household chooses to purchase a replacement home rather than rent, the household will have the right to request a lump sum payment of the entire balance to which they are entitled. Payment of Relocation Benefits Relocation benefit payments will be made expeditiously. Claims and supporting documentation for relocation benefits must be filed with the displacing entity within eighteen (18) months from: (i) the date the claimant moves from the acquired property; or (ii) the date on which final payment for the acquisition of real property is made, whichever is later. Procedures for preparing and filing of claims and processing and delivering of payments will be as follows: • Claimant to provide all necessary documentation to substantiate eligibility for assistance. ■ Assistance amounts will be determined and required claim forms prepared by relocation staff in consultation with claimant. ■ Original signed claims supported by documentation and relocation personnel recommendation will be submitted to the designated Commission staff member or his/her designee. ■ Payments will be prepared and delivered to relocation staff for distribution. Payments will be delivered personally by relocation personnel unless circumstances dictate otherwise. When payments can not be personally delivered, they will be sent by certified mail. • Payment receipts and other signed acknowledgments will be obtained by relocation personnel and kept in the case file. Page 9 of 31 Epic Land Solutions, Inc 64 ■ Unless otherwise instructed by the Commission, relocation staff will not deliver final payments until the project area premises of the claimant have been completely vacated. Before issuance of final payments, actual residency at the replacement site must be verified. ■ The public entity will provide an advance payment, when necessary, in order to assist with the securing of replacement housing. No household will be displaced until a functional "comparable" dwelling is located as defined above and in section 6008, subdivisions (c) and (d) of the Guidelines. Relocation personnel will inspect any replacement units to which referrals are made to verify that they meet all the standards of Decent, Safe, and Sanitary as defined in section 6008, subdivision (d) of the Guidelines. Eviction Policy The Commission recognizes that eviction is permissible only as a last resort. Eviction will only take place in cases of nonpayment of rent, serious violation of the rental agreement, a dangerous or illegal act in the unit, or if the household refuses all reasonable offers to move. Relocation records are kept to reflect the specific circumstances surrounding any eviction. Eviction will not affect the eligibility of a person legally entitled to relocation benefits. Appeals Policy The appeals policy adheres to the RCTC adopted policy, which follows the standards of 49 CFR, part 24, section 24.10. In it the displaced household has the right to ask for a review when there is a complaint regarding any of its rights to relocation and relocation assistance, such as a determination as to eligibility, the amount of payment, or the failure to provide a comparable replacement housing referral. Projected Dates of Displacement Households will receive a 90-day written notice to vacate before they are required to move. These notices are expected to be issued on or about , 2009. Last Resort Housing According to the housing survey, the availability of comparable replacement housing is adequate. Whenever comparable replacement dwellings are not available, or are not available within the monetary limits of Government Code Section 7263 and 7264, the Commission must provide additional or alternative assistance. Estimated Relocation Costs The relocation estimate should not be interpreted as firm, "not to exceed," or actual Page 10 of 31 Epic Land Solutions, Inc e • 65 • entitlement costs. The estimate is based on the data obtained through occupant interviews, current project scope, replacement site availability, and estimated moving costs. Total estimated relocation costs for this project: $ 584.200.00. Page 11 of 31 Epic Land Solutions, Inc 66 EXHIBIT A GENERAL INFORMATION NOTICE Page 12 of31 Epic Land Solutions, Inc 67 • • • Epic Land Solutions, Inc. le 3850 Vine Street, Suite 200 Riverside, CA 92507 Voice: 951-321-1800 RIVERSIDE COUNTY TRANSPORTATION COMMISSION STATE ROUTE 60 EAST JUNCTION HOV GENERAL INFORMATION NOTICE THIS NOTICE DOES NOT REQUIRE YOU TO MOVE AT THIS TIME IF YOU MOVE PRIOR TO RECEIVING A NOTICE OF ELIGIBILITY, YOU MAY NOT BE ELIGIBLE FOR RELOCATION BENEFITS Dear Property Occupant: The Riverside County Transportation Commission (Commission) is interested in acquiring the property you occupy on the 20980 Box Springs Road, Moreno Valley, California, for the State Route 60 East Junction HOV Lane Project. This notice is to inform you of your rights. If the Commission acquires the property and you are displaced by the proposed project, you may be eligible for relocation assistance. Displaced individuals, families, businesses, farms and nonprofit organizations may be eligible for relocation advisory services and payments provided by the "Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970," as amended, hereafter