fc011315 resolution no. 15-31...m:\board\resolutions\2015res\r15-31 annual policies.docx page 3 of 4...
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FC011315 RESOLUTION NO. 15-31
M:\Board\Resolutions\2015RES\R15-31 Annual Policies.docx Page 1 of 4
RESOLUTION APPROVING THE REVISED RULES OF ORDER; THE REVISED DEBT,
FISCAL, INVESTMENT AND PROCUREMENT POLICIES; AND THE REVISED TRAVEL,
CONFERENCE, TRAINING AND BUSINESS EXPENSE REIMBURSEMENT POLICY
WHEREAS, The Transportation Authority develops and implements policies and
procedures to organize and formalize agency activities, and to ensure compliance with current
statutes and Transportation Authority objectives; and
WHEREAS, It is Transportation Authority direction to review its Debt Policy annually, to
maintain prudent debt management principles and to maximize the Transportation Authority’s debt
capacity, and its Investment Policy annually, to ensure policy language remains consistent with its
governing code, while continuing to meet the primary investment objectives of safety of principal,
liquidity, and a return on investment consistent with both the risk and cash flow characteristics of
the Transportation Authority’s portfolio; and
WHEREAS, While the Transportation Authority is not required to review its Fiscal and
Procurement Policies, it is good management practice to do so on a regular basis, and
WHEREAS, The Rules of Order establish procedures to ensure that Board and Committee
meetings are conducted in a clear and efficient manner, and in compliance with current statutes and
Transportation Authority policies and objectives; and
WHEREAS, The Debt Policy’s purpose is to organize and formalize debt issuance-related
policies and procedures; and
WHEREAS, The Fiscal Policy guides decisions pertaining to internal fiscal management,
including day-to-day operations, annual budget development and sales tax revenue allocation
requirements; and
WHEREAS, The Investment Policy reflects the requirements in state and federal law
FC011315 RESOLUTION NO. 15-31
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regarding the administration of investments by public agencies, and establishes rules for the
investment of all funds directly administered by the Transportation Authority; and
WHEREAS, The Procurement Policy guides the decisions pertaining to procurement,
including the modes, methods and procedures for acquiring the materials, equipment and services
necessary to carry out the operations of the Transportation Authority; and
WHEREAS, The Travel, Conference, Training and Business Expense Reimbursement
Policy establishes a set of policies relating to travel, conference, training and business expenses, and
establishes procedures for reimbursement of commissioners and employees; and
WHEREAS, With assistance and guidance from the Transportation Authority’s bond
counsel, financial advisors and legal counsel, Transportation Authority staff are updating policies to
conform to applicable law and consistent with state and local government codes; and
WHEREAS, At its January 13, 2015 meeting, the Finance Committee considered the subject
request and unanimously recommended approval of the staff recommendation; now, therefore, be it
RESOLVED, That the Transportation Authority hereby adopts the Rules of Order as
presented in Attachment 1; and be it further
RESOLVED, That the Transportation Authority hereby adopts the Debt Policy as
presented in Attachment 2; and be it further
RESOLVED, That the Transportation Authority hereby adopts the Fiscal Policy as
presented in Attachment 3; and be it further
RESOLVED, That the Transportation Authority hereby adopts the Investment Policy as
presented in Attachment 4; and be it further
RESOLVED, That the Transportation Authority hereby adopts the Procurement Policy as
presented in Attachment 5; and be it further
RESOLVED, That the Transportation Authority hereby adopts the Travel, Conference,
FC011315 RESOLUTION NO. 15-31
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Training and Business Expense Reimbursement Policy as presented in Attachment 6; and be it
further
RESOLVED, That the Executive Director is hereby authorized to communicate the policies
to all relevant parties.
Attachments (6): 1. Proposed Rules of Order2. Proposed Debt Policy3. Proposed Fiscal Policy4. Proposed Investment Policy5. Proposed Procurement Policy6. Proposed Travel, Conference, Training and Business Expense Reimbursement Policy
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Rule 1.2
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Rule 1.7
Rule 1.8
Rule 1.9
Rule 1.10
Rule 1.11
Rule 1.12
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Rule 2.1
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Rule 2.4
Rule 2.5
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Rule 2.15
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RDER 15-XX
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Call to Ordregular, adafter the Authority of those mcall and thabsence o(15) minushall elect the author
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TATION AUTHO
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RDER 15-XX
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RULES OF OR
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RDER 15-XX
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matter peshall havimmediat
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nounced.
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TATION AUTHO
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ept that the at to close avote.
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ORITY
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fter the Boardse who voted noes shall b
The Clerk lerk shall m
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he printing o
mover of the estion under
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llowing form
en stated, it ay be withdr.
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k shall assigmaintain a leg
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RULES OF OR
RESOLUTION 1
Pa
motion or am shall there
motion callin
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the possessiomover only
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rnment Coderegulations).
is called or b
a disapproval
atter, the namhall be entertes.
measures apord and ind
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shall be not
hall be summ
RDER 15-XX
ge 8 of 14
mendment eupon be
ng for the
uestion be
on of the with the
order for e on that
nsider the ll call has
n order at has been
forth shall a conflict e, Section
before the
l (Section
me of the red in the
ppropriate dex of all
e deemed
ed on the
marized by
SAN FRAN
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Rule 3.23
Rule 3.24
Rule 3.25
Rule 3.26
NCISCO COUNT
5\Memos\01 Jan\Poli
*Posting othe calenmeasure to reach Board mconsidere
In the caoutside R
Minutes. M
*Meetingsmay ordeto be disCode).
*Public Cocalendar meeting Board onmeeting Membersnumber ominutes (
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of the Calendandar agenda to be considnotificants neeting and twed (Sections 5
se of a reschRoom 244 in
Minutes will b
to Be Public. er a meeting scussed in cl
omment. Any agenda befoshall providen items of ithat are wits of the pubof minutes as(Section 5495
TATION AUTHO
s of Order 2015.docx
rAgenda. The to all personered, and sucnot later thatwenty-four (59454.2, 549
heduled meetiCity Hall.
be kept of ea
Every Boardto be held inosed session
member of re it is actede an opportinterest to thhin the subj
blic may adds set by the C54.3 of the G
ORITY
Clerk shall ns known orch notice sha
an seventy-tw(24) hours b
956 of the Go
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ach Regular a
d meeting shan the closed sn by State law
the public i on by the B
tunity for mhe public wject matter j
dress the BoChair. The ChGovernment
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all be open tsession for cw (Section 5
is entitled toBoard. In addembers of t
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oard for up thair may limiCode).
endar agendto be intere
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Code).
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to the public consideration54957 et seq
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RULES OF OR
RESOLUTION 1
Pa
a and send aested in the e reasonably
ny regularly sng is schedu
meeting shall b
he Clerk.
except that n of matters pq. of the Gov
on any matteast item at eao directly adscussed earli
nsportation Aminutes or
estimony to t
RDER 15-XX
ge 9 of 14
a copy of particular
y designed scheduled
uled to be
be posted
the Chair permitted vernment
er on the ach Board ddress the ier in the Authority.
for such thirty (30)
SAN FRAN
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Rule 4.1
Rule 4.2
Rule 4.3
Rule 4.4
Rule 4.5
NCISCO COUNT
5\Memos\01 Jan\Poli
Call to Ordshall call Immediatand shall membersthose abpresiding
Order of B
1. Roll c
2. Appr
3. Cons
4. Old B
5. Intro
6. Publi
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CHAPTE
der and Roll Ceach regular,tely after therecord thos
s present as wsent. In the
g officer shall
usiness. The
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duction of N
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pect to the Cfor purposes
vent that thus, or not stsdiction over
ee Chair. The r (Section 3 (b
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TATION AUTHO
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R 4. COMMIT
Call. The com, adjourned, e call to ordee members pwell as thosee absence ofl proceed wit
normal Orde
utes
New Items
eneral Rules. Tbe referred tstablished as
Board who isaid committef the Board mntitled to voative Code an
Chair, the pars of determin
he scope of tated, the Chr a particular
committee b) of the Adm
x-Officio Membon each coma voting meIn the case
oting membeall constitutetee shall reqmittee (Sectio
ORITY
TTEE RULES
mmittee chairrecesses or ser, the Clerk present and e members wf the commth the Order
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rticipation of ning whether
committee ahair shall detmatter.
chair will beministrative
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of a tie voteer, may cast te a quorum fquire the affon 5.2 if the
S AND PROC
r shall presidspecial meetink shall call thshall enter in
who arrive sumittee chair,
of Business.
ss for commi
g committeeset forth in Section 5.2 o
mber of an aberations probeing presen
hat the Chairbelow, on su
f a non-mema quorum o
assignments termine and
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on to the regnon-voting, e
his or her pe in any comthe deciding for the transfirmative votAdministrati
CEDURES
de at all comng to order a
he roll of then the minuteubsequent tothe vice-cha.
ittees shall b
s of the Tranthe Admini
of the Admin
assigned comovided such pnt, however, r may vote auch matters i
mber of the cof the commit
may be condesignate w
by the Chai
gular membeex-officio mepresence is n
mmittee, the vote. A maj
saction of bute of a majive Code).
RULES OF OR
RESOLUTION 1
Pag
mmittee meetat the appoine committee es the nameso the first rolair shall pres
e as follows:
nsportation Aistrative Codnistrative Co
mmittee may participationonly membe
as provided inin committeeommittee shttee is presen
nflicting, ovewhich commi
ir at the beg
ers of each coember, excepnecessary in Chair who i
jority of the usiness and aority of the
RDER 15-XX
e 10 of 14
tings, and nted hour. members
s of those ll call and side. The
Authority de. Select
ode.
join with n does not ers of said n Section e. Except all not be nt.
erlapping, ittee shall
ginning of
ommittee, pt that the
order to is present members
all official e quorum
SAN FRAN
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Rule 4.6
Rule 4.7
Rule 4.8
Rule 4.9
Rule 4.10
Rule 4.11
Rule 4.12
Rule 4.13
Rule 4.14
Rule 4.15
Rule 4.16
NCISCO COUNT
5\Memos\01 Jan\Poli
Time of Mthe beginpriority. Wshall be r
Meeting Ffor meetiCommitt
CalendarAgand finali
Calling of individuaseparate.
Reading thwhen thepublic the
Introductioconsidere
*MeasurescalendaramembersSection 5the membthere is acalendar
Action by Mcommittedirective line of ocommemAuthority
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eeting. Everynning of his Whenever a escheduled a
Frequency. Thing at least oee which sha
genda. Prior tize with the c
Items. The ally (or group
he Titles. Thee abbreviatede nature of th
on of Measureed by the com
s Not on the agenda, the ship of the c54956.5; or (ibers are presa need to takagenda was p
Motion. All reee, actions oto the staff
official duty, morative natuy’s legal coun
be Stated. Tee shall requiotions.
f the Questiondivided if it
e or more suvided, each poffered alon
Consideration. d, any memb
TATION AUTHO
s of Order 2015.docx
y committee or her appomeeting fall
at the discreti
he regular schonce a monall meet only
to preparatiocommittee ch
committee ped) when th
Clerk may rd wording whe measure.
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committee thii) by the twosent, by a unke immediatposted (Secti
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ure, and sucnsel, may be a
The Clerk shire a second.
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ORITY
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te action andion 54954.2 o
rdinances, pawhich concernnsportation Aof the annuah other actiaccomplished
hall state all The commi
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t the time seta majority o
day or a quoommittee cha
he standing cof the commf the Chair.
daragenda, thers to be con
decide whes called, unle
iated titles ofexpress to th
tor shall pre
considering a motion
gency exists, e of its memte of those md that the neof the Gover
arliamentary n only the in
Authority to al report, inqions as may d by motion
motions priittee chair sh
y member, tso distinct inhall remain f
e considered
r debate inclr considered
t by the Chaof the commorum does noair.
committee mmittees, exce
he Executivesidered at th
ether items ss a member
f measure onhe members
epare a préci
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mbers, or if lemembers preseed to take arnment Code
actions, all rnternal functperform som
quiries, actioy be approve.
ior to debathall acknowle
the committen substance for the decisiand voted u
ludes points d by sections
RULES OF OR
RESOLUTION 1
Pag
air, committeittee, in thatot result, the
meetings shalept for the P
e Director she meeting.
may be actr requests tha
n the calendaand to the
is of each ite
business nority vote ofin Governmess than two-sent, determiaction arose e).
recommendattioning of thme specific aons of ceremed by Trans
te. No motioedge member
ee chair shalthat one beiion of the co
upon separate
which are us or paragrap
RDER 15-XX
e 11 of 14
ee chair at t order of e meeting
ll provide Personnel
all review
ted upon at they be
ar agenda listening
em to be
ot on the f the full ent Code -thirds of ining that after the
tions of a he Board, act in the monial or sportation
on in the rs as they
ll order a ing taken ommittee. ely as if it
ultimately phs. Each
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Rule 4.17
Rule 4.18
Rule 4.19
Rule 4.20
Rule 4.21
Rule 4.22
Rule 4.23
Rule 4.24
Rule 4.25
NCISCO COUNT
5\Memos\01 Jan\Poli
section owhole sha
Withdrawacommitteconsent o
Reconsideany memquestion.
To be recvote on abeen ann
Rescind. Wat the sambeen don
*Voting Revote for of interesCode Sec
No memvote is an
A tie votthat the C
Vote to beof the methe Minu
Identificatidentificameasure.
Minutes. M
*Posting ocalendar to be connotificantmeeting o54956 of
*Public Cocalendar Authoritycommittepublic to
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or paragraph all then be vo
al of Motion. Aee. Before it iof a majority
ration. Whenmber voting
corded as haany question
nounced.
When a vote me meeting
ne as a result
equirements anor against it st which shaction 87100 e
mber shall be nnounced.
te on any maChair may br
Entered in thembers who
utes, and the v
ion, Filing aation. Therea
Minutes will b
of CalendarAgeagenda to all
nsidered, andts not later or twenty-fo
f the Governm
omment. Any agenda whi
y before it ee meeting p directly add
TATION AUTHO
s of Order 2015.docx
may be amoted upon.
After the mois acted uponof the memb
n a motion hwith the p
aving voted wn, any memb
has been takfor any memof the vote w
nd Procedure. unless prohi
all be discloseet seq. and all
permitted to
atter before treak a tie vote
he Minutes. Afvoted for anvotes by ayes
nd Indexing. after, the Cl
be kept of ea
enda. The Clel persons knod such noticethan seventyur (24) hourment Code).
member of ich is withinis acted on
prior to adjoudress the com
ORITY
mended while
otion has ben, a motion mbers present.
has been madrevailing sid
with the prever may chan
ken by a commber to movwhich is impo
Every memibited from ved (Governml other releva
o vote upon
the committee as provided
fter the comnd those whos and noes sh
The Clerk lerk shall m
ach Regular a
erk shall posown or presue shall be inity-two (72) hrs before a sp
the public in the subjec by the comurnment shalmmittee on it
e being cons
een stated it may be withd.
de and carriede to move
vailing side, innge a vote be
mmittee and ve to rescindossible to un
mber present voting by apment Code Sant laws and
a question u
ee shall be dd in Rule 4.5
mmittee has vo voted againhall be record
k shall assigmaintain a leg
and Special m
t the calendaumed to be intiated so as tohours before pecial meetin
is entitled toct matter jummittee. In ll provide antems of inter
sidered, and
shall be in tdrawn by the
ed or lost, itto reconsid
n order to mefore the resu
carried or lod that vote u
ndo.
when a motpplicable law Section 1090 regulations).
until the roll i
deemed to be.
voted upon anst the questided in the M
gn to all mgislative reco
meeting by th
ar agenda annterested in to be reasonaa regularly
ng is schedul
o comment ourisdiction o
addition, thn opportunityrest to the p
RULES OF OR
RESOLUTION 1
Pag
the proposi
the possessioe mover only
t shall be in der the vote
move to reconult of the rol
ost, it shall beunless some
tion is put fobecause of
et seq., Gov.
is called or b
e a disapprov
any matter, thion shall be e
Minutes.
measures apord and ind
he Clerk.
nd send a cothe particularably designedscheduled coled (Sections
on any mattef the Transhe last itemy for membe
public which
RDER 15-XX
e 12 of 14
ition as a
on of the y with the
order for e on that
nsider the ll call has
e in order thing has
forth shall a conflict vernment
before the
val except
he names entered in
ppropriate dex of all
py of the r measure d to reach ommittee s 54954.2,
er on the sportation
m at each ers of the have not
SAN FRAN
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NCISCO COUNT
5\Memos\01 Jan\Poli
been discTransporthree (3) may limit
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cussed earlierrtation Authominutes or
t the total tes
TATION AUTHO
s of Order 2015.docx
r in the meeority. Membfor such num
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ORITY
eting that arebers of the pmber of minhirty (30) min
e within the public may anutes as set bnutes (Section
subject mattaddress the by the chair. n 54954.3 of
RULES OF OR
RESOLUTION 1
Pag
ter jurisdictiocommittee fThe commi
f Governmen
RDER 15-XX
e 13 of 14
on of the for up to ittee chair nt Code).
