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4. Powers <br />A. Approval of Transportation System <br />rovement Projects <br />The governing board may authorize transfer of Authority <br />money to either party hereto to pay for the cost, or part thereof, <br />of any transportation system improvement- project approved by the <br />governing body. Any project which , in the opinion of the govern- <br />ing body, either improves the circulation of vehicular traffic into, <br />through, out of the TSIP Area, or which mitigates the adverse effects <br />of vehicular traffic or parking caused by developments located <br />within the TSIP Area, shall be deemed eligible for approval by <br />the governing board (hereinafter referred to as "Eligible Projects "). <br />The Authority, however, shall not have authority to contract directly <br />for construction of Eligible Projects. <br />B. Preparation of Transportation <br />System Improvement Program <br />The governing board shall develop, maintain, and from <br />time -to -time, revise a program for Eligible Projects setting forth <br />their relative priorities, target dates for commencement and <br />completion of construction, estimated costs, and proposed sources <br />of funding. <br />The parties hereto agree that that certain consultant's <br />report entitled "Santa Ana /Orange Transportation Improvement Study, <br />Phase Two, Transportation System Improvement Program" prepared by <br />JEF Engineering, shall serve as the preliminary working basis for <br />