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TAC reviews regional spend‑down plan; bond validation hinges on clarified project slate
Summary
Staff circulated an updated regional spend‑down plan showing commitments by quarter and reported that bond validation cannot advance until the CBTA clarifies an initial slate of projects for potential bond issuance; members discussed timelines, project readiness and the potential need to swap out out‑year allocations.
CBTA staff updated the Technical Advisory Committee on a regional spend‑down plan that lists committed allocations by quarter and jurisdiction. Most localities have reported spend‑down numbers, and staff will share the revised spreadsheet with finance committee and Authority members.
Members asked whether local updates reflected recent changes to project timing; staff said the spend‑down plan reflects the latest locality inputs except for one outstanding locality. Staff intends to send a version sorted by ranking (benefit or cost‑benefit) upon request.
TAC members pressed staff about bond validation. Chet said much of the court documentation and indenture work has been prepared, but the bond validation and the decision to proceed with a bond issuance depend on the CBTA clarifying which projects it would include in an initial bond package: "We need to... clarify which projects they wanna be considered as part of that initial bond outlay," staff said. Members noted typical development timelines (four to six years) and discussed the tradeoffs of bonding, swapping out funding from out‑year projects, and whether to adjust framework caps to enable spending to get projects bond‑ready.
The committee identified next steps: continue refining the spend‑down plan, determine a slate of potential bond projects, and develop schedules showing how quickly candidate projects could be made ready for construction if bond proceeds were available.