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Rule 5.1
Rule 5.2
Rule 5.3
NCISCO COUNT
5\Memos\01 Jan\Poli
Conduct ofimpute tunbecom
Smoking P
Honors isscategorie
1. EngroTranswith tthe St
2. Certif(5) Ccaccor
a) Nw
b) Ep
c) Dmp
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4. The Eeach by th
5. The resoluBoard
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f Members. No another m
ming to a mem
Prohibited. Sm
sued by the Bs for transpo
ossed Resolusportation Athe Transportate Legislatu
ficate of Honcertificates ordance with t
No certificatewithin the pre
Each memberproposed reci
During the tmembers maprimary spon
rs of Recomecommendati
Executive Dof these hone staffs of in
Board shall utions, certifd meeting.
TATION AUTHO
s of Order 2015.docx
CHAPTER
No member inmember or tmber.
moking during
Board of Commortation- relat
utions. Such Authority staf
rtation Authure upon leav
nor. Each mof Honor a yethe following
es shall be isevious twelve
r desiring to ipient to the
two (2) busiy indicate thsor shall then
mmendation. ion in the na
irector shall,nors, and sha
ndividual mem
be advisedficates of ho
ORITY
R 5. MISCELL
n debate shato other me
g Board or co
missioners. Thted activities:
resolutions ff leaving theority; and Mving office.
member of thear on behalfg procedure.
sued to a pee (12) month
issue a CertiClerk who w
iness days fheir desire tn permit the
Each membame of the Bo
, after consuall facilitate tmbers.
d at its regunor or letter
LANEOUS
all, directly orembers any
ommittee me
he Board ma:
shall be prepe service afte
Mayors, memb
he Board is af of the Boar
erson or entiths.
ificate of Howill advise oth
following thto join in onadditional m
ber of the Booard without
ultation with the preparati
ularly schedurs of recomm
r indirectly, bconduct or
eetings is pro
ay issues hon
pared for meer at least tenbers of Cong
authorized tord without fu
ty which has
onor shall proher members
he provision n sponsoring
members to si
oard is authot limit as to n
the Chair, pion of such c
uled meetinmendation a
RULES OF OR
RESOLUTION 1
Pag
by any form motive unw
ohibited.
nors in the
embers leavinn (10) years ogress, and me
o be issued uurther Board
s received a c
ovide the nams of the requ
of the namg the certificign the certif
orized to issunumber.
prescribe the certificates an
ng on any eawarded sinc
RDER 15-XX
e 14 of 14
of words worthy or
following
ng office; of service embers of
up to five d action in
certificate
me of the est.
me, other cate. The ficate.
ue Letters
form for nd letters
engrossed e the last
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I
I
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. INTRODUCT
The purpthe San Fsystematiapplicable
I. DEBT POLI
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V. ETHICS AN
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NCISCO COUNT
5\Memos\01 Jan\Poli
TION
pose of this PFrancisco Coic debt police provisions
CY OBJECTIVE
mary objectiveMaintain cost-Moderate debmanagement iAchieve the h
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D DELEGATION
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N OF AUTHORIT
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OF INTEREST
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TATION AUTHO
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more frequenuthority Boas Debt Policyand day-to-dation Authorn of the Tranor any capitanancing. Eacal Budget.
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DEBT PO
RESOLUTION 1
Pa
es and procety) and to e
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d activities arexible policieing and proje
ors; and on Authority
n Authority’sn Authority’smarkets, incl
ntly as requiard (Board) ay shall be proday responsibrity’s debt annsportation Aal projects. Tch financing
nsportation Aoreseen circurequire modappropriate,
the debt mant would conimpair their
LICY 15-XX
ge 1 of 18
edures for stablish a imited by
re to es; ect cash
to meet
s adopted s adopted uding the
ired. Any at a legally ovided by bility and
nd finance Authority
This Debt shall be
Authority umstances difications
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nagement nflict with
ability to
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V. STRATEGICThe TraPropositiand the FPlan sets Policy prguidance not be rePlan.
VI. STANDARD
The Trancases whfinancing
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NCISCO COUNT
5\Memos\01 Jan\Poli
C PLAN INTEGRansportation ion K Sales TFiscal Policy priorities and
rovides policon decision
ecommended
DS FOR USE OF
nsportation Ahere public g.
redit Quality.
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ong-Term Capi
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d for Board a
F DEBT FINANC
Authority’s dpolicy, equi
y is an impoobjectives ann Authority conducive t
n Authority’ratings assig
gencies.
ital Projects.
rtation Authots. When theayment periof the projectPlan or (3) foTransportatioment and thag shall not bunder federa
Mechanism.
rtation Authed to, tax-exemmercial pad borrowing
ernative that cture to the T
dministration a
rtation Authothe debt. At
TATION AUTHO
t Policy 2015.docx
multi-year ) Expendituroper allocatiofor allocatingand limitatioto internal fi
approval unle
CING
debt manageity and econ
ortant consind the assoc
debt manageto receiving ’s debt managned to the T
ority will issue Transportaod should not being finanorty (40) yearon Authorityat it is approbe used to fl tax principl
ority will evaempt and taxaper, sales taxg. The Tran
effectively Transportati
and Internal C
ority shall mat a minimum
ORITY
Strategic Pre Plan, shall on and finan
g Prop K funns for propo
fiscal manageess such issu
ement progranomic effici
ideration andciated the sizement activit
the highestagement objTransportatio
ue long-termation Authorot exceed thnced, (2) thrs from the dy recognizesopriate that tfund operatiles.
aluate the usxable debt, lox revenue an
nsportation Abalances theon Authority
ontrols.
aintain all debm, this repos
Plan (Strategbe used in c
ncing of Propnds under its osed financinement. Debt uance has be
am will promiency favor
d will be bze and freqties for new t credit ratinectives, and on Authority
m debt only tority finances he earliest ofhe end of thdate of issuans that futurethey pay a shing costs un
se of availabong-term debnd grant antiAuthority wie cost of thy.
bt-related recsitory will in
gic Plan), wcombination p K eligible pguiding prinng and the Fissuance foren incorpora
mote debt isdebt over
alanced withquency of is
debt issuancngs possibleto maintain
y’s outstandi
o finance andcapital projef the followihe term of nce. Inherente taxpayers whare of the a
nless such co
ble financial abt (both fixedicipation notill utilize the
he financing
cords for a pnclude all of
DEBT PO
RESOLUTION 1
Pa
which progrwith this De
projects. Theciples, while Fiscal Policy r capital projated into the
ssuance onlycash (pay-a
h the Transsuances of ces will be ce consistent ning or improing debt by t
d refinance lects by issuin
wing: (1) 120%the current t in its long-twill benefit asset cost. Losts qualify
alternatives id and variabltes, private pe most advawith the ris
period for nofficial statem
LICY 15-XX
ge 2 of 18
rams the ebt Policy e Strategic
the Debt provides
jects shall e Strategic
y in those s-you-go)
sportation debt. All onducted with the
oving the the major
long-term ng bonds, % of the sales tax
term debt from the
Long-term as capital
including, le), short-placement antageous sk of the
o less than ments, bid
V
SAN FRAN
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M:\Finance\201
devwdtrATP
E. Re
TfucomrereTcoreTTC
VII. FINANCING
A. Pu
Wcr1.
2
NCISCO COUNT
5\Memos\01 Jan\Poli
ocuments, ovents notices
with bond prebt. To theranscript will
Authority willTransportatioPolicy, all deb
ebate Policy a
The Transporunds. These ompliance w
maximize the espective indequirements
Transportatioomplies withebate, yield li
The TranspoTransportatioConsultant.
G CRITERIA
urpose of Debt
When the Trriteria will be. NEW MO
New monprojects constructithe Debt PTheCapitaand the E
. REFUNDI
Refundingdebt. Refumodify inused, or refunding Policies oRefinancin
TY TRANSPORT
cies\Att 04 Draft Debt
ordinances, s, tax certificroceeds, und extent thatsuffice (tran
l develop a n Authority
bt covenants
nd System.
rtation Authrecords wi
with all debt cinterest earn
denture, conand as per
n Authority h any tax cerimits and arb
ortation Authn Authority
t.
ransportatione utilized to e
ONEY FINAN
ney issues arefor allocatioion or majorPolicy, debt pal project funxpenditure PING FINANC
g bonds are iunding issuan
nterest rate ricovenants oissue on a
on the adminng Outstandi
TATION AUTHO
t Policy 2015.docx
indentures, cates, informderwriter andt official tra
nscripts may bstandard prowill establis
and any appl
hority will acill be designcovenants, annings on all nsistent withrmitted by will developrtificates rela
bitrage, and mhority will shall have th
n Authority devaluate the tCING. e financings on of Tranr rehabilitatioproceeds gen
nding requirePlan. CING. issued to retnces can be isk, or to reof existing da present-valnistration ofing Debt.
ORITY
trustee repomation regardd other agreeanscripts incbe hard copyocedure for sh internal clicable requir
ccurately accned to ensund with applifunds within
h consideratithe Transp a system of ating to its omaking any reretain recorhe authority
determines ttype of debt t
that generatnsportation
on of capital nerally may nements are ou
tire all or a pused to achi
estructure thedebt. The Tlue basis to f refunding f
orts, continuding the inveements, etc. corporate thy or stored oarchiving tr
controls to erements of ap
count for allure that theicable laws. Tn the investmion of appl
portation Auf reporting inoutstanding equired filingrds as requi
to retain th
the use of dto be issued.
te funding foAuthority assets. In ac
not be used eutlined in the
portion of anieve present-e payment sTransportatio
identify ecfinancings a
uing disclosuestment of a
for all Tranese docume
on CD-ROMranscripts foensure comppplicable law
l interest ear TransportaThe Transpoment paramelicable yield uthority Invnterest earnindebt and Ings with State ired by its e services of
debt is appro.
or capital profunds inclu
ccordance wexclusively foe annual bud
n outstanding-value savingchedule, typ
on Authorityonomic effe
are detailed f
DEBT PO
RESOLUTION 1
Pa
ure reports, and project cnsportation Aents, possess
M). The Transr any new d
pliance with w.
rnings in debation Authorortation Autheters set forth
limits and estment Polngs that relatnternal Reven
and Federal tax certifica
f an Arbitrag
opriate, the
ojects. Eligibude the ac
with the philoor operating dget, the Strat
g bond issuegs on debt s
pe of debt iny must analects before further in Se
LICY 15-XX
ge 3 of 18
material costs paid Authority sion of a sportation debt. The the Debt
bt-related rity is in hority will h in each arbitrage
licy. The tes to and nue Code agencies.
ates. The ge Rebate
following
ble capital cquisition, osophy of expenses. tegic Plan
e or other ervice, to
nstrument lyze each approval. ection X:
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M:\Finance\201
B. Ty
Wcr1.
NCISCO COUNT
5\Memos\01 Jan\Poli
ypes of Debt.
When the Trariteria will be. LONG-TE
The Tranbonds) whderived frmaintenanearliest offinanced, from the dFixed Raa) Curren
They be adchangipricingfund t
b) Zero Cwhen types coupozero-cinvestinteres
c) Specialprogramunicassist requirTransporder
Variable a) Variab
amortweeklygiven party lgeneraon anretain
TY TRANSPORT
cies\Att 04 Draft Debt
ansportation e utilized to eERM DEBT. sportation Ahen funding rom long-termnce. Long-terf the follow(b) the sunsedate of issuan
ate nt Coupon Bonmay be used
djusted to acing dollar amg, modifyingthe debt servCoupon and Ca
principal maof bonds ty
on bonds, thcoupon bonment amounst on the bonl Government Oam authorizcipal securitylocal governements allowportation Auto determineRate ble Rate Demtization but y, monthly, ocurrent mar
liquidity in thally allow boy rate reset an investme
TATION AUTHO
t Policy 2015.docx
Authority deevaluate the t
Authority mayallocations c
m borrowingrm debt will
wing: (a) 120et date of thence.
nds are bondd for both neccommodatemounts for pg call provisvice reserve fuapital Appreciaatures. Intereypically bear erefore repre
nds, principant received nd accretes uObligations (boed for calen
y, structure onments in accw the Transuthority will e which is the
mand Notes (the interest or such otherket conditiohe forms of L
ondholders todate, given cnt bank to re
ORITY
etermines thatype of debt t
y issue long-cannot be fig will not be be structure% of the exe current sale
ds that pay inew money ane the markeprincipal matsions, utilizinund and costation Bonds paest continueinterest at
esenting a mal paid at mat issuance.
until maturityoth tax-exemptndar years 2or tax creditcessing the csportation Aevaluate it
e most appro
(VRDBs) arerate resets
er period as tons. VRDBs Letters or Lio “put” theircertain noticemarket thes
at the use of to be issued.
-term debt (einanced fromused to fina
ed such that xpected averes tax Expen
nterest periond refundinget conditionsturities, offerng bond insuts of issuanceay interest ths to accrue orates that ar
more expensivmaturity is
In the casy. t and taxable),2009 and 2t authorized
capital markeAuthority to along with topriate for a
e long- termat certain e
the Transporoften requi
ines of Credir bonds backe. The Trane bonds that
f debt is appr.
e.g. fixed or m current revance current the obligatiorage useful nditure Plan
odically and g transactions at the timring discounurance, and e. hat is compoon the unpare higher thve funding odiscounted
e of capital
, such as the 2010 or anyd by the Fedets. So long a
adhere to traditional fiparticular iss
m bonds wiestablished prtation Authire credit enit and/or bonk to the Tran
nsportation At are “put.”
DEBT PO
RESOLUTION 1
Pa
ropriate, the
variable ratevenues. The operations o
ons do not exlife of the or (c) forty (
principal at ns. Bond featme of sale, nt and premi
determining
ounded and aid interest, aan those onoption. In th
back to thl appreciatio
Build Amery other typederal Governas the new pits Debt Po
inancing strusuance.
ith a fixed periods such ority deems
nhancement and insurancensportation A
Authority wil
LICY 15-XX
ge 4 of 18
following
e revenue proceeds
or normal xceed the project(s) (40) years
maturity. tures may including
ium bond g how to
paid only and these
n current-he case of he initial n bonds,
rica Bond e of new nment to program’s olicy, the uctures in
principle as daily,
advisable and third
e. VRDBs Authority ll need to
SAN FRAN
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2
3
NCISCO COUNT
5\Memos\01 Jan\Poli
b) IndexedCreditindex
. SHORT-TShort-termdeficits orevenue sothe Transpbe utilizeTransportborrowingrepaymena) Comme
the timmaintaaccessmillioncommfurthethe iss
b) Grant AState oGANs
c) Sales Trevenuthe isborrow
d) Lettersshort-
e) TranspUnitedregionif it is
f) Grant AenableThe Tflow s
. VARIABLE
To maintpreferencedebt is flovariable racosts, proliabilities.