referred to as the Uniform Act. The following is information about available relocation services and payments. MOVING EXPENSES may be paid to those who are required to relocate from property acquired by the Commission. RESIDENTIAL OWNER -OCCUPANTS may be paid replacement housing payments, increased interest cost payments and some of the costs incidental to purchase of replacement homes if they have actually owned and occupied their homes for at least 180 days immediately before the Commission makes its first written offer to purchase their home. RESIDENTIAL OWNER -OCCUPANTS who have actually owned and occupied their homes for less than 180 days, but more than 90 days before the Commission makes it's first written offer to purchase the property, may be eligible for the same payments made to residential tenants described in the next paragraph. Page 13 of31 Epic. Land Solutions, Inc 68 RESIDENTIAL TENANTS may be eligible for increased rental cost payments or a payment toward the purchase of their own home if they have actually occupied their dwelling for at least 90 days immediately before the Commission makes its first written offer to purchase that property. BUSINESSES, FARMS AND NONPROFIT ORGANIZATIONS may be eligible for various payments including reestablishment costs. WHEN PAYMENTS CAN BE MADE — No relocation payment can be made until the Commission has made a written offer to acquire the real property where the person lives or operates their business, farm or nonprofit organization, and the person has moved from the premises. Residential homeowners or tenants of dwelling units may receive relocation assistance payments only if they either purchase or rent and occupy a dwelling which meets the Commission standards as decent, safe, and sanitary. The Commission or relocation staff should be asked to inspect the replacement dwelling before you rent or buy it. RESIDENTIAL OWNER -OCCUPANTS of 180 days or longer must purchase and occupy a decent, safe and sanitary dwelling unit within one year of receiving final payment for the acquired property or had at least one comparable replacement property made available to them, whichever occurrence is later. RESIDENTIAL TENANTS must occupy a decent, safe and sanitary dwelling within one year after vacating the acquired property to receive a relocation assistance payment. No person who is lawfully occupying real property required for the project will be asked to move without first being given at least 90 days advance notice, in writing. No occupants of any type of dwellings, eligible for relocation payments, will be required to move unless adequate decent, safe and sanitary replacement housing, which is open to all persons regardless of race, color, religion, sex, or national origin, has been made available to them by the Commission or they have secured such housing for themselves. LEGAL RESIDENCY— Under federal law, residents not lawfully present in the United States are ineligible for relocation payments and assistance. Under California law, all displaced persons are entitled to benefits. Your relocation agent can advise you regarding the benefits to which you are entitled. APPEALS - The Uniform Act provides that a person may appeal to the head of the responsible Commission if the person believes that the Commission has failed to properly determine the person's eligibility or the amount of payment authorized by the Act. You have the right to be represented by legal counsel, but this is not required If you still believe a proper determination has not been made, you may seek judicial review. Page 14 of 31 Epic Land Solutions, Inc 69 • NONDISCRIMINATION — All services and/or benefits to be derived from any right of way activity will be administered without regard to race, color, national origin, or sex in compliance with Title VI of the 1964 Civil Rights Act. If you have any questions, please contact Epic Land Solutions, Inc. at (951) 321-1800. Again, this is not a notice to vacate and does not establish eligibility for relocation payments or other relocation assistance. If the Commission decides not to purchase the property, you will be notified in writing. Before you can receive relocation benefits or assistance, you will be required to certify that you and your family are either citizens or nationals of the United States, or aliens who are lawfully present in the United States. Sincerely, Received by: Date: Epic Land Solutions, Inc. Right -of -Way Relocation Consultant for the Riverside County Transportation Commission Page 15 of31 Epic Land Solutions, Inc el 70 EXHIBIT B RELOCATION BROCHURE - RESIDENTIAL (Relocation Assistance to Tenants Displaced From Their Homes) Page 16 of 31 Epic Land Solutions, Inc sOe • 71 • • Epic Land Solutions, Inc. 3850 Vine Street, Suite 200 Riverside, CA 92507 Voice: 951-321-1800 RELOCATION ASSISTANCE TO TENANTS DISPLACED FROM THEIR HOMES Introduction This booklet describes the relocation payments and other relocation assistance provided under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as amended (URA) to tenants displaced from their homes. This includes any family or individual that must move as a direct result of rehabilitation, demolition or acquisition for a project in which Federal