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Committee OKs $39 million in bond proceeds toward Caltrain PTC and electrification agreement
Summary
The committee recommended approving an agreement to administer up to $39 million in Proposition A bond proceeds for Caltrain’s Positive Train Control and electrification projects, confirming the city’s prior commitments and SFMTA’s role as fiscal agent.
The Budget and Finance Committee on Jan. 20 recommended forwarding to the full Board a resolution authorizing the city to administer up to $39 million in capital funding from Proposition A bond proceeds to support Caltrain’s Communications Based Overlay/Positive Train Control project and the Peninsula Corridor Electrification Project.
Anand Dehirsh (SFMTA) told the committee the Joint Powers Board (Caltrain) is constructing the PTC system to track train locations and prevent unsafe movements and is advancing electrification between Fourth & King Station and Tamien Station in San Jose. The projects together carry multibillion-dollar construction estimates; the committee was presented with the city’s share (a total of $60 million commitment, of which $39 million is to come from Proposition A proceeds described in the presentation). SFMTA will serve as the fiscal agent to disburse bond funds to Caltrain; additional disbursements beyond an initial $7.76 million will require future bond issuances and Board appropriation.
The budget analyst provided cost estimates and recommended approval. Supervisors moved and the committee forwarded the agreement with a positive recommendation to the full Board; the resolution also confirms the Board finds the final environmental impact report adequate and commits to implementing pedestrian improvements adjacent to Fourth & King Station as a mitigation measure.
Next steps: The item will appear on the Board agenda for final action and any future disbursements beyond the initial issuance will be subject to appropriation and Board approval.