TY TRANSPORT
cies\Att 04 Draft Debt
d Notes are ft. These formsuch as SIFM
TERM DEBT.m borrowingr anticipatedource with thportation Aued for funtation Authog. The Transt source or aercial Paper Nming of funain an ongos to capital fn tax-exemp
mercial paper er Board actiosuance of lonAnticipation Nor Federal gs only when Tax and Revenue cash flow sue fully cowings. s or Lines of Cterm borrow
portation Infrasd States Denal importancdetermined Anticipation R
e entities to fTransportatiohortfalls of g
E RATE DEB
tain a predice to debt thaoating or variate debt to dovide interimVariable rat
TATION AUTHO
t Policy 2015.docx
forms of vams of variabMA. The rate. g may be utild revenues, he anticipateuthority’s comnding of thority will deteportation Au
amortization Notes may be inding requireoing commerfunding whe
pt commercianotes withinon. The retirng-term bondNotes (GANs)grants of anythere is no onue Anticipatineeds consisnforms to F
Credit shall be wing options.structure Finanepartment oce. The Tranthat it is the Revenue Vehiclfund transpoon Authoritygrant revenueBT. ctable debt at carries a fiable rate debdiversify the m funding fote debt typic
ORITY
ariable rate dble rate debte will reset ei
lized for thewhere antic
ed amount bammercial paphe Transpoermine and uuthority may of principal, issued as an aements is unrcial paper pen needed. Ial paper pro
n the $200 mirement of cods or the repas) are short-tey type. The Tother viable sion Notes (TRstent with a fFederal tax r
considered a
nce Innovationf Transporta
nsportation Amost cost ef
cle Financing (Gortation projey may consides.
service burdfixed interestbt. It may beTransportatior capital prally has a lo
debt that dot have a fixeither on a we
e temporary cipated reveased on consper programortation Auutilize the le
y issue short-subject to th
alternative toncertain. Thprogram to In March 20ogram. Perioillion Board-
ommercial paaying of prinerm notes thTransportatioource of fun
RANs) shall finding by borequirements
as an alterna
n Act (TIFIAation for ce
Authority maffective debt GARVEE) aects that are der the issua
den, the Trat rate. An ale appropriateion Authoritrojects and
ower initial c
o not requireed spread toeekly, monthl
funding of oenues are deservative esti
m, short-term uthority’s caeast costly mterm debt w
he following o fixed rate dhe Transport
ensure flexi004, the Boaodic issuance-approved praper is most ncipal from chat are repaidon Authority
nding for the be issued o
ond counsel s and limita
ative to or cre
A) Loan is a lertain transpay elect to apfinancing opare bonds isssecured by
ance of GAR
ansportation lternative to e to issue shoty’s debt porimprove the
cost of borro
DEBT PO
RESOLUTION 1
Pa
e Letters or o a certain inly, or other b
operational cefined as animates. In thborrowings
apital projecmethod for shwhen there is
policies: debt, particulatation Authoibility and imard approvees or a retirrogram do nocommonly aash on hand
d with the proy shall generproject. nly to meet that that the
ations for ta
edit support
loan provideportation prpply for a TIption availablsued by the certain federRVEEs to m
Authority the use of f
ort-term or lrtfolio, reduce match of owing than f
LICY 15-XX
ge 5 of 18
Lines of ndentified basis.
cash flow n assured he case of
may also cts. The hort-term a defined
arly when ority may mmediate d a $200 ement of ot require a result of . oceeds of rally issue
sales tax e sizing of ax-exempt
for other
ed by the rojects of IFIA loan le. State and ral grants. meet cash
may give fixed rate long-term ce interest
assets to fixed rate
V
SAN FRAN
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M:\Finance\201
4
VIII. TERMS AN
The Tranand will Transpor
A. Te
AtoshT
NCISCO COUNT
5\Memos\01 Jan\Poli
financing circumstanpurpose orate debt ia) Variab
prograTranspdebt in20-30%risk an(1) A
plaincm
(2) Vanor
(3) AscosuPr
. FINANCIA
Financial the issuanthe derivaexpense ototal projthorough risk, tax rimpact onafter the Bother Finapproval f
ND CONDITIONS
nsportation Acontrol, m
rtation Autho
erm.
All capital impo exceed 120hould exceed
Transportatio
TY TRANSPORT
cies\Att 04 Draft Debt
and shorter nces will th
of earning arbin certain insble Rate Debtam (which isportation Aun considerati% variable rnd managing dequate Safeguace to preveclude, but aatching of as
Variable Revennticipated to r the dedicatis a Componen
onjunction wubject to othroducts. AL DERIVAT
Derivative Pnce or managative productor revenue, oect cost. Fievaluation o
risk, terminan the TranspBoard has adancial Derivfrom the Boa
S OF BONDS
Authority shamanage, and ority, the foll
provements f0% of the expd the lesser n Authoritys
TATION AUTHO
t Policy 2015.docx
maturities bhe Transportbitrage. The tances. t Capacity. Es not covereduthority will ion of generarate exposure
the variable uards Against ent adverse are not limissets and liabnue Stream. Tmove in the on of revenunt to Syntheti
with a financher provisio
TIVE PRODUC
Products suchgement of det will either or alternativeinancial Derof risks assoation risk anortation Aut
dopted separavative Produard.
all establish ainvest all
owing shall s
financed thropected averaof forty (40)
sales tax Exp
ORITY
but carries btation AuthoTransportati
Except for td by the follomaintain a cal rating agene, in additionrevenue streRisk. Financimpacts fro
ited to, intebilities. The revenue
same directiues allows capic Fixed Rate cial strategy,ons of the
CTS. h as interestebt only in inprovide a h
ely where thrivative Prodciated therew
nd liquidity rthority’s abiliate policy gucts. Derivati
all terms andbond proc
serve as bond
ough the issuge useful life) years or thenditure Plan
both interest ority issue vion Authority
the existing owing requirconservative ncy guidelinen to maintaieam both as dcing structurem interest r
erest rate sw
e stream forion as markepacity for va
e Debt. Varia, which resuDebt Policy
t rate swaps nstances whehedge that rehe derivative ducts shall with, includirisk, (2) afteity to refinanuidelines for ive products
d conditions ceeds. Unlesd requiremen
uance of debe of the assethe period ofn.
rate and liqvariable ratey, however, m
$200 milliorements of vlevel of out
es recommenining adequadescribed bee and budgerate shifts; swaps, interes
r repaymentet-generated variability. able rate bonults in synthy regarding
will be consere it has beeduces the r
product wilbe consider
ing counterper considerance bonds atthe use of in
s will only b
relating to thss otherwisents:
bt will be finats being finanf time until
DEBT PO
RESOLUTION 1
Pa
quidity risk. U debt solelymay conside
on commercvariable rate dtstanding varnding a maximate safeguardlow: tary safeguarsuch structurst rate caps
t is variablevariable inter
nds may behetic fixed r
Financial D
sidered approeen demonstrrisk of fluctull significantred only: (1party credit ration of the t a future datnterest rate swbe utilized w
he issuance oe authorized
anced for a pnced, and in sunset of th
LICY 15-XX
ge 6 of 18
Under no y for the er variable
cial paper debt), the riable rate mum of a ds against
rds are in res could
and the
e, and is rest rates,
e used in rate debt, Derivative
opriate in rated that uations in tly reduce ) after a
risk, basis potential
te and (3) waps and
with prior
of bonds, d by the
period not no event
he current
SAN FRAN
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B. Ca
TcoHisoobApap
C. Li
Sethu
D. Ad
Anthanse
E. De
Ddweaocam
F. Ca
Incodo
G. O
AAbaf
NCISCO COUNT
5\Memos\01 Jan\Poli
apitalized Inte
The nature oontinuously
However, cerssuance date therwise reqbviate unneceyond three
Authority mayroceeds of tpplied to ext
ien Levels.
enior and Juhe most criticse of the rev
dditional Bond
Any new seniet of any Fedhan one and ny Federal suervice for the
ebt Service St
Debt issuanceebt service t
within each liarly years of r may utilizapacity cons
maturities exc
all Provisions.
n general, thonventions, elivery of taxr a different
riginal Issue D
An original issAuthority det
onds and thaffect the proj
TY TRANSPORT
cies\Att 04 Draft Debt
rest.
f the Transpavailable an
rtain types ountil the p
quired, the Tcessarily incre
(3) years ory require thathe bonds. Inend the term
unior Liens focal constrainenue source
s Test.
ior lien debt deral subsidya half times
ubsidy or cree new issuanc
ructure.
e shall be plato the usefulien to achieva bond issuee more acce
straints. The cept in those
e Transportawhich is typx-exempt bocall feature i
Discount.
sue discountermines thatat the use of ject identified
TATION AUTHO
t Policy 2015.docx
portation Aund the use oof financingroject spons
Transportatioeasing the bor a shorter pat capitalized nterest earnin
m of capitalize
or each revent, typically eisecuring the
issuance muy or credit, to(1.5x) the m
edit, for the ace.
anned to achil life of facilive overall leve to maximizelerated repa
Transportatinstances wh
ation Authorpically no lands. The Tras appropriate
t or original it such discouf an original id by the bon
ORITY
uthority’s revof capitalizedgs may requisor has conson Authorityond issuance period if furt
interest on tngs may, at ed interest bu
nue source wither cost or bond.
ust not causeo exceed the
maximum annaggregate ou
ieve relativelyities. The Trvel debt serve the availabayment schetion Authorhere these ma
rity’s securitieter than tenansportatione in some cir
issue premiumunt or premiuissue discoun
nd document
venue streamd interest shire the use structive usey will avoid size. Interesther restrictethe initial serthe Transpo
ut in no even
will be utilizecapacity, thu
e the Transpe level at whinual principautstanding sen
y rapid repayransportationvice (though bility of pay-aedules after rity shall avoaturities serv
es will includn and one-han Authority mrcumstances.
m will be perum results innt or originals.
m is such thahould not no
of capitalizee of the finathe use of c
st shall not bed by statuteries of bond
ortation Authnt beyond the
ed in a mannus allowing fo
portation Auich the incomal, interest annior lien bon
yment of debn Authority wprincipal m
as-you-go dogiving consi
oid the use ve to level exi
de a call featalf (10.5) yemay determin
rmitted only n a lower trul issue premi
DEBT PO
RESOLUTION 1
Pa
at funds are ormally be ned interest anced projeccapitalized in
be funded (cae. The Transds be funded hority’s discre authorized
ner that will mfor the most b
thority’s debming revenuend debt servinds including
bt while still will amortize
may be deferrollars during tideration to of bullet or
isting debt se
ture, based oars from thene that no ca
y if the Transue interest coium will not
LICY 15-XX
ge 7 of 18
generally necessary. from the
ct. Unless nterest to apitalized) sportation
from the retion, be term.
maximize beneficial
bt service, es are less ce, net of
g the debt
matching e its debt red in the that time)
bonding r balloon ervice.
on market e date of all feature
sportation ost on the adversely
IX
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H. De
DmAo
I. De
TwrewAoAceasut
J. M
Inmpth
X. CREDIT EN
The Tranevaluatingpositive Transporthe cost a
A. Bo
Tpoex
B. De
Wotwfuacin
NCISCO COUNT
5\Memos\01 Jan\Poli
eep Discount B
Deep discounmay also limAuthority will
f the lower-t
erivative Produ
The Transporwhere it has educes risk o
will reduce thAuthority sha
f these derivAuthority willertain financissociated witilized with p
Multiple Series.
n instances wmake a final d
riority finanche earliest or
NHANCEMENTS
nsportation Ag the economimpact on
rtation Authoand benefit o
ond Insurance
The Transporurchase is den such insuxpense on in
ebt Service Re
When requireriginal princwenty-five (1unded from ccordance winvestors requ
TY TRANSPORT
cies\Att 04 Draft Debt
Bonds.
nt bonds mamit opportuni
l carefully cothan-market c
ucts.
rtation Authbeen demon
of fluctuationhe total pro
all develop anvative producl undertake aing and markth the use o
prior approva
.
where multipdeterminationcing, based omost senior
S
Authority wmic benefit voverall deb
ority will conof such enhan
.
rtation Autheemed pruderance being
nsured bonds
eserves.
ed, a reserve cipal amount25%) percenthe proceed
ith the requiruirements.
TATION AUTHO
t Policy 2015.docx
ay provide a ities to refin
onsider their coupon.
hority will constrated thatns in expenseoject cost. Ifnd maintain acts. For derivan analysis ofketing assumof a particulal from the B
ple series of bn as to whichon funding av
of the bond
will consider versus cost fot capacity c
nsider each oncement.
ority shall haent and advaless costly
versus unins
fund equal t of the bonnt of averageds of each srements of c
ORITY
lower cost onance at lowvalue and th
onsider the t the derivate or revenue,f interest ratan Interest Rvatives otherf early termin
mptions. Suchlar derivativ
Board.
bonds are toh allocations vailability and
d series.
the use of or each case.can be showf the followi
ave the authantageous. Tthan the prsured bonds.
to not morends, maximue annual debteries of bonredit enhanc
of borrowinwer rates in he effect on
use of derivtive product , or alternativte swaps areRate Swap Por than interenation costs h analysis wilve product. D
o be issued, tare of the hid proposed t
credit enhan. Only when wn shall ening enhancem
hority to purThe predominresent value .
e than the leum annual dt service (thends, subject cement provi
ng in certain n the future.any future re
vative produwill either p
vely, where te consideredolicy governiest rate swapand other coll document Derivative p
the Transporighest prioritytiming, will g
ncement on a clearly dem
nhancement ments as alte
rchase bond nant determiof the diffe
esser of ten debt service e “Reserve Rto federal ta
iders, rating a
DEBT PO
RESOLUTION 1
Pa
markets tho The Transefinancings a
ucts only in provide a hethe derivatived, the Transing the use a
ps, the Transonditional terthe risks and
products will
rtation Authoy. Projects ch
generally be s
a case-by-camonstrable sbe conside
rnatives by e
insurance wination shall erence in the
percent (10%or one-hund
Requirement”ax regulationagencies and
LICY 15-XX
ge 8 of 18
ough they sportation as a result
instances edge that e product sportation and terms sportation rms given d benefits l only be
ority shall hosen for subject to
ase basis, savings or ered. The evaluating
when such be based
e interest
%) of the dred-and-”) shall be ns and in /or other
X
SAN FRAN
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M:\Finance\201
Tueqb
C. Li
TofiMfrA
X. REFINANCI
The TranrefundingTransporopportun
A. De
Torehreisfonb
B. Re
Tinsare
C. Te
THacTrege
NCISCO COUNT
5\Memos\01 Jan\Poli
The Transporse of a reserquivalents shasis.
iquidity Faciliti
The Transporf-credit agreeinancial insti
Moody’s Inverom at least t
Authority liqu
ING OUTSTAND
nsportation g opportunitrtation Authnities:
ebt Service Sa
The Transporf three (3) peasons for das establisheefunded bonssuance of syor defeasanceet of all costasis must be
estructuring.
The Transpornclude restruavings, mitigestrictive bon
erm of Refundi
The TransporHowever, thechieve a d
Transportatioealize greaterenerational e
TY TRANSPORT
cies\Att 04 Draft Debt
rtation Authorve fund surhall be evalua
ies and Letters
rtation Authoements whenitutions withestor Servicetwo of the thuidity facilitie
DING DEBT
Authority shties that mayhority will c
avings.
rtation Authopercent of thdefeasance uned a minimund principal ynthetic fixedeundertakingts related to texplicitly ap
rtation Authoucturing to mgate irreguland covenants
ing Issues.
rtation Authe Transportaesired outcon Authority
r savings. Theequity should
TATION AUTHO
t Policy 2015.docx
ority shall harety) when suated in comp
s of Credit.
ority shall han such agree
h short-term s, Standard &hree aforemees and letter o
hall have thy be presentconsider the
ority has esthe refunded bndertaking thum present amount for
d rate refundg the refundithe refinancinproved by th
ority will refumeet unanticip
r debt servis.
ority will refation Authorome, providmay also cone remaining
d guide this d
ORITY
ave the authuch purchaseparison to ca
ave the authoments are deratings of n
& Poor’s andentioned ratinof credit agre
he responsibied by undere following
ablished a mbond principhe refundingvalue saving
r refinancingding debt serving. TheFor tng. The decihe Transporta
und debt whepated revenuice payment
fund bonds writy may conded that sunsider shorteuseful life of
decision.
ority to purce is deemed ash funding o
ority to entereemed prudenot less thad Fitch Ratinngs agencieseements.
ility to analyrwriting and/
issues whe
minimum prepal amount ug. Additionags threshold gs involving vice unless ththis purposesion to take ation Author
en in its bestue expectatiots, release r
within the tensider maturuch extensiening the terf the financed
chase reserveprudent and
of reserves o
r into liquiditent and advaan VMIG 1/ngs, respectivmay particip
yze outstand/or financialen analyzing
esent value sunless there
ally, the Trangoal of fivderivative p
here are othee, the presentsavings on arity Board.
t interest to dons, terminateserve fund
erm of the ority extensionion is legalrm of the orid facility and
DEBT PO
RESOLUTION 1
Pa
e equivalentsd advantageoon a net pres
ty facilities aantageous. O/P1, A-1 anvely, and wit
pate in Trans
ding bond il advisory fig possible r
avings threshare other co
nsportation Ave (5) percenproducts sucer compellint value savingan upfront or
do so. Refunte swaps, ach
ds or remov
originally issun, when neclly permissibiginally issue
d the concept
LICY 15-XX
ge 9 of 18
s (i.e., the ous. Such sent value
and letter-Only those nd F1, by th ratings
sportation
ssues for irms. The refunding
hold goal ompelling Authority nt of the ch as the g reasons gs will be r deferred
dings will hieve cost ve unduly
ued debt. cessary to ble. The
ed debt to t of inter-
X
SAN FRAN
DRAFT
M:\Finance\201
D. Es
Trevencocoththunfr
E. Ar
Tnac
F. Co
Tp
XI. METHODS
The Trancompetiti
A. Co
Inpthfo
NCISCO COUNT
5\Memos\01 Jan\Poli
scrow Structur
The Transpoefunding escersus legal deot a broker-dompetitive bost effective he securities he case of SLnderwriter, arom its own a
rbitrage.