or State funds are used. If you are notified that you will be displaced, it is important that you do not move before you team what you must do to receive the relocation payments and other assistance to which you are entitled. This booklet may not answer all of your questions. If you have more questions about your relocation, contact the consultant for the Commission responsible for the project. Ask your questions before you move. Afterwards, it may be too late. Summary of Relocation Assistance As an eligible tenant displaced from your home, you will be offered the following advisory and financial assistance: Advisory Services. This includes referrals to comparable and suitable replacement homes, the inspection of replacement housing to ensure that it meets established standards, help in preparing claim forms for relocation payments and other assistance to minimize the impact of the move. Payment for Moving Expenses. You may choose either a: - - Payment for Your Actual Reasonable Moving and Related Expenses, or — Fixed Moving Expense and Dislocation Allowance. Replacement Housing Assistance. To enable you to rent, or if you prefer, buy a comparable or suitable replacement home, you may choose either: - - Rental Assistance, or -- Purchase Assistance. If you disagree with the Commission's decision as to the relocation assistance for which you are eligible, you may appeal that decision. General Questions How Will 1 Know I Am Eligible For Relocation Assistance? You should receive a written notice explaining your eligibility for relocation assistance. You should not move before receiving that notice. If you do, you may not receive relocation assistance. Page 17 of31 Epic Land Solutions, Inc 72 How Will The Commission Know How Much Help I Need? You will be contacted at an early date and personally interviewed by a representative of the Commission to determine your relocation needs and preferences for replacement housing and advisory services. The interviewer will ask certain questions about you and other members of your household, including questions about your income. It is to your advantage to provide the information so that the Commission can assist you in moving with a minimum of hardship. The information you give will be kept in confidence. How Soon Will I Have To Move? If possible, a mutually agreeable date for the move will be worked out. You will be given enough time to make plans for moving. Unless there is a health or safety emergency, you will not be required to move without at least 90 days advance written notice of (1) at least one "comparable replacement home" that is available to you and (2) the earliest date by which you must move. What Is A Comparable Replacement Home? A comparable replacement home is: o Decent, safe, and sanitary. o Functionally equivalent to (and equal or better than) your present home. o Actually available for you to rent. o Affordable. o Reasonably accessible to your place of employment. o Generally as well located with respect to public and commercial facilities, such as schools and shopping, as your present home. o Not subject to unreasonable adverse environmental conditions. o Available to all persons regardless of race, color, religion, sex, or national origin. What is Decent, Safe, and Sanitary Housing? Decent, safe, and sanitary housing is housing that: o Meets applicable housing and occupancy requirements. o Is structurally sound, weather tight, and in good repair. o Contains a safe, adequate electrical wiring system. o Has adequate living space for the occupants. o Has a kitchen with a sink, hot and cold running water, and connections for a stove and refrigerator (if you were displaced from a housekeeping unit). o Has a separate, complete bathroom with hot and cold running water. o Has heating as required by climatic conditions. o Has an unobstructed exit to safe, open space at ground level. o Meets standards protecting occupants from lead -based paint hazards. o If you are physically handicapped, is free of any barriers which would preclude your reasonable use of the unit. Will The Commission Help Me Find A Replacement Home? Yes. You will be provided with referrals to housing that has been inspected to ensure that it meets established standards. If possible, you will be referred to at least three comparable replacement homes. The maximum financial assistance for which you may qualify will be based on the cost of the most representative comparable replacement home that is available to you. Promptly after you become eligible for relocation assistance, the Commission's representative will inform you of such unit and the maximum payment available. Once the Commission representative has a clear understanding of your needs and preferences, he or she will work with you to assure that you are given the best possible choice of housing. The Commission s representative will offer you appropriate transportation to inspect these units. If you would like to move to government -owned housing or obtain a Section 8 "housing voucher" or "certificate," let the Commission representative know of your interest. Generally, an eligible displaced person receives preference Page 18 of 31 Epic Land Solutions, Inc • 73 • for such long term housing