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REQUEST <br />COUNCIL <br />FOR <br />ACTION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 2, 2002 <br />TITLE: <br />RESOLUTION - AMENDMENTS TO <br />THE SAN JOAQUIN HILLS AND <br />FOOTHILL /EASTERN <br />TRANSPORTATION CORRIDOR <br />AGENCIES' JOINT POWERS <br />AGREEMENT` <br />CITY MANAGER <br />RECOMMENDED ACTION <br />Edunaon ls� <br />CLERK OF COUNCIL USE ONLY: <br />/_T7: <br />�s Recommended DEC 0 2 `N O? <br />❑ As Amended <br />❑ Ordinance on I" Reading <br />Ordinance on 2nd Reading <br />Implementing Resolution ur <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />,cepp"" <br />.$0 ®ZOO67,—I01 <br />#q - acex -;Zyl <br />i4 -2oo2 , ;?- K! A <br />Adopt a resolution authorizing the City of Santa Ana to execute the second <br />amended and restated joint exercise of power agreement creating the San t <br />Joaquin Hills Transportation Corridor Agency and he second amended and <br />restated joint exercise of powers agreement creating the Foothill /Eastern <br />Transportation Corridor Agency. C A -200Z-'7 W AJ <br />In 1986, the San Joaquin Hills Transportation Corridor Authority (SJHTCA) <br />and the Foothill /Eastern Transportation Corridor Authority (F /ETCA) were <br />created to plan, design, finance, and construct two new major highways - <br />one coastal- and one - inland - in Orange County. In 1987, the State <br />Legislature approved legislation granting both agencies the authority. to <br />collect tolls and issue toll revenue bonds. <br />In 1993, the SJHTCA issued $1.2 billion in toll revenue bonds to fund <br />construction of the San Joaquin Hills (73) Toll Road. The Toll Road <br />opened in 1996. In the first year of operation, initial toll revenue <br />achieved only 50 percent of projected revenue. In response, the SJHTCA <br />took advantage of a favorable investment rate climate and refinanced <br />nearly all of its original bonded debt in 1997. Federal law only permits <br />one advanced refunding. <br />Since 1997, SJHTCA toll revenue and transactions have grown by more than <br />10 percent per year. However, this growth rate has not been sufficient to <br />keep pace with projections and an escalating debt service structure. <br />The SJHTCA Toll Road is currently operating at 77 percent of the revenue <br />projections that were forecast during the 1997 refinancing. In contrast, <br />Paae 125 55MBE <br />