The Transporegative arbitrccording to F
ommercial Pap
The requiremaper notes fo
OF ISSUANCE
nsportation ively or throu
ompetitive Sal
n a competiroviding the he official noollows:
a) Bond b) Markec) Partici
requird) There
mediae) The bf) Bond g) Managh) Issueri) Issuer
TY TRANSPORT
cies\Att 04 Draft Debt
ring.
rtation Authcrows. The Tefeasance ondealer, is req
bid process (ithan State anwas reasonaLGs purchasagent or finaaccount.
rtation Authrage in its reFederal guide
per Program.
ments of this or the purpos
Authority wugh negotiati
e
itive sale, thlowest true i
otice of sale.
prices are staet timing andipation fromed for winninare no comp
a coverage, poond type andinsurance is geable transar has strong cr is well know
TATION AUTHO
t Policy 2015.docx
hority shall uTransportatio
n a net presenuired statingin the case ond Local Go
able within Fsed directly fancial adviso
hority shall taefundings. Anelines.
Section X sse of refundi
will determinion.
e Transportinterest cost Conditions
able and/or dd interest rate
m Disadvantagng bid plex explanatolitical structd structure arincluded or p
action size credit ratingwn to investo
ORITY
utilize the leon Authoritynt value basisg that the secof open markovernment OFederal guidefrom the U.Sor sell escrow
ake all necesny resulting
shall not apping maturing
ne, on a ca
ation Authoas long as thunder which
demand is ste sensitivity aged Business
tions requireture, politicalre conventionpre-qualified
ors
east costly sy will examis. A certificaturities were ket securities
Obligations (Selines. Such cS. Treasury. w securities
ssary steps topositive arbi
ply to or resg commercial
ase-by-case b
ority’s bondshe bid adhereh a competiti
trong are not criticas Enterprise (
ed during mal support, funnal
d (available)
securities avine the viabte from a thiprocured thrs), that such SLGS), and tcertificate shUnder no cto the Tran
o optimize eitrage will be
strict the issl paper notes
basis, wheth
s shall be awes to the reqive sale woul
al to the prici(DBE) firms
rketing regarnding or cred
DEBT PO
RESOLUTION 1
Pag
vailable in stbility of an eird party agenrough an armsecurities w
that the pricehall not be recircumstancesnsportation A
escrows and e rebated as
suance of co.
her to sell i
warded to thuirements seld be preferr
ing s is best effor
rding issuer’sdit quality
LICY 15-XX
e 10 of 18
tructuring economic nt, who is
ms-length, were more e paid for equired in s shall an Authority
to avoid necessary
ommercial
its bonds
he bidder et forth in red are as
rt and not
s projects,
SAN FRAN
DRAFT
M:\Finance\201
B. N
TC
C. Pr
FplTura
D. Is
Tfo
E. In
Twad
F. Fe
Isre
NCISCO COUNT
5\Memos\01 Jan\Poli
egotiated Sale
The TransporConditions un
a) Bond b) Demac) Marked) Issuere) Issuerf) Sale a
projecg) The b
deliverprodu
h) Bond i) Early j) The pk) Demal) Partici
rivate Placeme
From time tolacement sha
Transportatiosing the Tranate.
ssuance Metho
The Transpororth above.
nvestor Outreac
The Transporwith institutiodvantageous
easibility Analy
ssuance of reevenue stream
TY TRANSPORT
cies\Att 04 Draft Debt
e.
rtation Authonder which a prices are vo
and is weak oet timing is imr has lower orr is not well kand marketincts, media covbond type ary bond sale,
ucts insurance is structuring aar amount fo
and for the boipation from
ent.
o time the Tall only be cn Authority nsportation A
od Analysis.
rtation Auth
ch
rtation Authonal investorto the sale o
ysis.
evenue bondm’s ability to
TATION AUTHO
t Policy 2015.docx
ority recogninegotiated s
olatile or supply or cmportant, sucr weakening
known to invng of the boverage, politi
and/or struc, issuance of
not availableand market por the transaconds by retai
m DBE firms
Transportatioconsidered ifrelative to otAuthority’s in
ority shall ev
hority shall prs in advanceof such bond
ds will be ac meet future
ORITY
zes that somsale would be
competing boch as for refucredit rating
vestors onds will reqical structure
ctural featurevariable rate
e or not offerarticipation bction is signifil investors isis required
on Authorityf this methother methodsnvestment ra
valuate each
participate ine of bond os or notes.
ccompanied debt service
me securities e preferred ar
onds is highundings
g
quire complee, political sues are non-se bonds, or w
red by underwritficantly larges expected to
y may elect od is likely ts of debt issuate as the app
method of
n informatioor note sales
by a findinge payments.
are best soldre as follows
ex explanatioupport, fundinstandard, su
where there is
ters are desireer than normo be high
to privately to result in auance on a npropriate me
issuance bas
onal meeting to the exte
g that demon
DEBT PO
RESOLUTION 1
Pag
d through nes:
ons about thng, or credit
uch as for as the use of d
ed mal
place its dea cost savinget present vaeasure of the
sed on the fa
s or confereent such mee
nstrates the
LICY 15-XX
e 11 of 18
gotiation.
he issuer’s quality
a forward derivative
ebt. Such gs to the alue basis, e discount
actors set
ence calls etings are
projected
X
SAN FRAN
DRAFT
M:\Finance\201
XII. MARKET R
A. Ra
TreTagshadm
B. Tr
Tagw
C. Co
AcoanreevM
D. Re
Taranpshth
E. Ot
FenthquTtow
F. Fe
TfeA
NCISCO COUNT
5\Memos\01 Jan\Poli
RELATIONSHIPS
ating Agencies
The Executivelationships
Transportatiogencies as cirhall: (1) meetdvantageous,
meetings with
ransportation A
The Executivgencies and/
weaknesses an
ontinuing Disc
After enteringomply with tnd reflects neasonable stevent notices
Market Acces
ebate Reportin
The use of borbitrage restrny bond issurovisions of hall take all rhat facilitates
ther Jurisdicti
From time tontities. Whilehese entities, uality financi
Transportatioo the Transp
where necessa
ees.
The Transporee equal to th
Authority by i
TY TRANSPORT
cies\Att 04 Draft Debt
S
s and Investors
ve Director with Moodn Authority rcumstances t with credit , and (2) pri
h agency analy
Authority Comm
ve Director s/or investornd recommen
closure.
g into a Cothe terms of negatively oneps to ensurwith the Mus system (EM
ng.
ond proceedsrictions. Exisues, with re
f the Internareasonable sts accurate, co
ons.
o time, the Te the Transpthe Executiv
ings are donen Authority
portation Autary, through
rtation Authohe recipient’sissuing debt.
TATION AUTHO
t Policy 2015.docx
s.
shall be respdy’s Investor
may, from tidictate. In aanalysts prioior to each ysts in conne
munication.
shall include rs regarding ndations for
ntinuing Dissuch underta
n the Transpre that the Tunicipal SecuMMA).
s and their insting regulatiebate paid eval Revenue Cteps to ensur
omplete calcu
Transportatioportation Auve Director we and that thshall requirethority’s ratinthe use of cr
ority will chas pro rata sh
ORITY
ponsible forrs Service, Sime-to-time, ddition to geor to each sacompetitive ection with th
in the annuthe Transp
addressing a
sclosure undaking. The faportation AuTransportatiourities Rulem
nvestments mions require tvery five yeCode and rere that proceulation, and t
on Authorityuthority will will take all rehe Transportae that all conngs or that t
redit enhance
arge recipienthare of admin
r maintainingStandard & choose to d
eneral commale (competiti
or negotiatehe planned s
ual report toportation Auany weakness
dertaking, thfailure to makuthority. Theon Authority
making Board
must be monthat issuers c
ears and as egulations. Teeds and invtimely rebate
y may issue make every easonable steation Authornduit financinthe credit enement).
ts of debt issnistrative cos
g the TransPoor’s and
deal with onlymunication, th
ive or negotied sale, offesale.
o the Board uthority’s finses.
he Transportke timely filine Executive y’s files timeld’s (MSRB’s)
nitored to encalculate annotherwise re
Therefore, thvestments ares, if necessar
bonds on beffort to fa
eps to ensurerity is insulatngs achieve
nhancement
suance procests incurred b
DEBT PO
RESOLUTION 1
Pag
portation Ad Fitch Ratiy one or twohe Executiveiated) to the
er conference
feedback fronancial stren
tation Authongs must be Director willy annual repElectronic M
nsure complianual rebates required by ae Executive e tracked in ary.
behalf of othacilitate the de that only thted from all ra rating at leis obtained(i
eeds an admiby the Trans
LICY 15-XX
e 12 of 18
uthority’s ngs. The
o of these e Director
extent as e calls or
om rating ngths and
ority shall disclosed ll take all ports and Municipal
ance with related to applicable
Director a manner
her public desires of he highest risks. The east equal including,
inistrative sportation
X
SAN FRAN
DRAFT
M:\Finance\201
XIII. CONSULTA
The Tranprocess th
A. Se
TB
B. Fi
Tdad
Fb
TTT
C. Bo
TTAdocoby
T
NCISCO COUNT
5\Memos\01 Jan\Poli
ANTS
nsportation Ahrough Requ
election of Fin
The ExecutivBoard providi
inancial Adviso
The Transporebt administdvisor(s) shal
a) Experb) Knowc) Experd) Fees a
Financial advie limited to t
a) Evaluab) Monitc) Evalua
bankind) Structe) Prepar
payingf) Advicg) Assisti
The TranspoTransportatioTransportatio
ond Counsel.
TransportatioTransportatioAuthority has
eterminationther documeounsel with ey the Transp
The services o
TY TRANSPORT
cies\Att 04 Draft Debt
Authority shuest for Prop
ancing Team M
ve Director wing final appr
or.
rtation Authtration procell be based o
rience in provwledge and exrience and repand expenses
isory servicesthe followingation of riskstoring markeation of prong firms uring and prration of reqg agent service, assistance ing in prepar
ortation Autn Authority n Authority
n Authority n Authority s met all conn of the proents relatingextensive exp
portation Aut
of bond coun
TATION AUTHO
t Policy 2015.docx
all select its posals.
Members.
will make recroval.
ority shall utesses as prudon, but not limviding consuxperience in sputation of a
s
s provided tog: s and opportting opportuoposals sub
icing quest for prces, printing,and preparat
ration of offi
thority also with object
financial plan
debt will incis authorize
nstitutional aposed debt’s
g to the issuperience in pthority throu
nsel may incl
ORITY
primary con
commendatio
tilize a finandent. Selectiomited to, the
ulting servicesstructuring anassigned pers
o the Transp
tunities assocunities mitted to th
roposals for credit facilittion for presicial statemen
expects thtive advice ns, and be fre
clude a writteed to issue and statutorys federal incuance of debpublic financegh its reques
ude , but are
nsultant(s) by
ons for all fi
ncial advisor on of the Tre following crs to complexnd analyzingsonnel
portation Aut
ciated with de
he Transpor
other finanties, remarketentations witnts
hat its finaand analysisee from any
en opinion bthe propose
y requiremencome tax stabt will be pe and tax issust for propos
e not limited
y competitiv
inancing team
to assist in ransportationriteria: x issuers g complex iss
thority shall
ebt issuance
rtation Auth
ncial servicesting agent seth rating age
ancial advisos, maintain tconflicts of i
by legal couned debt, thants necessaryatus. The apprepared by ues. The cCosal process.
to:
DEBT PO
RESOLUTION 1
Pag
ve qualificatio
m members,
its debt issun Authority’s
sues
include, but
hority by in
s such as truervices, etc. ncies and inv
or will prothe confideninterest.
nsel affirmingat the Transy for issuanc
pproving opinationally-re
ounsel will be
LICY 15-XX
e 13 of 18
ons-based
with the
uance and s financial
shall not
nvestment
ustee and
vestors
ovide the ntiality of
g that the sportation ce, and a inion and ecognized e selected
X
SAN FRAN
DRAFT
M:\Finance\201
a)
b)
c)
d)
e)
XIV. UNDERWR
A. Se
Tn
B. Co
Cqusi
C. Se
Tthgrdi
D. U
InreT
NCISCO COUNT
5\Memos\01 Jan\Poli
) RenderingobligationState of C
) Preparing delivery o
) Assisting paper mem
) Participatirequested;
) Providing proceeds requireme
RITER SELECTIO
enior Manager
The Transporegotiated sal
a) The fib) Democ) Prior kd) The fie) The fif) Qualit
engageg) Financ
o-Manager Se
Co-managers ualifications,ize and the n
elling Groups.
The Transporhat selling grroups from ictates.
nderwriter’s C
n any negotiepresent the
Transportatio
TY TRANSPORT
cies\Att 04 Draft Debt
g a legal opns including wCalifornia law
all necessaryf bonds and
in the prepamorandum;
ing in discus; and
g continuing under applic
ents.
ON
r Selection.
rtation Authe. The criteriirm’s ability aonstrated abilknowledge anirm’s willingnirm’s ability tty and expeement cing plan pre
lection.
will be sele, co-manager
necessity to en
rtation Authoroups are uswithin the
ounsel.
iated sale of e underwriten Authority
TATION AUTHO
t Policy 2015.docx
pinion with whether the
w;
y legal documother obligat
ration of the
ssions with p
advice, as recable laws an
hority shall hia shall includand experienclity to structund experiencness to risk cto sell bondserience of
esented
ected on thers appointednsure maxim
ority may estsed, the Tranpool of und
f Transportater, the leadconsent.
ORITY
respect tointerest paid
ments in contions;
e preliminary
potential inv
equested, onnd the indent
have the righde but not bece in managiure debt issuece with the Tapital and de
personnel a
same basis to specific
mum distribut
tablish sellingnsportation Aderwriters o
tion Authorid underwrite
o authorizatid on the deb
nnection with
y and final o
vestors, insur
n the properture, particul
ht to select ae limited to ting complex es efficiently
Transportatioemonstration
assigned to
as the senitransactions tion of the T
g groups in cAuthority mr from outs
ity debt in wer will mak
ion and valbt is tax exem
h authorizati
fficial statem
rers and cre
r use and adlarly arbitrag
a senior manthe followingtransactions
y and effectivon Authority n of such risk
the Transp
ior manager.will be a fu
Transportatio
certain transamay make appside the poo
which legal cke the appo
DEBT PO
RESOLUTION 1
Pag
lid issuance mpt under fe
on, sale, issu
ments and co
dit rating ag
dministrationge tracking an
nager for a g:
vely
k
portation A
. In additionunction of trn Authority’
actions. To tpointments ol, as the tr
counsel is reointment, su
LICY 15-XX
e 14 of 18
of debt ederal and
uance and
ommercial
gencies, if
of bond nd rebate
proposed
uthority’s
n to their ransaction s bonds.
the extent to selling
ransaction
quired to ubject to
SAN FRAN
DRAFT
M:\Finance\201
E. U
F. Ev
Tfooan
Fre
G. Sy
Fdensa
H. De
TthT
I. D
Aagmagadb
NCISCO COUNT
5\Memos\01 Jan\Poli
nderwriter’s Da) The T
compaTranspmanagphase
b) All feecap ocommsubmiadditio
valuation of Fin
The Transporollowing: cosf the overallnd sales cred
Following eacesults of the
yndicate Polici
For each negoescribe the nsure receiptale prior to th
esignation Pol
To encouragehe Transport
The Transpora) Equitab) Compc) Within
ordersAutho
isclosure by Fi
All financing greements w
may vary depgreements bdvice which e perceived a
TY TRANSPORT
cies\Att 04 Draft Debt
iscount. Transportatioarable issues portation Augement fee. Tof the transa
es and allocan manageme
municated to it an itemizedonal expense
nancing Team
rtation Authsts of issuancl interest cos
dits.
ch sale, the Tsale to the B
ies.
otiated transdesignation t of each mehe sale date.
icies.
e the pre-matation Authortation Authoably allocate ply with MSRn 10 workings, allocationsority’s sale.
inancing Team
team membewith other finpending on te permitted is solely in thas a conflict o
TATION AUTHO
t Policy 2015.docx
on Authority in the markeuthority willThe determiaction. tion of the ment fee, expall parties by
d list of expees must be su
Performance.
hority will evce, including st and on a
Transportatioard.
action, the Epolicies govember’s ackn
arketing efforority’s bonds ority shall reqbonds to oth
RB regulationg days after ts and other
m Members.
ers will be renancing teamthe nature owhich could
he Transportof interest.
