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ATP board approves bond authorization and three procurement contract recommendations on consent
Summary
The board authorized the authority to issue up to $150 million in contract revenue bonds, renewed administrative authority related to bond issuance, and approved three procurement awards: PFM financial advisory ($1.825M), real estate advisory (up to $750K), and an outside legal services pool (up to $28.5M). All items passed unanimously on consent.
The Austin Transit Partnership board on Jan. 21 approved several financial and procurement items including an authorization to issue contract revenue bonds and a set of consultant and legal contracts designed to support the next phases of the project.
Staff said the board’s authorization permits ATP to issue contract revenue bonds up to $150,000,000 and delegates issuance authority to the board chair, executive director and CFO should ATP decide to issue bonds this year. KCPRAC (staff substitute speaking in the CFO’s absence) described the authorization as an annual administrative renewal tied to the master trust agreement.
On procurement, Brad Cummings presented three consent items: a recommended award to PFM for financial advisory services not to exceed $1,825,000 (five‑year base term with two one‑year options); an addition to a real estate advisory/transaction services contract not to exceed $750,000 to support short‑term spatial needs for contractor onboarding; and an outside legal services pool recommended at not to exceed $28,500,000 to maintain necessary legal services for the project. The board approved items 6–8 unanimously on consent.
Board members recorded no objections on the consent agenda and thanked procurement staff for briefing the board. The board then entered executive session on real property and FTA grant consultation matters.