assistance. You will be given assistance in completing any required application forms. What If I Find My Own Replacement Housing? You have every right to find your own replacement housing. However, before you rent or buy, ask the Commission's representative to inspect the unit to make sure that it is decent, safe, and sanitary. If the housing unit is not decent, safe, and sanitary, you will not receive a replacement housing payment. What If I Encounter A Problem In Obtaining Housing Of My Choice? If you encounter a problem in buying or renting housing of your choice, notify the Commission's representative immediately. The Commission's representative will look into the matter and try to resolve it. You will receive this help whether you were referred to the housing unit or found it yourself. If you are unable to buy or rent a housing unit because of discriminatory practices on the part of a real estate broker, rental agent, lender, or a property owner, the Commission's representative will help you file a formal housing discrimination complaint with the U.S. Department of Housing and Urban Development or the appropriate State or local fair housing commission. What Other Services Will I Receive? In addition to help in obtaining a comparable replacement home, other assistance, as necessary, will be provided in order to minimize the impact of your move. This assistance may include referral to appropriate public and private agencies that provide services concerning housing financing, employment, health, welfare, or legal assistance. The range of services depends on the needs of the person being displaced. You should ask the Commission representative to tell you about the specific services that will be available to help you and your family. What Is a Payment For Actual Reasonable Moving and Related Expenses? You may choose to receive a relocation payment to cover the reasonable cost of your move. If you choose a Payment For Actual Reasonable Moving And Related Expenses, you may include in your claim the reasonable and necessary costs for: o Transportation for you and your family. o Packing, moving and unpacking your household goods. o Disconnecting and reconnecting household appliances and other personal property (e.g., telephone and cable TV). o Storage of household goods, as may be necessary. o Insurance for the replacement value of your property during the move and necessary storage. o The replacement value of property lost, stolen or damaged in the move (but not through your neglect) if insurance is not reasonably available. The Commission's representative will explain all eligible moving costs, as well as those which are not eligible. You must be able to account for any costs that you incur, so keep all your receipts. Select your mover with care. The Commission's representative can help you select a reliable and reputable mover. You may elect to pay your moving costs yourself and be repaid by the Commission or, if you prefer, you may have the Commission pay the mover. In either case, let the Commission know before you move. What Is A Fixed Moving Expense And Dislocation Allowance? If you choose a Fixed Moving Expense and Dislocation Allowance, you will receive an allowance which is based on the number of rooms in your home or the number of rooms of furniture you will be moving, as shown on a schedule. The Commission's representative has a copy of the Page 19 of 31 Epic Land Solutions, Inc 74 schedule and will help you decide whether choosing this allowance is in your best interest. If you do not have a large amount of personal property to move, this payment should be more advantageous. No special documentation is required to support your claim. You need only move your personal property and complete the appropriate claim form in order to receive your payment. How Much Rental Assistance Will I Receive? You may be eligible to receive Rental Assistance for a 42-month period. The assistance is computed in the following manner: The assistance needed for one month is determined by subtracting the "base monthly rent" for your present home from the cost of rent and utilities for your new home (or a comparable replacement home, if that cost is lower). That monthly need, if any, is multiplied by 42, to determine the total amount that you will receive. This amount will be paid directly to you. However, the Commission may elect to provide the assistance in monthly installments or other periodic payments. Generally, the base monthly rent for your present home is the lesser of: (1) the monthly rent and average monthly cost for utilities, or (2) thirty (30) percent of your average monthly gross household income. Examples: Let's say that the monthly rent and average cost for utilities for your present home are $250; the monthly rent and estimated average utility costs for a comparable replacement home are $350; and your monthly gross income is $700. In this case your "base monthly rent" would be $210 because that amount (30 percent of your income) is less than the monthly cost of rent and utilities at your present home ($250). — If you rent a replacement home for $360 per month, including estimated average monthly utility charges, you will receive $5,880. That amount is 42 times $140 (the difference between the "base monthly rent" for your present home ($210) and the cost for a comparable replacement home ($350)). -- If you rent a replacement home for $310, including estimated average monthly utility charges, you will receive $4,200. That amount is 42 times $100 (the difference between the "base monthly rent" for your present home ($210) and the actual cost of your new home ($310)). To qualify for rental assistance, you must rent and occupy a decent, safe, and sanitary home within one year after the date you move. However, the Commission will extend this period for good cause. If I Decide to Buy, Rather Than Rent, How Much Assistance Will I Receive? If you buy a replacement home, you may be eligible for assistance to make a down payment equal to the amount you would receive if you rented a comparable replacement home (i.e., 42 times the amount obtained by subtracting the "base monthly rent" for your present home from the monthly rent and estimated average monthly utility costs for a comparable replacement home). A down payment assistance payment will be paid in a lump sum. Example: Assuming the information in the prior examples, the down payment assistance payment would be $5,880. That amount is 42 times $140 (the difference between the "base monthly rent" for your present home ($210) and the monthly rent and estimated average monthly utilities cost for a comparable replacement home ($350). The full amount of the payment must be applied to the purchase of the replacement dwelling. Must I File A Claim To Obtain A Relocation Payment? Page 20 of 31 Epic Land Solutions, Inc • 75 • Yes. You must file a claim for each relocation payment. The Commission's consultant will, however, provide you with the required claim form, help you to complete it, and explain the type of documentation, if any, that you must submit in order to receive the payment. If you must pay any relocation expenses before you move (e.g., a security deposit when you sign a lease for your new home), discuss your financial needs with the Commission's consultant. You should be able to obtain an advance payment to meet these costs. An advance payment may be placed in "escrow" or paid directly to a contractor to ensure that the move will be completed on a timely basis. You must file your claim within 18 months after the date you move. However, it is to your advantage to file as soon as possible after you move. The sooner you submit your claim, the sooner it can be processed and paid. If you are unable to file your claim within 18 months, ask the Commission to extend this period. Be careful not to confuse this 18-month period with the 12-month period within which you must rent (or buy) and occupy a replacement dwelling in order to be eligible for a replacement housing payment. You will be paid promptly after you file an acceptable claim. If there is any question regarding your right to a relocation payment or the amount of the payment, you will be notified, in writing, of the problem and the action you may take to resolve the matter. Will 1 Have To Pay Rent To The Commission Before 1 Move? If the Commission acquires the property in which you live, you may be required to pay a fair rent to the Commission for the period between the acquisition of the property and the date that you move. Such rent will not exceed the market rent for comparable properties in the area. Do I Have To Pay Federal Income Taxes On My Relocation Payments? Generally No. Section 216 of the URA states that you need not report relocation payments as part of your gross income for Federal tax purposes. For information on State or local income taxes, you should check with the State or local income tax office in your area or with your personal tax advisor. Please consult your tax advisor for specific advice on filing relocation payments, as they relate to your individual situation. What If I Don't Receive The Required Assistance? Can I Appeal? If you disagree with the Commission's decision as to your right to relocation assistance or the amount of a payment, or the adequacy of the housing to which you have been referred, you may appeal the decision to the Commission. The Commission will inform you of its appeal procedures. At a minimum, you will have 60 days to file your appeal with the Commission after you receive written notification of the Commission's determination on your claim. Your appeal must be in writing. However, if you need help, the Commission will assist you in preparing your appeal. If you are a low- or moderate -income person and are dissatisfied with the Commission's determination on your appeal, you may have an additional right to request administrative review of that decision (e.g., by HUD or the State). You can expect a fair decision on any appeal. However, if you are not satisfied with the final administrative decision on your appeal, you may seek review of the matter by the courts. I Have More Questions. Who Will Answer Them? If you have further questions after reading this booklet, contact the Commission's consultant and discuss your concerns. Page 21 of31 Epic Land Solutions, Inc 76 EXHIBIT C NOTICE OF ELIGIBILITY FOR RELOCATION ASSISTANCE Page 22 of 31 Epic Land Solutions, Inc • 77 • • • Epic