ORITY
will evaluateet. If there arl determine nation will b
management enses and uy the Transpenses chargedubstantiated.
valuate each underwritersmaturity-by-
ion Authorit
Executive Diverning the unowledgemen
rts of each mwill be net
quire the seniher managersns governing the sale dater relevant in
equired to prm members af the transacd compromitation Autho
e the proposre multiple uthe allocati
be based upo
fee will be dunderwriter’sportation Aud to member
bond sale as’ compensat-maturity bas
ty shall prov
irector will pupcoming sant of the syn
member of tdesignated, ior managers and the sellthe priority o
e, submit to tnformation p
rovide full anand outside ction. Howeise the firm’
ority’s best in
sed underwriunderwriters iion of fees on participati
determined p counsel wi
uthority. Thers of the und
after its comtion, pricing sis, and the d
vide a post-s
prepare syndiale. The Exendicate polic
the underwriunless otherto:
ling group of orders andthe Executivpertaining to
nd complete parties. The
ever, under n’s ability to
nterests or wh
DEBT PO
RESOLUTION 1
Pag
iter’s discounin the transawith respec
ion in the st
rior to the saill be establi senior manaderwriting gr
mpletion to aof the bondsdistribution
ale evaluatio
icate policiesecutive Direccies for the u
iting team, orwise express
d allocationsve Director ao the Trans
disclosure, re extent of dno circumstaprovide ind
hich could re
LICY 15-XX
e 15 of 18
nt against ction, the ct to the tructuring
ale date; a shed and ager shall
roup. Any
assess the s in terms of bonds
on on the
s that will ctor shall upcoming
orders for sly stated.
a detail of sportation
relative to disclosure ances will dependent easonably
SAN FRAN
DRAFT
M:\Finance\201
Arbitrage. interest eregulationexempt m
Balloon Mpercentag
Bullet Mat
Call Provisoutstandipar.
Capitalizedfor a spec
Commerciaand usual
Competitivsubmit se
Continuingwhich porespect to
Credit Enmost comlines of cr
DBE. Dipolicy.
Debt Servipledged r
Deep Disc
Derivativesone or mbased upoforeign ex
Designatiosyndicateallocated designatioDesignate
Escrow. Aissue.
NCISCO COUNT
5\Memos\01 Jan\Poli
The differenearned by ins govern arbmunicipal sec
Maturity. A lage of the prin
turity. Maturi
isions. The tering issue of b
d Interest. A pcific period o
al Paper. Verylly backed by
ve Sale. A salealed bids to
g Disclosure. Totential inveso the securiti
nhancement. Crmmon creditredit.
sadvantaged
ice Reserve Funrevenues are
count Bonds. B
s. (1) Financimore underlyi
on notional axchange rate
n Policies. Ou is oversubscamong the
on policy. Thed orders and
A fund establi
TY TRANSPORT
cies\Att 04 Draft Debt
nce between investing thebitrage earne
curities.
ater maturityncipal amoun
ty for which
rms of the bobonds prior
portion of thof time. Inter
y short-term, y a line of cre
e of securitipurchase the
The principlestors would es be made a
redit supportt enhancemen
Business En
nd. The fund insufficient t
onds that are
ial instrumenng index or amounts whos, equities or
utline as to hcribed. The s syndicate. he highest prd Member or
ished to hold
TATION AUTHO
t Policy 2015.docx
the interest e security ded pursuant t
y within an nt of the orig
there are no
ond contractto their state
he proceeds orest is commo
unsecured pedit with a ba
ies by an isse securities in
e that accurabe likely to
available on a
t purchased nts consist o
nterprises as
in which moto satisfy the
e priced for s
nts whose retsecurity, andose value is dr commoditie
how an invesenior managThere are triority is giverders are give
d moneys ple
ORITY
GLOSSARY
paid on thedebt proceedto the investm
issue of boginal issue.
o sinking fund
t giving the ised dates of m
of an issue thonly capitaliz
promissory nank.
suer in whichn contrast to
ate and como consider man ongoing b
by the issueof bond insu
defined by
oneys are pladebt service
sale at a subs
turn profile id may includederived fromes).
estor’s order ging underwrthree primaren to Groupen the lowes
edged and to
an issue of tds in higherment of on t
onds that co
d payments p
ssuer the righmaturity at a
hat is set asidzed for the c
notes issued i
h underwritea negotiated
mplete informmaterial in mbasis.
er to raise thurance, direct
the Transpo
aced which me requiremen
stantial discou
s linked to, oe a leveragin
m an underlyin
is filled whriter and issury classificatip Net orderst priority.
be used to p
tax exempt sr-yielding tathe proceeds
ontains a dis
prior to the s
ht to redeemspecific pric
de to pay intonstruction p
in either regi
ers or syndid sale.
mation matermaking inves
he credit ratit or standby
ortation Auth
may be used nts.
unt from the
or derived frong factor, or ng index or s
hen a maturituer decide shions of ord; the next pr
pay debt serv
DEBT PO
RESOLUTION 1
Pag
ecurities debaxable securi
from issuan
sproportiona
stated maturi
m all or a portce, usually at
erest on the period of the
stered or bea
cates of und
rial to the trtment decisi
ting of the isy letters of cr
hority’s curr
to pay debt
eir face or pa
om, the mov(2) financial security (inter
ty in an undhow the bondders, which riority is give
vice on an ou
LICY 15-XX
e 16 of 18
bt and the ities. IRS ce of tax-
tely large
ity date.
tion of an or above
securities e project.
arer form,
derwriters
ransaction ions with
ssue. The redit, and
rent DBE
service if
ar value.
vement of contracts rest rates,
derwriting ds will be form the en to Net
utstanding
SAN FRAN
DRAFT
M:\Finance\201
Expenses. DTC chacomputer
Grant Anprojects,
Grant Anto fund tr
Letters of Cspecified
Managemethe struct
Members. U
Negotiatedpursuant
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Original Isamount a
Pay-As-Yobligation
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Private Plopposed
Rebate. A pay the IRbond yielprofit pen
Sales Tax for operasources.
Selling Grrather as distributio
Syndicate Pprice limi
Transportathe Unite
Underwriteto investo
NCISCO COUNT
5\Memos\01 Jan\Poli
Compensatearges, travelr time and po
nticipation Notwhich are pa
nticipation Reveransportation
Credit. A banamount of f
ent Fee. The fturing phase
Underwriter
d Sale. A meto which suc
Issue Discount.price at the ti
ssue Premium. at the time it
You-Go. An issns.
Value. The cur
lacement. The to being pub
requirementRS an amounld calculatednding payme
and Revenue Aating purpos
roups. The grthose who
on at the pub
Policies. The itations and m
ation Infrastruced States Dep
ter. A dealer tors.
TY TRANSPORT
cies\Att 04 Draft Debt
es senior m, syndicate eostage.
tes (GANs). Said from the
enue Vehicle Fn projects tha
nk credit facilfunds for a lim
fixed percentof a transact
s in a syndica
ethod of salch underwrit
. The amounime it is origi
The amountis originally o
suer elects to
rent value of
original plablicly offered
t imposed bynt equal to it
d pursuant toent subject to
Anticipation Nses, which ar
roup of secureceive secu
blic offering
contractual omarket transa
cture Finance Ipartment of T
that purchase
TATION AUTHO
t Policy 2015.docx
anagers for expenses, de
Short- term proceeds of
Financing (GAat are secured
lity supportinmited term.
tage of the grtion.
ate other than
le in which ter will purch
nt by whichinally offered
t by which thoffered to an
o finance a p
f a future cas
acement of d or sold.
y the Tax Rets profit earno the IRS coo certain exce
Notes (TRANre paid from
urities dealersurities less thprice.
obligations pactions.
Innovation ActTransportatio
es new issue
ORITY
out-of-pockealer fees, o
notes issuedState or Fed
ARVEE) are d by certain
ng the payme
ross spread w
n the senior
the issuer chase and mark
h the originad to an invest
he public offn investor.
project with
h flow.
an issue wit
eform Act oned from inveode togethereptions.
Ns). Short-termm the procee
s who partiche selling co
placed on th
ct (TIFIA). Loon for transp
s of municip
ket expenses overtime exp
d by the goveral grants o
bonds issuefederal grant
ent of bonds
which is paid
underwriter.
chooses oneket the bond
al par amountor.
fering price o
existing cash
th one or a
f 1986 wherestment of br with all inc
m notes issueds of sales
cipate in an oncession fro
he underwriti
oans and loaportation pro
pal securities
including: upenses, comm
vernment unf any type.
ed by the Stats.
wherein the
d to the man
.
e underwriteds.
nt of an issu
of an issue e
h flow as opp
a limited num
reby the issuebond proceedcome earned
ued by a govtax or other
offering notom the mana
ing group re
an guaranty ojects of regio
from the Is
DEBT PO
RESOLUTION 1
Pag
underwritersmunication
nit, usually fo
ate and enabl
e bank agrees
naging underw
er to negotia
ue exceeds i
xceeds its or
posed to issu
mber of inv
er of the bods at a yield ad on the acc
vernment unir anticipated
t as underwraging underw
elating to dis
program proonal importa
ssuer and res
LICY 15-XX
e 17 of 18
counsel, expenses,
for capital
le entities
s to lend a
writer for
ate terms
its public
riginal par
uing debt
vestors as
nds must above the cumulated
it, usually d revenue
riters but writer for
tribution,
ovided by ance.
sells them
SAN FRAN
DRAFT
M:\Finance\201
UnderwriteIssuer an
Variable Rformula o
NCISCO COUNT
5\Memos\01 Jan\Poli
ter’s Discount. d the price at
Rate Debt. Anor other stan
TY TRANSPORT
cies\Att 04 Draft Debt
The different which they
n interest ratdard of meas
TATION AUTHO
t Policy 2015.docx
nce between are reoffered
te on a secursurement as,
ORITY
the price at d to investor
rity, which chstated in the
which the Urs.
hanges at inte bond contr
Underwriter
tervals accorract.
DEBT PO
RESOLUTION 1
Pag
buys bonds
rding to an in
LICY 15-XX
e 18 of 18
from the
ndex or a
SD
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SAN FRANCISC
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M:\Finance\2015\Mem
. INTRODUCT
The Fiscaday-to-dathe San FconsistenPropositiaccountin
I. SCOPE AND
The Fiscapplicableunless spwith, the Policyies.(Board). Rfor strucobjectivePolicy wiAny chan
II. ANNUAL BU
The Tranyear. ThedisbursemdetermineTransporpolicies. through Jinvolved
A. PREPAR
The Eeach incomOperexpenFrancTransdetailitems
CO COUNTY TR
mos\01 Jan\Policies\At
TION
al Policy is day operationsFrancisco Cont with theion K Sales ng and financ
D AUTHORITY
cal Policy ape to the opeecifically proTransportat
. Overall polResponsibilitturing, imples, shall lie wiill be reviewenges to the po
UDGET PROCES
nsportation Ae purpose oment of Traned by the Brtation AuthoThe TranspJune 30 of in the develo
RATION AND REVIE
Executive Dfiscal year. T
me, Administrating Reservnditure progcisco Congessportation Fuled listing of. The draft b
RANSPORTATIO
tt 05 Draft Fiscal Policy
designed to gs, annual budounty Transpe Transporta
Tax Expencial managem
pplies only erations of aovided. The Ftion Authoritlicy directionty for implemementing, anith the Transed and updatolicy are subj
SS
Authority Bof the Annua
nsportation ABoard and aority’s invest
portation Authe followin
opment of th
EW OF A DRAFT B
irector is chaThe draft butrative Operave, and a singramming rostion Manageund for Cleaf the capital budget may a
ON AUTHORITY
y 2015.docx
FISCA
guide decisiodget developportation Autation Authonditure Plan,ment practice
to the operany project sFiscal Policy ty’s Strategic
n shall be thementation of nd managingsportation Auted as requireject to appro
oard shall adoal Budget is Authority’s reas set forth tment, debt,
uthority’s fiscng calendar he final budge
BUDGET
arged with rdget will conating Expensngle line itemoles as Propement Agencr Air (TFCAprograms an
also include o
Y
AL POLICY
ons pertainingment and sathority (Tranority’s adop, federal ands.
rations of thsponsoring ais separate fr
c Plan, adopte responsibilif the Policy, ag the Transputhority Exeed or deemedoval by the Bo
opt an Annuto provide
evenues in acin other po
, procuremencal year exteyear. The seet.
esponsibilitynsist of line ses, Debt Serm for each position K Scy (CMA); anA). Supplemennd projects thother function
g to internal ales tax revennsportation Apted Admind state regu
he Transporagencies of tfrom, but shoted Debt Poity of the Trand day-to-dportation Au
ecutive Direcd advisable aoard at a pub
ual Budget bmanagemen
ccordance wiolicies includnt and disadends from Jections below
y for the prepitems for Re
rvice Expensof the TranSales Tax (
nd San Francintal budget dhat support nal categorie
FISC
RES
l fiscal managnue allocationAuthority). Itnistrative Coulations, and
rtation Auththe Transporould be appliolicy, and adoransportationay responsibuthority’s po
ctor (Executivat least once blic meeting.
by the beginnnt guidance
with the goalsding, but nodvantaged buJuly 1 of eaw further d
paration of aevenues, inclses as applica
nsportation A(Prop K) Aisco Programdocumentatiothe Capital
es as deemed
CAL POLICY SOLUTION 15-XX
Page
gement, inclun requirement is intended ode, the cud general pru
hority and isrtation Authied in conjunopted Invest
n Authority Bbility and autholicies, goalsve Director).every three y
ning of each and control and objectiv
ot limited tousiness enterach calendarefine the pr
a draft budgeluding investable, ProgramAuthority’s cdministrator
m Manager foon shall provExpenditure appropriate
1 of 6
uding nts of to be
urrent udent
s not hority, nction tment Board hority s, and . This years.
fiscal over
ves as o, the rprise r year rocess
et for tment m and capital ; San or the vide a es line .
SD
M
IV
SAN FRANCISC
DRAFT
M:\Finance\2015\Mem
B. PUBLIC
The draftof a publby the BSection 6hearing, ahearing.
C. ADOPTI
As eAuthoand cparamRevieadopt
The fby Jubudgeincludbudge
D. AMEND
Excepreviewamenamenamenof theamenresolu
V. BUDGET RE
A. ADMINI
Admimaintsuch Speci
1. SATPthlimbal
CO COUNTY TR
mos\01 Jan\Policies\At
C REVIEW OF DRA
t budget shallic hearing atoard. Notice
6061 of the Cand the draf
ON OF A FINAL BU
stablished bority Finance
capital budgemeters (spendew of a Dration of the dr
final budget fune 30 of theet by June 3ding debt seret will be ado
DMENTS TO THE A
pt as otherww or reopen
nded during tndment durinndments to the proposed a
nded final buution.
EQUIREMENTS
ISTRATIVE OPERAT
inistrative otenance of thas staff sala
ific requireme
ALARIES AND BENThe Board shPursuant to the Californiamit of one penefits of Prll other staff
RANSPORTATIO
tt 05 Draft Fiscal Policy
FT BUDGET
ll be presentet a publicly ne of the timeCalifornia Goft budget sha
UDGET
by the Transe Committeet of the Tranding limits)
aft BudgetPrraft budget t
for a given fie prior fisca
30, it must arvice. The coopted.
DOPTED BUDGET
wise providedner after the the fiscal yeang the fiscal he adopted fiamended adoudget to the
S
TING EXPENSES
operating exhe Transporaries, staff bents with res
NEFITS hall budget ahe Transpor
a Public Utilitpercent (1%) rop K prograexpenses.
