AGENDA

FINANCE & BUDGET COMMITTEE

Thursday, November 21, 2002 - 9:30 A.M.

Call to order:

Directors:

Paul Hudson, Chair

Frank Roberts, Vice Chair

John Fasana

Don Knabe

Allison Yoh

Doug Failing, Ex Officio




23 RECEIVE report of the Chief Financial Officer.

24 RECEIVE quarterly update on Capital Plan.

25 AWARD five-year fixed rate contracts to:

A   Banc of America Capital Management, LLC  PS0252101279A

B. LM Capital Group, LLC  PS0252101279B

C   Pacific Investment Management Co., LLC  PS0252101279C

for investment management services effective January 1, 2003 for an amount not to exceed $4,000,000.

26 AUTHORIZE execution of strategies for locking in refunding savings by adopting resolutions to:

A. price and deliver $560 million of the Prop A 2003-A refunding bonds, including approval of documents on file with the Board Secretary, using a forward delivery agreement in a negotiated bond sale with an underwriting syndicate consisting of UBS PaineWebber as book-running co-senior manager and Salomon Smith Barney as co-senior manager, with co-managers Chapman & Co., E. J. De la Rosa & Co., M. R. Beal & Co., Ramirez & Co., and Siebert Brandford Shank & Co., LLC, to achieve a goal of 20% minority participation;

B.   enter into a hedging agreement utilizing a rate lock product to mitigate interest rate risk; and

C.   enter into a hedging agreement utilizing an interest rate swap to mitigate interest rate risk.

Adoption of these resolutions does not commit the Metro to executing any of the transactions.

(Requires separate, simple majority Board vote)


27 HUDSON MOTION – that the Finance & Budget Committee reaffirm the committee summary/description as accurately reflecting the scope of responsibility of the Finance & Budget Committee.

Consideration of items not on the posted agenda, including: items to be presented and (if requested) referred to staff; items to be placed on the agenda for action at a future meeting of the Committee or Board; and/or items requiring immediate action because of an emergency situation or where the need to take immediate action came to the attention of the Committee subsequent to the posting of the agenda.

COMMENTS FROM THE PUBLIC ON ITEMS OF PUBLIC INTEREST WITHIN COMMITTEE’S SUBJECT MATTER JURISDICTION


ADJOURNMENT

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