CVTA committees outline responsibilities for bond packaging; TAC to nominate one shovel-ready project per locality

A memo approved by the authority in late April and presented to the Technical Advisory Committee on May 12 set out roles for preparing a CVTA bond package and asked TAC members to identify one priority project per member locality for consideration.

Under the memo, TAC’s responsibilities include identifying priority projects that have true regional impact (one project per member locality will be requested), assembling timelines and phasing information, and identifying the CVTA funding need relative to total project budgets. A finance directors’ working group will model annual budget impacts and work with the finance committee, which will prepare recommended finance packages with input from bond counsel and financial advisers.

TAC members asked about deadlines and whether projects should be “shovel ready.” TAC staff said the intent is not a wish list: jurisdictions should plan to submit projects that can be constructed or fit into a bond/cash-flow timeline. The committee agreed to return to the topic in the June TAC meeting after finance directors and the finance committee provide feedback. No final bond package was proposed at the TAC meeting; the full authority retains the decision to approve any bond issuance.

TAC staff said the finance directors’ working group meeting is scheduled for the coming week, and the finance committee will consider the memo at its next meeting; staff will report back to TAC in June with more guidance on shovel-readiness and timelines.