ON AUTHORITY
y 2015.docx
ed at a publinoticed Trane and place overnment Call be availab
sportation Ae shall be resnsportation Aby budget li
reparation ano the Board.
iscal year shaal year. If thedopt a resol
ontinuing reso
d in this sectiBoard resol
ar to reflect year. The E
final budget; topted final bue Board. Th
xpenses inclrtation Authoenefits, offic
spect to certa
annually for rtation Authoties Code), thof the annua
am administr
Y
c hearingis ssportation Aof the publi
Code no laterble for publi
Authority’s Asponsible forAuthority. Thine item as dnd Review o
all be approvee Transportalution to conolution shall
ion, the adoplution has pactual reven
Executive Dithe Finance udget, and fohe amended
lude all expority, includice lease costain budgeted
the compenority’s enablihe Transportal net amounrative person
subject to puAuthority meic meeting shr than the 15ic inspection
Administrativr review of thhe Finance Cdetailed in Sof a Draft B
ed and adoptation Authorntinue servicinclude a da
pted final bupassed. The nues and expirector shall Committee s
or making a rfinal budget
penses relating, among ots, equipmenexpenses are
nsation (salaring legislatiotation Authont of Prop Knnel, and will
FISC
RES
ublic considereeting prior thall be publi5th day priorn at least 15
ve Code, thhe proposed
Committee shSection III.ABudget, and
ted by resolurity is unableces and paymate certain by
udget is not adopted fina
penses incurrbe responsib
shall be resporecommendat shall be ad
ted to the others, othernt rental, supe set forth be
ries and benon (Sections ority will obsK revenues fol follow appl
CAL POLICY SOLUTION 15-XX
Page
ration in the to being apprished pursuar to the day odays prior t
he Transportd overall operhall set the b
A. Preparationshall recomm
ution of the Be to adopt ament of expey which the a
subject to fual budget mred to the dable for proponsible for re
ation regardindopted by B
operations r related exppplies, and telow.
nefits) of its 131100 et s
serve the stator the salarielicable statute
2 of 6
form roved ant to of the to the
tation rating udget n and mend
Board a final enses, nnual
urther ay be ate of
posing eview ng the Board
and penses travel.
staff. seq of tutory es and es for
SD
M
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SAN FRANCISC
DRAFT
M:\Finance\2015\Mem
2. EMTlinexpTdfu
3. PEAesmnnexnfral
B. DEBT S
Propofinancmust Strate
C. CAPITA
CapitAuthoPropodocumthe C
D. PROGRA
The Tperceoccurprovisepar
E. OTHER
The Eneces
V. CAPITAL EX
As proviCommitt
CO COUNTY TR
mos\01 Jan\Policies\At
MERGENCY EXPENThe Executivne items by uxpenditures ublic, or to
The Executivays of the emuture recomm
ETTY CASH A petty cash stablished a
miscellaneousot exceed twot be limitexpenses, andecessary androm time tollocation from
SERVICE
osed debt scings within adhere to t
egic Plan and
L EXPENDITURES
tal Expenditority’s capitaosition AA Amentation sh
Capital Expen
AM AND OPERATI
Transportatioent (15%) ofrring during ided in this Pate budget lin
FUNCTIONAL CAT
Executive Dssary.
XPENDITURE A
ided by theee shall be
RANSPORTATIO
tt 05 Draft Fiscal Policy
NDITURES e Director isup to seventthat are madrepair/restor
ve Director smergency exmended actio
revolving aand maintains expenses owo hundred ed to, outsidd other pracd conveniento time to sem the operat
ervice includthe fiscal ye
the policies od the Transpo
tures shall bal expenditurAdministratohall provide anditures line i
NG RESERVE
on Authorityf the estimatthe budgete
Policy, will dene item.
TEGORIES
Director may
ALLOCATIONS
e Transporta responsible
ON AUTHORITY
y 2015.docx
s authorized ty-five thousade to protecre damaged/shall submit xplaining the ons.
ccount in thned by the f the Transpand fifty dolde photocopctical expenst for proper ek reimbursting budget.
des debt serear. Decisionoutlined in tortation Auth
be listed as re programmor, and CMAa detailed lisitems.
y shall allocaed net annud fiscal yearemonstrate th
y designate o
ation Authoe for recom
Y
to exceed thand dollars ($t the health,
/destroyed pa report to tnecessity of
he amount oExecutive
portation Aullars ($250). pying expenses as determadministratioement of th
rvice of outns to fund cathe Transpohority Debt P
a single linming roles, wA and TFCA
ting of the c
ate not less al sales tax r. The adoptehe percentag
other functio
rity’s Adminmmending a
he overall adm($75,000), for, safety, and roperty for tthe Finance f the action,
of one thousDirector f
uthority. IndiSuch miscel
nses, office mined by thon. The Exehis account
tstanding deapital expendrtation AuthPolicy.
ne item for which current
local admincapital progra
than five perevenue as aed final budge and amou
onal categori
nistrative Coallocation of
FISC
RES
ministrative or the actual cwelfare of t
the TranspoCommittee a listing of
sand dollars for the purividual expenllaneous expsupplies, mehe Executivecutive Directo the maxi
ebt as well ditures throu
hority’s most
each of thtly are Prop
nistrator. Supams and pro
ercent (5%) a hedge againdget, as it maunt set aside i
ies as deeme
ode, the Plf funding f
CAL POLICY SOLUTION 15-XX
Page
operating expcost of emergthe agency ortation Authwithin thirtyexpenditures
($1,000) mrposes of pnditures shallenses includeeting and e Director tctor is authoimum balanc
as of anticiugh debt issut current ado
he TransportK Administ
pplemental bojects that su
and up to finst an emergay be amendin the reserv
ed appropria
lans & Progfor those c
3 of 6
pense gency or the hority. y (30) s, and
ay be paying l may
de but travel to be orized ce by
ipated uance opted
tation trator, udget pport
fifteen gency
ded as ve as a
ate or
grams capital
SD
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SAN FRANCISC
DRAFT
M:\Finance\2015\Mem
expenditureviewingresolutionstrategic categorieencompaas necessFiscal andprogramsStrategic
Changes revision uthat excebudget toallocated respective
For allocmaximumyear of aCapital Ereimburseactions. Tadopted i
VI. DEBT ISSU
As defineCommittAuthorityAuthorityfor financ
VII. INVESTME
As defineFinance CAuthorityTransporinvestmen
VIII. REPORTING
The ExecTransporhave beenand the Transpor
CO COUNTY TR
mos\01 Jan\Policies\At
ure programsg the Plans n. The Transplan that des, funding ass the period
sary. The Strd Debt Polics and projecPlan in force
in the capitaunless such ceed the amouo be recomcapital fund
e Capital Exp
cations with m reimbursemllocation sha
Expendituresement schedThe Transpoin the origina
UANCE
ed by the Traee shall be ry. Please refey, for the debcing eligible p
NTS
ed by the TrCommittee shy funds. Pleartation Authnt-related act
G REQUIREME
cutive Directrtation Authon implementTransportati
rtation Auth
RANSPORTATIO
tt 05 Draft Fiscal Policy
s and project& Programssportation Aerives from tand deliveryd remaining orategic Plan cies to ensurects. No alloce at the time
al expenditurchanges exceunt of the b
mmended by ding for eacpenditures bu
multi-year ment level peall count agas line item fdule amountortation Authal and any su
ansportationresponsible fer to the curbt issuance pprograms an
ransportationhall be respoase refer to hority, for tivities of the
NTS
tor shall repority’s actualted pursuantion Authoritority’s finan
ON AUTHORITY
y 2015.docx
ts in the ados Committee
Authority willthe provisiony priority oon the Prop and its govee the proper cations shall of the alloca
re supplemeneed authorizaudget line itthe Finance
ch Transportudget line ite
cash distriber fiscal year, ainst the Capfor subsequs committedhority will n
ubsequent allo
Authority’s for oversight rent version
program guidd projects.
n Authority’sonsible for ovthe current the investm
e Transporta
ort to the Fil expendituret to this Fiscty investmencial transact
Y
opted final bue’s recommel adopt, mainns of the Prf projects tK Expendit
erning policieallocation ofbe approve
ation.
ntal budget dation for thetem will reque Committeetation Authoem for the fis
utions, the and only the
pital Expendient year ann
d through thnot guaranteeocation actio
Administratiof the debt of the Debt
delines regard
s Administraversight of thversion of t
ment progration Authori
inance Commes, budgetary
cal Policy, thnt program. tions and re
udget. The Bendation andntain and perop K Expento be fundeture Plan andes shall be uf funds for ad that are in
documentatioe respective buire an amene and adoptority role shscal year.
allocation re reimbursem
ditures line itnual budget
he original ane reimbursemons.
tive Code andt issuance prt Policy mainding the issua
ative Code ahe investmenthe Investm
am guidelineity.
mittee at leary performanhe Transporta
The Financcords to be
FISC
RES
Board shall bd allocating eriodically upnditure Planed. The Strd shall be upused in comand timely finnconsistent w
on do not cobudget line itndment to thted by the
hould be no
resolution shment amounttem for that s shall reflend any subs
ment levels h
d its Debt Pogram for thntained by thance and ma
and its Invesnt program f
ment Policy mes regarding
ast on a quarnce, authorization Author
ce Committee audited by
CAL POLICY SOLUTION 15-XX
Page
be responsibproject fund
pdate a multn and outlinerategic Plan pdated period
mbination witnancing of elwith the ado
onstitute a btem. Any chhe approvedBoard. The greater than
hall spell out authorized ibudget year
ect the maxisequent allochigher than
Policy, the Finhe Transporthe Transportanagement of
stment Policyfor Transportmaintained bg all funds
rterly basis ozed variancesrity debt pro
ee shall causy an indepen
4 of 6
le for ds by ti-year es the
shall dically th the ligible opted
udget anges
d final total
n the
ut the in the r. The imum cation those
nance tation tation f debt
y, the tation
by the and
on the s that ogram se the ndent,
SD
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SAN FRANCISC
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certified presults of
X. PROCUREM
It shall beand servirequire a local new131285 ashall be aemergencAuthorityby a twomaterials
Procurembe award
The seleclandscapemanagemqualificatithe Trans
All procuinformal competiti
A. DISADV
Any pappliccontr
B. CONFLI
No eor in intereofficecontr
C. CONTRA
Apprgoodthousexecuprovibudge
CO COUNTY TR
mos\01 Jan\Policies\At
public accouf the audit.
MENT OF GOOD
e the policy oices. Procureformal bid p
wspapers or nd 131286, fawarded to tcy declared by, or, if after
o-thirds vote may be purc
ments of supped to the low
ction of proe architectu
ment firms, sions necessasportation Au
urement tranquote, or b
ion.
VANTAGED BUSINE
procurementcable non-dracting policie
CT OF INTEREST
mployee, offthe award o
est, real or aer, or agent ractors, poten
ACTS
oval of the Bs or professiosand dollars ute all such ided that theet, as amend
RANSPORTATIO
tt 05 Draft Fiscal Policy
untant firm a
DS AND SERVIC
of the Transpements in amprocess inclu
other mediformal procuthe lowest reby the vote rejecting bidof all of its
chased at a lo
plies, equipmwest responsi
ofessional seral, engineeshall be on ry for the sauthority’s Pro
nsactions, regy negotiation
ESS ENTERPRISE R
t whether foriscriminationes in place at
ficer or agenr administratapparent, as shall solicit
ntial contract
Board is requonal services($75,000) in contracts th
e amounts ared in accorda
ON AUTHORITY
y 2015.docx
at least annua
CES
portation Aumounts greatuding advertia outlets. P
urement of suesponsible bof two-thir
ds received, s voting memower price in
ment, and maive bidder fo
ervices, of suering, envirothe basis of
atisfactory peocurement P
gardless of dn, shall be c
REQUIREMENT
rmal or inforn, minority/t the time of
nt of the Trantion of a condefined by or accept g
tors or partie
uired prior tos that authoria fiscal year.
hat authorizee consistent ance with thi
Y
ally and a rep
uthority to coter than sevesing requestsursuant to Cupplies, equi
bidder after cds of the vothe Transpo
mbers that, ithe open ma
aterials in amllowing an in
uch as legal,onmental, laf demonstraterformance oPolicy.
dollar value conducted in
rmal shall co/local/women
procuremen
nsportation Antract if such
state statutegratuities, faves to sub-agre
o the executioizes payment The Execut
e payments nwithwere idis Policy for
port to be su
ompetitively enty-five thos for bids anCalifornia Pipment, and competitive oting memb
ortation Authin its opinioarket.
mounts equalnformal com
, financial aand surveyinted compete
of the service
and regardlen a manner
omply with thn-owned bu
nt.
Authority shh participatioe and applicvors or anytheements.
on of any cots that in thetive Directornot in exces
dentified and the current f
FISC
RES
ubmitted to
bid the procousand dolla
nd/or proposPublic Utilitie
materials in beddingbidd
bership of thhority determon the suppli
l to or less tpetitive bid p
advisory, privng, or conence and ones required in
ess of wheththat promot
he Transporusiness and
hall participatn would resu
cable case lawhing of mon
ontract for th aggregate exr is authorizess of $75,00included in
fiscal year or
CAL POLICY SOLUTION 15-XX
Page
the Board o
urement of gars ($75,000)sals in appropes Code Secexcess of $7
ding, except he Transportmines and deies, equipme
than $75,000process.
vate architecnstruction prn the professn accordance
her by sealedtes free and
rtation Authoother appli
te in the seleult in a conflw. No emplnetary value
he procuremexceed seventyed to approv00 per fiscal
the adoptedr, in the even
5 of 6
on the
goods shall priate ctions 75,000
in an tation clares
ent or
0 shall
ctural, roject sional e with
d bid, open
ority’s icable
ection lict of loyee, from
ent of y-five
ve and year,
d final nt that
SD
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SAN FRANCISC
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M:\Finance\2015\Mem
the cExecusimilaExecuof theadopt
The fBoardfor pras app
No cAuthoPlan. restric
The Taccouinvestrequir
CO COUNTY TR
mos\01 Jan\Policies\At
contract wasutive Directoar scope andutive Directoe amendmented final bud
foregoing nod approval, arograms andproved by sp
contractual oority in exceAll expendi
ctions placed
Transportatiunting servictment and dred by the Tr
RANSPORTATIO
tt 05 Draft Fiscal Policy
s not complor is authorid nature, anor may execunt does not exdget.
otwithstandinall standard gd projects defpecific Board
obligations, ass of its abiliitures shall cd on the use o
on Authorityces. Said co
disbursement ransportation
ON AUTHORITY
y 2015.docx
leted in a szed to amen
nd to increasute such amexceed $75,00
ng, the Execugrant agreemfined in the
d action.
administrativity to pay, ascomply with of said funds
y shall estabontracts shal
of funds, pan Authority.
Y
single fiscal nd contracts se or reduceendments wit00 and so lon
utive Directoents based uadopted fina
e or capital, s defined by
all federal, s.
blish contracll include payroll functio
year, the coto extend ti
e the total athout prior B
ng as the ame
or is authoriupon a grant al budget sup
shall be assthe adopted state, and lo
cts for bankiprovisions foons, and ong
FISC
RES
ontiguous fiime, to add amount of tBoard approvendment is c
ized to execuaward to a s
pplemental d
sumed by thfinal budget
ocal statutor
ing, investmor the receigoing financi
CAL POLICY SOLUTION 15-XX
Page
fiscal year(s).or delete tasthe contract.val, if the amonsistent wit
ute, without sponsoring agdocumentatio
he Transportt and the Strary and other
ment and stanipt, maintenial data repo
6 of 6
. The sks of . The
mount th the
prior gency on, or
tation ategic
r legal
ndard nance, orts as
SAN FRAN
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M:\Finance\201
I. IN
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III. PR
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IV. O
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1)
2)
NCISCO COUNT
5\Memos\01 Jan\Poli
NTRODUCTION
The purpose or a prudent ctivitiesproce
The investmeAuthority (the
rovisions of n accordancef Chapter 4 3600 et seq.)elevant bond
COPE
This policy Transportatio
Bond proceeAuthority Boa
ermitted invn addition tonvestment annvestment Pnvestment Po
RUDENT INVES
n managing nvestor” stan
managing an oaking into aconditions, thprudent per
tewardship o
BJECTIVES
The primary ore:
) Safety.Investto ens
) Liquiditliquid flow r
TY TRANSPORT
cies\Att 06 Draft Inves
of this docuand systema
edures.
ent policies ae Transportastate law and
e with the Trof Part 1 o
). The investd documents.
covers all n Authority.
eds shall beard- approveestments, bo
o the securitind forward Policy, the policy do not
STOR STANDAR
its investmendard as statoverall portfcount the pr
he anticipatedrson acting inof funds of a
objectives, in
Safety of ttments of thure preserva
ty. The Tranto enable th
requirements
TATION AUTHO
stment Policy 2015.do
INVES
ument is to seatic investmen
and practicesation Authorid to prudentransportationf Division 2tment of bon
funds and
e invested ined (Board) boond proceedsies listed in Sdelivery agr
percentage oapply to bon
RD
ent program, ted in Gove
folio. Investmrevailing circud needs of thn a fiduciary like characte
n priority ord
the principale Transporta
ation of the p
nsportation Ahe Transpor.
