2004-075
RESOLUTION NO. 2004- 75
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM SUPPORTING THE PROPOSED ACQUISmON OF
THE ASSETS OF THE SAN JOAQUIN HILLS
TRANSPORTATION CORRIDOR AGENCY AND THE
FOOTHILL/EASTERN TRANSPORT A nON CORRIDOR
AGENCY BY THE TRANSPORT A nON CORRIDOR SYSTEM
WHEREAS, the San Joaquin Hills Transportation Corridor Agency (the "SJHTCA") and the
Foothill/Eastern Transportation Corridor Agency (the "F/ETCA") are joint powers agencies formed
in 1986 by public entities in Orange County pursuant to the provisions Article 1, Chapter 5, Division
7, Title 1 of the Government Code of the State of California to plan, finance, construct, and operate
Orange County's 67-mile public toll-road system; and
WHEREAS, as separate legal entities, elected officials appointed from the respective member
public entities serve on the Board of Directors of each agency as the policy-making bodies, setting
direction on toll rate and fee structures, budgetary decisions, and major operational, administrative,
and construction issues for each agency; and
WHEREAS, the City of Anaheim is a party to the joint powers agreement for the F/ETCA
and a member public entity with a representative on the Board of Directors of said agency; and
WHEREAS, in early 2002, the SJHTCA and the F/ETCA (collectively the "agencies") began
analyzing the feasibility of creating a single agency to manage and operate the toll road system; and
WHEREAS, in April 2003, the agencies created the Transportation Corridor System (the
"TCS"), ajoint powers agency composed ofthe members of the two agencies to study the potential
acquisition of the assets of the agencies; and
WHEREAS, the City of Anaheim is a member ofthe TCS with a representative on the Board
of Directors thereof; and
WHEREAS, following nearly two years of comprehensive analysis, a proposed plan has been
prepared and presented to the agencies by its staff and consultants (the "recommended finance plan")
which provides the means to establish long-term financial stability for the toll road system; and
WHEREAS, key elements of the recommended finance plan include the proposed issuance
of approximately $3.9 billion in non-recourse toll-revenue bonds, including an estimated $3.4 billion
in Senior Lien Fixed-Rate Bonds and $475 million in Junior Lien Fixed Rate Bonds which would
be paid for out of future toll revenues and Development Impact Fees; and
..~
WHEREAS, in February 2004, the boards of directors of the SJHTCA and the FÆTCA
approved the sale of the assets of each of said agencies to the TCS pursuant to the recommended
finance plan; and
WHEREAS, on May 13, 2004, the Board of Directors of the TCS is scheduled to make a
decision concerning the proposed acquisition of the assets of the agencies.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1.
That the City of Anaheim does hereby support the acquisition of the assets of the San Joaquin
Transportation Corridor Agency and the Foothill/Eastern Corridor Agency by the Transportation
Corridor System pursuant to the recommended finance plan.
SECTION 2.
That the City Council hereby recommends that the City of Anaheim's appointed
representative serving as a member ofthe Board of Directors of the Transportation Corridor System
(or, in the absence of the appointed representative, the City's duly appointed alternate representative)
express the City of Anaheim's support and vote in favor of the proposed acquisition of the assets of
the San Joaquin Transportation Corridor Agency and the Foothill/Eastern Transportation Corridor
Agency by the Transportation Corridor System in accordance with the recommended finance plan
at any meeting of the TCS at which such proposed acquisition is considered.
SECTION 3.
That the City Council hereby recommends that the City of Anaheim's appointed
representative serving as a member of the Board of Directors of the Foothill/Eastern Transportation
Corridor System (or, in the absence of the appointed representative, the City's duly appointed
alternate representative) express the City of Anaheim's support and vote in favor of the proposed
acquisition of the assets of the Foothill/Eastern Transportation Corridor Agency by the
Transportation Corridor System in accordance with the recommended finance plan at any meeting
of the F/ETCA at which such proposed acquisition may be further considered.
SECTION 4.
That the recommendations to the City of Anaheim's duly appointed representative(s) and
alternate representatives shall remain in effect unless and until modified or rescinded by the City
Council.
2
r
THE FOREGOING RESOLUTION is approved and adopted by the City Council of
the City of Anaheim this] 1 th day of May, 2004, by the following roll call vote:
A YES:Council Members HcCracken,Tait, Chavez
NOES: Council Member Hernandez
ABSENT: None
ABSTAIN: Mayor Pringle
CITY OF AN
By.
MA YOR OF
PRO TEM
ATTEST: /
CITY ~~ ~~',\~~
53709.4
3
,..~