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CITT approves refunding resolution and expands engineering agreement authority for railroad work
Summary
At its May 28 meeting the Citizens Independent Transportation Trust approved two action items: a refunding resolution to refinance bonds issued in 2015 and an amendment to R‑840‑09 expanding preliminary engineering agreement authority for railroad‑related transit work, including adjusted $5 million thresholds for certain projects.
The Citizens Independent Transportation Trust on May 28 voted to recommend two items to the Board of County Commissioners: a bond refunding transaction (Item 7a) and an amendment to Resolution R‑840‑09 to expand the scope and dollar thresholds for preliminary engineering agreements affecting railroad property (Item 7b). Both items passed after discussion.
Item 7a: bond refunding Melvin Cartagena, chief financial officer for the Department of Transportation and Public Works, described Item 7a as a refunding of bonds issued in 2015. Cartagena said the transaction is intended to “leverage savings by refinancing this transaction” and that the county requires a minimum 5% present‑value savings for refundings. He told the trust the current estimate was “about 5.1% in present value savings,” and that the present‑value savings estimate equates to…
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