ORITY
ocx
STMENT PO
et out policient policy and
s procedures ity) are, in evt money mann Authority’s2 of Title 5 ond proceeds
investment
n the securond documens will be inveSection IX breements. Nor dollar po
nd proceeds.
the Transpoernment Codments will beumstances, in
he Transportacapacity and
er and purpos
er, for the Tr
l is the foreation Authorprincipal of th
Authority’s rtation Auth
OLICY
es and proced to organize
of the San very case, sunagement pris Investmentof the Califowill be furth
t activities
rities permitnts. If the boested in the sbelow, bond
Notwithstandiortfolio limi
ortation Autde Section 53e made with cncluding, buation Authord familiar witse.
ransportation
emost objectrity will be uhe funds und
investment ority to mee
INV
edures that ee and formali
Francisco Cubject to andinciples. All ft Policy, and ornia Governher restricted
under the
tted pursuanond documensecurities perproceeds maing the otheitations liste
thority will o3600.3, applcare, skill, pr
ut not limitedrity and otheth those mat
n Authority’s
tive of the undertaken inder its contro
portfolio wiet its reason
VESTMENT PO
RESOLUTION 1
Pa
enhance oppize investmen
ounty Transd limited by afunds will beapplicable p
nment Coded by the prov
jurisdiction
nt to Transnts are silentrmitted by thay also be iner provisioned elsewhere
observe the lied in the corudence and d to general eer relevant factters would u
s investment
investment n a manner tol.
ill remain sunably anticipa
LICY 15-XX
ge 1 of 11
ortunities nt-related
sportation applicable e invested provisions e (Section visions of
n of the
sportation t as to the his policy. nvested in ns of this e in this
“Prudent ontext of diligence, economic ctors that use in the
t activities
program. that seeks
ufficiently ated cash
SAN FRAN
DRAFT
M:\Finance\201
3)
V. D
MAABinAinAby
VI. ET
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VII. IN
TIn
VIII. AU
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IX. PE
CpTbunfi
PwAre
NCISCO COUNT
5\Memos\01 Jan\Poli
) Return managand ecparam
ELEGATION OF
Management’sAuthority BoAuthority TreBoard may rennvestment trAuthority manvestment dAuthority. Th
y the Execut
THICS AND CO
Officers, androcess will n
awful executmpartial decis
NTERNAL CONT
The Transpornvestment Po
UTHORIZED FIN
The Executivinancial serv
Transportatioelected on thhe State of Cnd other reqeposit will be
ERMITTED INV
California Gourchase by
Transportatioelow. The pnreasonable inancial instit
Percentage limwhere indicateAuthority is equirement, t
TY TRANSPORT
cies\Att 06 Draft Inves
on Investmeged with theconomic cycl
meters and the
F AUTHORITY
s responsibilard and is heasurer. Pursnew the deleansaction exay retain thecision-maki
he advisor wiltive Director
NFLICT OF INT
d employees anot engage intion of the sions.
TROLS
rtation Autholicy and wit
NANCIAL INSTI
ve Director wvices providn Authority
he basis of cralifornia. Th
quirements ue made excep
VESTMENT INS
overnment Cthe Trans
n Authority portfolio wiland avoidab
tutions.
mitations, wed, apply at tsubject to athe Executiv
TATION AUTHO
stment Policy 2015.do
ent. The Tre objective oles commense cash flow c
lity for the hereby delegsuant to theegation pursuxcept as prove services oing and to ll follow the .
TEREST
and agents on any personinvestment
hority will esth the applica
ITUTIONS AND
will establishders authoriz
will establishredit worthin
hese include punder Secuript in a qualifi
TRUMENTS
Code Section sportation Aseeks to fur
ll be diversifble concentr
where indicatthe time of pa rating chanve Director w
ORITY
ocx
ransportationof attaining asurate with thcharacteristic
investment pgated to the e requiremenuant to this svided under of an investexecute invepolicy and s
of the Transpnal business program, or
stablish interable requirem
DEALERS
h and maintzed to provh and maintaness, that areprimary dealeties and Excied public de
53601 goveAuthority. Wrther restrictfied by secuation risks r
ed, apply aturchase. In tnge that bri
will notify the
n Authoritya market ratethe Transporcs of the port
program is Executive D
nts of the Cection each ythe limits o
tment advisoestment transuch other w
portation Autactivities thar which cou
rnal controlsments of the
tain a list ofvide investmain a list of ae authorized ers or regionchange Comepository as e
erns and limWithin tho
t eligible inveurity type anregarding spe
t the time othe event a seings it belowe Board of th
INV
y’s investmene of return trtation Authotfolio.
derived fromDirector actiCalifornia Goyear. No per
of this policyor to advisensactions fo
written instruc
thority involvat could conuld impair t
s to ensure California G
f financial inment serviceapproved secto provide i
nal dealers thammission Ruestablished b
mits the invesose investmestment to t
nd institutionecific securit
of purchase. ecurity held bw the minimhe change. Th
VESTMENT PO
RESOLUTION 1
Pa
nt portfoliothroughout bority’s investm
m the Transing as Transovernment Crson may engy. The Transe it with rer the Transctions as are
ved in the innflict with prtheir ability
compliance Government C
nstitutions aes. In addicurity brokernvestment seat meet the n
ule 15c3-1. Nby state law.
stments perment limitatithe investmen, to avoid ty types or i
Rating requby the Transmum specifihe course of
LICY 15-XX
ge 2 of 11
o will be budgetary ment risk
sportation sportation Code, the gage in an sportation espect to sportation provided
nvestment roper and to make
with the Code.
and other tion, the r/dealers, ervices in
net capital No public
mitted for ons, the
ents listed incurring
individual
uirements sportation ied rating f action to
SAN FRAN
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M:\Finance\201
bfoan
1
2
3
4
5
6
NCISCO COUNT
5\Memos\01 Jan\Poli
e followed wor the rate dnd the curren
. Unitedwhichand ininvest
. Federaparticiprincipenterpinvest
. Repurpercenrestricare acdeliverhandlesecuritof thequartefluctuaof thebusine
. Obligabondscontrorated organimay b
. RegistCalifopropeauthorthe obstatistithe po
. Bankeare elirated iexceedmore Banke
TY TRANSPORT
cies\Att 06 Draft Inves
will then be droprating rednt market pri
d States Treah the faith annterest. Thered in this cat
al agency ipations, or opal and inte
prises. Thereed in this cat
rchase Agreemntage of the pctions will becceptable cored to the ed under a pties that und funds borro
erly. Since thations, the ine underlying ess day.
ations of thes payable soolled or operin one of thization (NRS
be invested in
tered treasuryrnia, includinrty owned, crity of any obligations areical-rating or
ortfolio that m
ers’ Acceptangible for purin the highesd 180 days mthan 30 perc
er’s Acceptan
TATION AUTHO
stment Policy 2015.do
decided on a duction, progice of the sec
asury notes, nd credit of tre is no limitegory.
or United other instrumerest by fed
e is no limitategory.
ments not toportfolio thae observed: Oollateral. All Transportati
properly execderlay a repurowed against he market vanvestments in
securities is
e State of Colely out ofrated by the she two highSRO). There n this categor
y notes or bng bonds payontrolled, or
of the other e rated in onrganization (may be inves
nces issued brchase by thest category b
maturity or 4cent of the Tnces of any o
ORITY
ocx
case-by-casegnosis for recurity.
bonds, billsthe United Sttation as to
States govments, includderal agenciation as to
o exceed oneat may be invOnly U.S. Tr
securities uion Authori
cuted tri-partrchase agreethose securi
alue of the un repurchase brought ba
California or f revenues fstate or any lest categorieis no limitat
ry.
bonds of anyyable solely or operated by49 United S
ne of the two(NRSRO). Tsted in this ca
by domestic oe Federal Resby a NRSRO0 percent of
Transportatione commerc
e basis, consecovery or fu
, or certificatates are pledthe percent
vernment-spding those ises or Unitethe percenta
e year duratiovested in this reasury securunderlying rity’s custodity repurchaseement will beities and the vunderlying see agreements ack up to 10
any local afrom a revelocal agency;es by a natiotion as to th
y of the otheout of the revy a state or byStates, in addo highest cateThere is no lategory.
or domestic serve System
O. Purchases f the Transpon Authority’
cial bank.
INV
sidering suchurther rate d
ates of indebdged for the tage of the p
ponsored enssued by or fed States goage of the p
on. There is n category. Thrities or Federepurchase an bank vee agreement.e valued at 1value will be
ecurities is su will be in co
02 percent n
agency withinenue-produci; provided thonally recogn
he percentage
er 49 Unitedvenues fromy a departme
dition to Caliegories by a limitation as
branches of m, the short-te
of Banker’s ortation Auth’s portfolio m
VESTMENT PO
RESOLUTION 1
Pa
h factors as thdropsrating re
btedness, or payment of
portfolio tha
nterprise obfully guarantovernment-sportfolio tha
no limitationhe following eral Agency agreements
ersus paymen. The market02 percent o
e adjusted noubject to dailompliance if
no later than
n the state, ing propertyhat the obliganized statistie of the port
d States in adm a revenue-pent, board, agifornia, provnationally reto the perce
f foreign bankerm paper ofAcceptanceshority’s port
may be invest
LICY 15-XX
ge 3 of 11
he reason eductions
those for f principal at may be
bligations, teed as to ponsored t may be
n as to the collateral securities must be
nt or be t value of or greater less than ly market the value the next
including y owned, ations are ical-rating tfolio that
ddition to producing gency,; or vided that ecognized entage of
ks, which f which is s may not tfolio. No ted in the
SAN FRAN
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7
8
9
10
1
12
NCISCO COUNT
5\Memos\01 Jan\Poli
. Commnumbmeet organiassets than ccorpotrust, not limpaper paper outstaportfo
. Mediusecuritcorpoinstitucorpoof meportfo
. FDIClocatematuri
To beassocirating federaCalifoto Secassesscomm
0. Negotcharteunion of dep
1. State obe revmay bmaxim
2. The CCalifolaw truGover
TY TRANSPORT
cies\Att 06 Draft Inves
mercial paperer rating as pall of the ized and opin excess of
commercial pration will bor limited liamited to, ovthat is ratedmay not e
anding paper olio.
um-term corpties with a rations orga
utions licenserate notes wedium-term nolio.
insured or d in Californity or 10 perc
e eligible toation, or fedof not less
al financial rnia’s comm
ction 2906 ofment of th
munities, cons
tiable certificered bank, a
or by a stateposit may not
of Californiaviewed periodbe invested imum allowed
California Asrnia Governust establishernment Cod
TATION AUTHO
stment Policy 2015.do
r of “prime” provided by acriteria in eerating with
f five hundrepaper, if anye organized wability compaer collateralid “A-1” or exceed 270
of an issuin
porate notesmaximum
anized and ed by the U.S
will be rated innotes will n
fully collaternia. Purchasecent of the T
o receive locderally insure
than “satisfsupervisory
munities, incluf Title 12 of
he insured dsistent with s
cates of depsavings asso
e-licensed brat exceed 30 p
a’s Local Agedically. Therein this categ
d by LAIF.
set Managemnment Code. ed pursuant e of the Sta
ORITY
ocx
quality rateda NRSRO. Teither (1) orin the United million doy, that is ratwithin the Uany, has progizations, lettehigher, or edays’ matur
ng corporatio
s, defined as remaining operating w
S. or any statn a rating ca
not exceed 3
ralized time es of time ceTransportatio
cal agency med industrial factory” in itagency of
uding low- anf the United depositories’ safe and soun
posit or depociation or aanch of a forpercent of th
ency Investme is no limita
gory. Howeve
ment Program The Prograto Section 6
ate of Califor
d the highest The entity thar (2) as folloed States as
ollars ($500,0ted “A” or h
United States gram wide crers of credit,equivalent byrity nor repon, or 25% o
all corporatmaturity of
within the Ute and operatategory “A” o30 percent o
certificates oertificates of on Authority’
money, a bloan compa
ts most receits record o
nd moderateStates Code.ability to
nd operation
posit notes a federal assreign bank. Phe Transporta
ment Fund (Lation as to ther, the amou
m, as authoram constitute6509.7 of Titrnia which i
INV
ranking or oat issues the cows: (1) thea general c
00,000), andhigher by a as a special
redit enhanc, or surety by a NRSRO.present morof the Trans
te and deposf five yearsUnited Stateting within thor better by
of the Trans
of deposit indeposit may’s portfolio.
bank, savingsany shall havent evaluatioof meeting -income neig. The FFIEmeet the c
ns.
issued by aociation, a s
Purchases of ation Author
LAIF). The Lhe percentageunt invested
rized by Sectes shares in tle 1, Divisioinvests exclu
VESTMENT PO
RESOLUTION 1
Pa
of the highescommercial pe corporationorporation,
d will issue deNRSRO; orpurpose corements inclu
bond; has co. Eligible core than 10%sportation A
sitory institus of less, ises or by dhe U.S. Meda NRSRO. Pportation A
n financial iny not exceed
s associationve received aon by the ap
the credit ghborhoods, C provides aredit needs
a nationally state or fedenegotiable ce
rity’s portfoli
LAIF portfole of the port
d may not ex
tion 53601 (a California
on 7, Chapterusively in inv
LICY 15-XX
ge 4 of 11
t letter or paper will n will be will have ebt, other r (2) the rporation, uding, but ommercial ommercial % of the uthority’s
ution debt ssued by
depository dium-term Purchases uthority’s
nstitutions 1 year in
n, federal an overall ppropriate needs of pursuant
an overall of their
or state-eral credit ertificates io.
lio should tfolio that xceed the
(p) of the common
r 5 of the vestments
SAN FRAN
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13
14
1
16
X. IN
Tinin
NCISCO COUNT
5\Memos\01 Jan\Poli
permitCalifo
3. Insuredeposfor mThere categoCode portiohave aper G
4. PlacemprivatefinancThe fmaximdeposCDs arestric
5. The SperceninvestCountspecifiComm
6. SharesmarkeInvestsubdiv
The pcommTransp
NELIGIBLE INVE
The Transpornterest-only sn zero interes
TY TRANSPORT
cies\Att 06 Draft Inves
tted by subdrnia, as it ma
ed savings acits, a financia
meeting the cis no limitat
ory. Bank deSection 536
on that is cova signed agreovernment C
ment Servicee sector enti
cial institutionfull amount mum term oit insurance.and Negotiabcted to five ye
San Franciscntage of thements of Trty Treasury fically requimissioners pr
s of beneficiaet funds regtment Compvision these c
Attain the less than tw
Have an iSecurities managing of five hun
purchase primission that t
portation Au
ESTMENTS
rtation Authstrips that arest accrual if h
TATION AUTHO
stment Policy 2015.do
divisions (a)ay be amende
ccount or moal institutionredit needs tion as to theposits are re30 et. seq. Tvered by fedeeement with Code Section
e Certificatesity that assistns located inof the prinf each certif. The combible CDs is limears.
o City and e portfolio ransportation
Pool to agre the app
rior to purcha
al interest issgistered withpany Act ofcompanies sh
highest rankwo NRSROs
investment aand Exchangmoney mark
ndred million
ice of sharethese compa
uthority’s por
hority will ne derived froheld to matur
ORITY
ocx
to (o) of Sed.
oney market n must have r
of Californiahe percentageequired to beThe collateraeral deposit iany deposito
n 53649.
s of Depositts in the placn the Unitedncipal and thficate of depined maximumited to 30%
County Treathat may b
n Authority fgencies of thproval of ase or accept
sued by diverh the Securif 1940. To hall have mee
king or highes.
advisor regisge Commiss
ket mutual fun dollars ($50
s of beneficanies may chrtfolio.
ot invest anom a pool of rity.
Section 5360
account. To received a ma communitie of the porte collateralizealization requinsurance. Tory accepting
t (CDs). Cercement of c
d States (Govhe interest tposit shall aum portfolio%. The maxi
asury Pool. be invested funds investhe City andthe Transp
tance.
rsified managities and Exbe eligible et either of th
est letter and
stered or exsion with nounds with as00,000,000).
cial interest harge and w
ny funds in f mortgages, o
INV
01 of the G
be eligible tominimum oveties in its motfolio that med as specifieuirements m
The Transporg Transporta
rtificates of dertificates ofvernment Cothat may be
at all times bo exposure timum investm
There is noin this cateed in the Sa
d County ofportation A
gement compxchange Cofor investmhe following
numerical ra
xempt from ot less than fsets under m
purchased will not excee
inverse floaor in any sec
VESTMENT PO
RESOLUTION 1
Pa
Government
o receive locerall satisfactoost recent ev
may be invested under Govay be waivedrtation Authoation Author
deposit placef deposit witode Section e accrued dube insured bto Placemenment maturi
o limitation egory. Any an Francisco f San Franc
Authority B
panies that aommission u
ment pursuang criteria:
ating provide
registration five years’ ex
management
will not inced 20 percen
aters, range curity that co
LICY 15-XX
ge 5 of 11
Code of
cal agency ory rating valuation. ed in this vernment d for any ority shall rity funds
ed with a th eligible 53601.8). uring the
by federal nt Service ity will be
as to the loans or City and
cisco will Board of
re money under the nt to this
ed by not
with the xperience in excess
clude any nt of the
notes, or ould result
SAN FRAN
DRAFT
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XI. M
Insc
Wnagyeoth
XII. R
TArein
TpthoAexTPre
XIII. SA
AdseT
NCISCO COUNT
5\Memos\01 Jan\Poli
MAXIMUM MAT
nvestment mcheduled so a
Where this Poo investmengreement, thears, unless tr as a part ofhe investmen
EPORTING REQ
The ExecutivAuthority Boaeport each qndividual inve
Type o Issuer Purch Matur Purch Par va Amor Curren Credit Overa Sale D
The quarterly olicy, or manhe Transportf contracted
Authority to xplanation a
TransportatioPool the Exeecent investm
AFEKEEPING A
All security trelivery-versuelected by th
Transportatio
TY TRANSPORT
cies\Att 06 Draft Inves
TURITY
maturities wias to permit
olicy does nont will be mhat at the timthe Board haf an investment.
