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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 roughly $5,100,000. The attorney reading the resolution said the bonds are to be issued pursuant to sections 201 and 209 of Ordinance No. 05‑48 (as amended) with an estimated final maturity of 07/01/2036 and estimated costs of issuance of $968,600.
No individual roll‑call vote-by‑name was read into the record; the motion carried after the chair asked “All those in favor?” and members responded “Aye.” The trust recorded the motion as passed and Item 7a will move to the Board of County Commissioners for final action.
Item 7b: expansion of preliminary engineering agreement authority for railroad work The trust also approved an amendment to Resolution R‑840‑09. The county attorney read the amendment into the record, stating it inserts new language authorizing the county mayor’s designee to award preliminary engineering agreements for railroad‑property transit projects and to increase authority to “an amount of up to $5,000,000 per agreement for non‑tax funded projects and up to $5,000,000 cumulatively for surtax (PTP)‑funded projects,” with corresponding changes to the resolution enactment clauses. DTPW Director Stacey Miller said the higher thresholds reflect typical prior year cumulative expenditures (about $4.8 million in similar work) and would allow staff to expedite high‑cost reviews and agreements — especially for the Northeast Corridor and projects requiring railroad reviews.
That motion also passed without a recorded roll‑call tally; members approved the amendment after discussion.
Why it matters: The refunding could reduce long‑term debt service and free cash that county leaders can use for capital projects. The R‑840‑09 amendment increases administrative authority and dollar thresholds for engineering work tied to railroad property; supporters said the change will speed project delivery for costly railroad reviews and designs but gives staff broader contracting discretion.
Actions summary (as recorded at the CITT meeting) - Item 7a — Motion to recommend Board of County Commissioners authorize bond refunding (pursuant to Ordinance No. 05‑48 as amended): PASSED. Outcome: approved. Present value savings estimated at $5.1M; estimated cost of issuance $968,600; estimated final maturity 07/01/2036. Mover/second: not specified in transcript; recorded voice vote indicated approval. - Item 7b — Motion to amend Resolution R‑840‑09 to expand allowable scope and increase authority to $5,000,000 per agreement (non‑tax funded) and up to $5,000,000 cumulatively for surtax‑funded projects: PASSED. Outcome: approved. Mover/second: not specified.
