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Proposal to Modify Measure A’s Borrowing Limit: Increasing Opportunity and Flexibility

On July 14, 2010, Measure A's borrowing limit is examined, with a proposed goal to increase it without jeopardizing oversight; financial details and the current situation are analyzed, highlighting benefits, costs, and next steps involved in this potential change.

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Proposal to Modify Measure A’s Borrowing Limit: Increasing Opportunity and Flexibility

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  1. Modifying Measure A’s Borrowing LimitJuly 14, 2010

  2. Measure A Legal Details

  3. Comparing the Limits

  4. Current Situation • $180 million of debt limit utilized • Delivery Plan restructured • Numerous projects nearing construction • Favorable interest rates & bids • Opportunity to create jobs

  5. Proposal GOAL: Increase limit to provide flexibility without sacrificing prudence or oversight • $975 million limit – slightly less than 25% of projected revenue total • Higher limit does not result in immediate action – Commission approval of all financings are maintained

  6. Costs • RCTC must reimburse county • 2002 cost was $372,000 • Election costs are Measure A eligible • Private sector financed campaign still needed

  7. Next Steps • Communicate ballot measure to Supervisors • Obtain vote from Supervisors - July 27 or at special meeting • Seek voter approval in November

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