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RCTC Seeks to Authorize 2008 Bonds

The 2009 Measure A expenditure plan is due to begin on July 1, 2009, with the receipt of the first sales tax revenues anticipated in September 2009.  In order to keep 2009 Measure A projects moving forward, such as those listed in the 10-Year Western County Highway Delivery Plan,  the Commission is seeking to combine financing programs currently in place and issue 2008 Bonds.

The proposed 2008 Bonds would include the refinancing of commercial paper, fund capitalized interest, establish a reserve fund, and pay the cost of bond issuance.  The proposed Bonds are long-term bonds and would be due in June 2029.

Earlier this month, the Commission approved staff to continue their efforts to develop a plan to refinance the outstanding commercial paper. In May, the Commission will be asked to approve the Preliminary Official Statement and authorize its distribution for sale as part of this process.

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