Land Solutions, Inc. 3850 Vine Street, Suite 200 Riverside, CA 92507 Voice: 951-321-1800 RELOCATION ELIGIBILITY AND CONDITIONAL ENTITLEMENT LETTER FOR RESIDENTIAL TENANT Date Name Address City, State Zip Dear Tenant, This is a Notice of Eligibility for Relocation Assistance. As discussed with you, it will be necessary for you to move as the property you occupy is being acquired by the Commission. As discussed with you, when you do move, you will be entitled to relocation payments and other assistance in accordance with The Federal Uniform Relocation Assistance and Real Properties and Acquisition Policies Act of 1970, as amended. The effective date of this notice is . You are now eligible for relocation assistance. You are now eligible for relocation assistance including: Payment for Moving Expenses: You may choose either (1) a payment for your actual reasonable moving and related expenses, (up to 50 miles from your current residence), or (2) if you prefer, a fixed moving expense and dislocation allowance of $_for_ rooms; Replacement Housing Payment You may be eligible for a replacement housing payment to rent or buy a replacement home. The payment is based on several factors, including the cost of a "comparable replacement home, " the monthly rent and average cost of utility service for your present home (if applicable), and thirty percent (30%) of your average gross household income. Attached are several comparable replacement units that you may wish to consider. A Schedule method was used in determining comparable replacement rents based on a current analysis of the housing market. In accordance to this analysis, comparable units are available at a cost of $ . Based on the information you provided to us, including your current rent, income information, and the scheduled rent as described above, your estimated rental assistance payment calculation is as follows: 1 Current Rent + Utility allowance ($ ) $ 2 Current Total Gross Monthly Household Income* $ 3 Ability -To -Pay Rent (30% of Line 2) $ 4 Rent for Comparable($797.) Replacement Dwelling + Utility allowance ($_) $ 5 Lower of Current Rent OR Ability -To -Pay $ 6 Monthly Rental Need (Line 4 minus Line 5) $ Page 23 of 31 78 Epic Land Solutions, Inc f 7 Estimated Total 42 Months Eligibility (Line 6 times 42) $ 8 Estimated Benefit Adjustment per Occupant (Line 7 _ Total Occupants) $ 9 Adjusted Estimated Benefit for Eligible Occupants (if applicable)** (Line 8 x Eligible Occupants) $ *Failure to supply adequate Income information may result in a rent -to -rent calculation **Based on your signed Certification of Lawful Presence form Rental assistance benefits are paid in a single payment or in installments, depending on the payment amount. If you BUY replacement housing, you may flle a claim for. DOWNPAYMENT ASSISTANCE. You may use the full amount of your rental assistance payment for a down payment and incidental purchase expenses on a replacement dwelling. All amounts used as a down payment and incidental expenses must be applied to the purchase of the replacement dwelling. If you have received any amount as rental supplements, then those amounts will be deducted from all eligible down payment calculations. You do not have to accept any dwelling referred to you by Epic. You may choose your own replacement, but it must be decent, safe and sanitary to qualify for a payment. DO NOT MOVE from your home and DO NOT CONTRACT to rent or purchase a replacement dwelling without first contacting your relocation consultant. If you remain in occupancy of your present dwelling after the County has completed the purchase, you must pay fair market rent to the County for the period of your tenancy. Failure to pay rent may reduce the replacement housing payment which you are eligible to receive. The Relocation Assistance Program is very complex. It is important that you read and understand the matters explained in the Informational Statement which was given to you. For further assistance, please contact of Epic Land Solutions, Inc., 3850 Vine Street, Suite 200, Riverside, CA 92501, Tel. 951-321- 1800. Before you can receive relocation benefits or assistance, you will be required to certify that you and your family are either citizens or nationals of the United States, or aliens who are lawfully present in the United States. Sincerely, Epic Land Solutions, Inc. Received by: Relocation Consultant for Date: Riverside County Transportation Commission Page 24 of 31 Epic Land Solutions, Inc e • 79 • • EXHIBIT D RESIDENTIAL OCCUPANT INTERVIEW FORM Page 25 of31 Epic Land Solutions, Inc r 80 Site Move -In: Head of Household: Address: Work # Email Initiation of Negotiations: Cell # Interview Date: Interviewer: Social Security Number: Displacement Telephone # Fax # Dwelling Type Approx. Sq.Ft. Approximate Age of Unit: yrs. # Bedrooms # Bathrooms # Rooms _Laundry Fac._ Garage _ Carport _ Pets: If so, describe Condition of unit : Excellent Good Fair Poor Mobile Home: Size: Year: Model: Pad Rent: $ ftx ft Occupancy Status: Own Home business? _ Yes Description _ Rent No Owners: _ Mortgage _ Own Clear Monthly Payment: Principal $ Loan Balance(s) as of Loan Type #1: _Fixed Variable Annual % Rate Loan Type #2: Fixed Variable Annual % Rate