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TRANSPORTATION COUNCIL COMMITTEE <br />MINUTES <br />AUGUST 07, 2007 <br />CALL TO ORDER <br />The meeting was called to order at 7:08 a.m. by Mayor Pro Tem Claudia Alvarez at <br />City Hall, Room 831. <br />ATTENDANCE <br />Members Present: Mayor Miguel Pulido (7:41 a.m.) <br />Mayor Pro Tem Claudia Alvarez <br />Councilmember David Benavides <br />Members Absent: <br />Staff Present: <br />Guests Present: <br />AGENDA ITEMS <br />None <br />Cathy Standiford <br />Jim Ross <br />Jill Arthur <br />Jay Trevino <br />Francisco Gutierrez <br />Dave Biondolillo <br />Lucy Linnaus <br />Pamela Arends-King <br />Sylvia Robles <br />Toni Bates, PB Corp. <br />APPROVAL OF MINUTES: July 10, 2007 <br />Councilmember Benavides made a motion to approve the minutes, 2"d motion <br />by Mayor Pro Tem Alvarez. <br />2. LOCAL STREET REPAIR STRATEGY UPDATE <br />Francisco Gutierrez gave a brief overview of the 2007 Gas Tax Secured Local <br />Street Improvement Project. He went over the project goals and the proposed <br />financing plan of the bonds. The City seeks $66 million in Certificates of <br />Participation, of which $60 million will be used to fund the project cost. The <br />certificates will solely be secured by Gas Tax Revenues, fixed rate, and <br />amortized over a 30-year period. There wilt be a 90-day validation process <br />and the General Fund will not be pledged or impacted by the proposed <br />financing. A resolution will be taken to City Council on August 20, 2007 for <br />TRANSPORTATION COUNCIL COMMITTEE MINUTES <br />AUGUST 7, 2007 <br />