Original Date(s) of Current Loan(s) : Rem. Loan Term #1: Months ' Rem. Loan Term #2: Months ETHNICITY: White _Asian _ Hispanic/Latino African American Other PRIMARY LANGUAGE: _ English _ Spanish Other: SPECIALIZED NEEDS: _ Elderly Household _ Handicapped Household: Describe: Need Wheelchair Access? Yes _ No Own Car? _Yes _ No Need access to public transportation? Describe mode: Need to live near medical facilities? Describe location: Renters: Total Monthly Rent:$ Landlord Written Agreement Date i _ M/M _ Lease _ Vacant/No Contact Unit Furnished Unit Unfurnished Security Deposit? $ _ Other Special needs or services requested: Describe: Do you rent out any rooms in the dwelling? Yes t If so, names: No If so, is person or persons considered part of household? ' _Yes No Page 26 of 31 Gas: Tenant Owner Electricity: Tenant Owner Water: _ Tenant _ Owner Trash: Tenant Owner Appliances Owned by Tenant: _Stove _Refrigerator W/D _ Other Did all occupants move in at thesame time? _ Yes _ No Please explain: Are all occupants planning to move at the same time, and to the same replacement dwelling? _ Yes _ No Please explain: �.. jNCMJ . See Below — Also refer to Income Certification in file. 1) Have all income earners been at their current job(s) for at least one year? 2) Are any income earners currently on unemployment, disability, SSI, AFDC or are cash earners? Other Public Assistance (ask for Entitlement Letter): Epic Land Solutions, Inc 81 If Sect.8, Total Tenant Rent. $ Caseworker. Telephone #: M F 3) Have all sources of income been disclosed? 2) M F 3) M F 4) M F 5) M F 6) M F 7) M F NOTES: Respondent: Date: Page 27 of 3 l 82 Epic Land Solutions, Inc EXHIBIT E 90-DAY INFORMATION NOTICE - RESIDENTIAL OCCUPANT Page 28 of 31 Epic Land Solutions, Inc e 83 Epic Land Solutions, Inc. le 3850 Vine Street, Suite 200 Riverside, CA 92507 Voice: 951-321-1800 Fax: 951-321-1836 90-DAY INFORMATION NOTICE - RESIDENTIAL OCCUPANT Date Name Address Dear (Commission) will soon require the property where you are living for (project name). It will not be necessary for you to vacate immediately. You will have at least 60 days after you receive this notice before we will serve a formal "30-Day Specific Notice." This letter is being given so you will have ample time to find a new place to live. It may be more than 60 days before the 30-Day Specific Notice is issued to you, but any such notice will contain a specific date on which the (Commission) will have control of the property you now occupy. If you have any questions, please contact me at the above phone number. Relocation Consultant ACKNOWLEDGMENT 1 was personally contacted by the above agent for the Commission and was provided with the original of this Notice. I was further advised the Commission Relocation Assistance Program is available to assist me if any questions arise or as assistance is needed. DATE: DISPLACEE: Page 29 of31 Epic Land Solutions, lnc 00e- 84 EXHIBIT F 30-DAY NOTICE TO VACATE - RESIDENTIAL OCCUPANT Page 30 of 31 Epic Land Solutions, Inc • 85 • Epic Land Solutions, Inc. 3850 Vine Street, Suite 200 Riverside, CA 92507 Voice: 951-321-1800 30-DAY NOTICE TO VACATE — RESIDENTIAL OCCUPANT Date Name Address City, State Zip Dear The Riverside County Transportation Commission has acquired title to the property located at Address , CA on Date . The Commission has now determined that it will be necessary for you to vacate the premises. Notice is hereby given that the Commission elects to terminate your tenancy in thirty (30) days beginning and ending . You are hereby to quit and deliver up possession of the property you occupy on or before . If you do not vacate the premises by that date, the Commission will initiate legal proceedings to recover possession of the premises, along with rents and damages. During this 30-Day period, Epic Land Solutions, Inc., will be available to provide assistance with referrals to replacement sites, coordination with movers and other vendors, the processing of relocation benefit claim forms, and other tasks to help facilitate your relocation. Please contact me at the above number if you have any questions regarding this notice or the relocation process. Sincerely, Epic Land Solutions, INC. Relocation Consultant for Riverside County Transportation Commission ACKNOWLEDGMENT I was personally contacted by the above agent for the Riverside County Transportation Commission and was provided with the original of this Notice. I was further advised the Commission Relocation Assistance Program is available to assist me if any questions arise or as assistance is needed. DATE: DISPLACEE: Page 31 of 31 Epic Land Solutions, Inc 86 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: February 23, 2009 TO: Budget and Implementation Committee FROM: Aaron Hake, Government Relations Manager Shirley Medina, Programming and Planning Manager THROUGH: Anne Mayer, Executive Director SUBJECT: Federal Economic Recovery Bill STAFF RECOMMENDATION: This item is for the Committee to: 1) Review and discuss Federal Economic Recovery proposals for Riverside County; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: This is a placeholder item. Staff will report on the status of the Federal Economic Recovery Bill. Agenda Item 12 87