QUIREMENTS
ve Director ard. In additquarter, whicestment:
of investmenr name ase date
rity date ase price
alue tized cost nt market vat rating all portfolio yDate of any in
report also wnner in whichtation Autho
d parties, andmeet its e
as to why n Authority’
ecutive Direcment report f
AND CUSTODY
ransactions eus-payment bhe Transportan Authority
TATION AUTHO
stment Policy 2015.do
ill be based the Transpor
ot specify a mmade in any me of the inveas granted exent program
will submittion, the Exch will inclu
nt instrument
lue and the s
yield based onnvestment so
will (i) state ch the portfol
ority’s funds, d (iii) includxpenditure rsufficient ms investmentctor will profurnished by
entered into basis. Securitation Authoras beneficiar
ORITY
ocx
on a reviewrtation Auth
maximum remsecurity, oth
estment has xpress authorapproved by
t a quarterlyecutive Dire
ude, at a mi
t
source of the
n cost old prior to m
compliance olio is not in cinvestmentse a statemenrequirements
money may, ts held in theovide the Trathe Office o
by the Tranties will be hrity. The secury.
w of cash fhority to meet
maining matuher than a a term remairity to make y the Board n
y list of traector will subinimum, the
e valuation
maturity
of the portfolcompliance, s or programnt denoting s for the nor may, no
e City and Coansportation
of the Treasur
nsportation Aheld by an inurities will b
INV
flow forecastt all projecte
urity at the timsecurity undining to matthat investm
no less than
ansactions tobmit to the e following i
lio to the sta(ii) include a
ms that are unthe ability o
next six moot be availaounty of San
n Authority Brer and Tax C
Authority windependent
be held direct
VESTMENT PO
RESOLUTION 1
Pa
ts. Maturitied obligations
me of the invderlying a returity in exce
ment either spthree month
o the TransBoard an ininformation
atement of ina description nder the manof the Transonths, or prable. For al
n Francisco’sBoard with Collector.
ill be conducthird-party c
tly in the nam
LICY 15-XX
ge 6 of 11
es will be s.
vestment, epurchase ess of five pecifically
hs prior to
sportation nvestment
for each
nvestment of any of nagement sportation rovide an ll of the Treasury the most
cted on a custodian me of the
SAN FRAN
DRAFT
M:\Finance\201
XIV. IN
Twco
NCISCO COUNT
5\Memos\01 Jan\Poli
NVESTMENT PO
The Executivwhich the Boonsidered by
TY TRANSPORT
cies\Att 06 Draft Inves
OLICY REVIEW
ve Director woard will cony the Board a
TATION AUTHO
stment Policy 2015.do
will annuallynsider at a
at a public me
ORITY
ocx
y render to tpublic meeteeting.
the Board ating. Any ch
INV
a statement ohanges to th
VESTMENT PO
RESOLUTION 1
Pa
of investmenhe policy wil
LICY 15-XX
ge 7 of 11
nt policy, ll also be
SAN FRAN
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AGENC
ASKED.
BANKERThe accep
BENCHMportfolio.of the po
BID. TheOffer.
BROKER
CERTIFILarge-den
COLLATrepaymen
COUPONbond’s fa
DEALEhis own a
DEBENT
DELIVEpayment of moneyreceipt fo
DERIVAmovemenfinancial security (i
DISCOUthan faceat a disco
DISCOUand redee
DIVERSreturns.
NCISCO COUNT
5\Memos\01 Jan\Poli
CIES. Federal
The price at
RS’ ACCEPpting institut
MARK. A co. A benchma
ortfolio’s inve
e price offere
R. A broker b
ICATE OF Dnomination C
TERAL. Secnt of a loan. A
N. (a) The anace value. (b)
R. A dealer, account.
NTURE. A bo
ERY VERSUand delivery
y for the secuor the securiti
ATIVES. (1)nt of one orcontracts bainterest rates
UNT. The dife value. A secount.
UNT SECURemed at matu
SIFICATION
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omparative bark should reestments.
ed by a buyer
brings buyers
DEPOSIT (CCD’s are typi
curities, evideAlso refers to
nnual rate ofA certificate
as opposed t
ond secured o
US PAYMENy versus receiurities. Delivies.
) Financial ir more undeased upon nos, foreign exc
fference betwcurity selling
RITIES. Nonurity for full
N. Dividing i
TATION AUTHO
stment Policy 2015.do
urities and/or
rities are offe
A). A draft oees payment o
base for measepresent a clo
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s and sellers t
CD). A time dically negotia
ence of depoo securities p
f interest thae attached to
to a broker, a
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very versus re
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ORITY
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r Governmen
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or bill or excof the bill, as
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together for a
deposit withable.
osit or other pledged by a
at a bond’s ia bond evide
acts as a prin
general credit
are two methversus paym
eceipt is deliv
whose returx or security,unts whose vequities or c
t price of a snal offering p
aring money g., U.S. Treas
funds among
nt-sponsored
change acceps well as the i
erformance oon to the leve
ou are selling
a commissio
h a specific m
property, whbank to secu
ssuer promisencing intere
ncipal in all tr
t of the issue
hods of delivment is delivevery of secur
rn profile is , and may invalue is deri
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very of secuery of securirities with an
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VESTMENT PO
RESOLUTION 1
Pa
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ank or trust c
nce of the ind the average
you ask for a
enced by a C
wer pledges of public mo
he bondholdpayment date
buying and s
urities. deliveities with an
n exchange of
or derived fveraging facton underlying
when quotedso is conside
are issued a
offering ind
LICY 15-XX
ge 8 of 11
company.
nvestment e duration
bid.) See
Certificate.
to secure onies.
er on the e.
selling for
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d at lower ered to be
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NCISCO COUNT
5\Memos\01 Jan\Poli
AL CREDITclasses of insives, and exp
AL DEPOSIcurrently up
AL FUNDS y the Federal
AL HOME banks), whicrift institutioing related as
AL NATIOd under the Funder the aungle provideris a private
e mortgages quid and aremely paymen
AL OPEN MBoard and fivReserve Bankee periodica
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porters.
IT INSURA to $100,000
RATE. Thel Reserve thr
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ONAL MORFederal Natiouspices of thr of residentistockholder-and second
e widely accent of principa
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TEMENTS. Fdance with gr opinion of
NATIONAL ume of bankavings and loof the U.S. he term “pas
id asset is olue. In the m
arrow and rea
TATION AUTHO
stment Policy 2015.do
ES. Agencied individuals,
ANCE CORP0 per deposit.
e rate of interough open-m
NKS (FHLB)s and provid
nions and insembers who
RTGAGE Aonal Mortgaghe Departmenial mortgage -owned corploans, in addepted. FNMal and interes
COMMITTEEelve Federal nent membero set Federa
pen market a
M. The centoard of Govemembers of t
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MORTGAGk credit gua
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ORITY
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PORATION .
erest at whichmarket opera
B). Governmede correspondurance compmust purcha
ASSOCIATIge Associationt of Housinfunds in the
poration. Thedition to fixe
MA assumes st.
E (FOMC). Reserve Ban
r, while the oal Reserve g
as a means o
tral bank of ernors in Wathe system.
tements are aepted accounndent certifie
GE ASSOCIaranteed by ons, and othet. Ginnie Mais often used
n be converet, a security e can be done
deral governsmall busin
N (FDIC). A
h Fed fundsations.
ent sponsoredent bankingpanies. The mase stock in t
ION (FNMAn Act in 193ng and UrbaUnited State
e corporationed-rate mortgand guarant
Consists ofnk Presidentsother Presideguidelines reof influencin
f the Unitedashington, D
an overview nting principled public ac
CIATION (GGNMA an
er institutionae securities d to describe
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f seven mems. The Presidents serve onegarding pur
ng the volum
d States creatD.C., 12 regio
of the agencles and shall ccountant or
GNMA or Gnd issued byns. Security h
are backed Ginnie Mae
and rapidly e liquid if th
uotes.
VESTMENT PO
RESOLUTION 1
Pa
p to supply udents, farm
ncy that insu
This rate is
e banks (curo member cohe FHLBs is Bank.
A, like GNM a federal co
ment (HUD)Mae, as the coes include a vA’s securitiesecurity ho
mbers of thedent of the Nn a rotating brchases and
me of bank c
ted by Congonal banks a
cy’s finances be accompar independe
Ginnie Mae). y mortgage holder is pro
by the FHAes.
into cash whe spread bet
LICY 15-XX
ge 9 of 11
credit to mers, farm
ures bank
currently
rrently 12 ommercial to liquefy
MA was rporation . It is the rporation variety of s are also lders will
e Federal New York basis. The
sales of credit and
gress and and about
and shall anied by a nt public
Securities bankers,
otected by A, VA or
without a tween bid
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NCISCO COUNT
5\Memos\01 Jan\Poli
GOVERNMons that are p
T VALUE.
R REPURCthe parties toactions. A mliquidate the
RITY. The da
Y MARKET.acceptances,
The price asd and Bid.
MARKET OPmarket by th
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. The markeetc.) are issu
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tion of secur
R. A group and monthlformal overs
urities broker
N RULE. Anay invest moher states the scretion and
IC DEPOSITsales or comphe benefit of d which has
N. The yield ay be the amo
GREEMENTement to reper” money f
nsate him forto be doing R
TATION AUTHO
stment Policy 2015.do
VESTMENT e custody of t
t which a secu
GREEMENTe—reverse rement will ofsecurities in
hich the prin
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ler of securiti
NS. Purchasesk Federal Rein the econ
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n investmentoney only in
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t standard. Ina list of secinvest in a sewho is seek
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n some stateurities selectecurity if it isking a reason
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VESTMENT PO
RESOLUTION 1
Pag
l funds fromd reinvestme
y be purchase
l future tras each party’she right of thrower.
ent becomes
s, commerci
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ain other secC in order to
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aily reports oank of New Yxchange Com
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these securithe security “of the agreepositions. Eserves.
LICY 15-XX
e 10 of 11
m political ent.
ed or sold.
ansactions s rights in he buyer-
s due and
ial paper,
an offer.)
curities in influence
ystem and ns are the
of market York and mmission
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YIELD. TYIELD iNET YIEplus any of purcha
NCISCO COUNT
5\Memos\01 Jan\Poli
EEPING. A es and descri
DARY MARtribution.
ITIES AND in securities
LE 15C3-1. S
TURED NOTCorporation derivative-b
uation of inte
URY BILLS. debt. Most bi
URY BONDSS. Governme
URY NOTEns of the U.S
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TES. Notes ins, which havbased returnserest rates, th
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S. Long-terment and havin
ES. MediumS. Governme
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annual incomy dividing th
ELD TO MAm par in purte of maturity
TATION AUTHO
stment Policy 2015.do
ustomers reneld in the ban
rket made fo
NGE COMMIs by administ
m Net Capital
issued by Gove imbeddeds) into their he volatility o
rest bearing dd to mature i
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ORITY
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n an investmollar income bthe current iwith the adjd.
nks for a feeor protection
ase and sale o
EC). Agency ties legislation
ponsored Eng., call featur
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urity issued bnths, six mon
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U.S. Treasurities from t
hange Commmaintain a met capital ratito purchase
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VESTMENT PO
RESOLUTION 1
Pag
ecurities and
ng issues follo
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HLB, FNMAcoupons, flomance is impthe shape of
Treasury to finyear.
d as direct ob
ies issued aars.
irement thatio of indebteness covers a
one reason neludes cash a
entage. (a) INice for the sepremium abo period from
LICY 15-XX
e 11 of 11
valuables
owing the
o protect
A, SLMA, ating rate pacted by f the yield
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ENT POLICY SOLUTION 15-XX
Page
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RANSPORTATIO
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ENT POLICY SOLUTION 15-XX
Page
llar value, shcitation for otiation shall:
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RANSPORTATIO
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ON AUTHORITY
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cles 1 and 3which imple
ority Conflict
ipated to be sal (RFP) or gh the mail fes. Routine ly among q
utilization aact or use mtion for form
nclude a minprice is fair aon demonstr
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ncluding legng, environon the basis
for the satireasonable,
cipated to beoposal (RFPcure professi
California Goof a contrac
e factors thae negotiationf professionance with staa contract w
PROCUREME
RES
3 of Title 9, ement those pt of Interest C
equal to or bid process
from known purchases in
qualified comas applicable
multiple solicitmal solicitatio
nimum of thand reasonablrating that a
rd by two-thior materials mfor supplies
st responsiblerials not in tive process,rmance and, in selecting th
gal, financial nmental, lan
of demonstrisfactory perin accordan
e in excess oP) or Invitatiional and tec
overnment Cct for professat will be clen of the contrnal services pate and fede
with a firm se
ENT POLICY SOLUTION 15-XX
Page
Chapter 7 oprovisions asCode.
less than $7s. Quotes mqualified ven
n the amoumpetitively p
and as permtations for si
on.
hree quotes le. Transportsufficient nu
irds vote of may be purchs, equipmentle and respoexcess of $2 but other faif applicable
he vendor.
advisory, pnd surveyingrated comperformance oce with state
f $75,000 shion for Bid chnical servic
Code Section sional serviceearly stated iract. Procureproviders shaeral law, and elected from
3 of 7
of the s well
75,000 ay be ndors
unt of priced mitted imilar
from tation
umber
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onsive 25,000 actors e and
rivate g, or etence of the e and
hall be (IFB) ces as 4526
es will in the ement all be price
m such
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SAN FRANCISC
DRAFT
M:\Finance\2015\Mem
FpnmcomafUmppo
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CO COUNTY TR
mos\01 Jan\Policies\At
For procuremrocess will bature, charac
market. Awarompetitive b
membership ofter rejecting
Utilities Codemembership o
urchased at aurchase thebservance of
olicitation fo
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f a pre-propttendees andiles.
Responses to idders or prequired to nhat may inter
Procurementsncluding advemedia outletseasonable timhe complexittandard time
may be allotte
RFPs and IFBThe Executive
RANSPORTATIO
tt 07 Draft Procuremen
ments anticipbe used to pcter, and qurd will be idding, excepof the Boardg bids receive Section 131of the Boarda lower pricese supplies, f the provisio
or offers in th
ar and accuraical requirem
al conditionsable, patentsements;
osed timetabl
ral format rred;
of pre-propo
ar definitionosals; and
time, and pla
osal confered agency or c
RFPs for prroposer’s keyotify the Trarfere with the
s in amountertising requs. Notice shme in which ty of the proe allotted in ed at the dete
Bs will be ree Director m
ON AUTHORITY
nt Policy 2015.docx
pated to be procure all suality; easilymade to th
pt in an emerd pursuant tved, the Tra1286, determd that, in its e in the open
equipment,ons regarding
he formal bid
ate written dments for the
s or restrictins, liquidated
le for the pro
requirements
osal conferen
n of the eval
ace for subm
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rofessional any employeesansportatione delivery of
ts greater thests for bids
hould occur to respond.
oposed projenotification
ermination of
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Y
in excess oupplies, equdefined; an
he lowest rrgency declaro California
ansportation mines and deopinion, the
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d process sha
description omaterials, pr
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oject or servic
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luation crite
mission of fin
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han $75,000or proposalwith sufficiThe term “
ect. Thirty (3to potential f the Executi
selection passemble a sep
of $75,000, uipment, or mnd/or reasonresponsive ared by the voPublic UtiliAuthority, p
eclares by a supplies, eqTransportat
als in the obids, or adver
all include the
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policy goals and perform
ce;
er of copies
able;
eria to be us
al bids or pro
those in attall be mainta
services shaontractors. Bof any pendi
0 shall requs in local appient time to“reasonable t30) calendar bidders or
ive Director.
anel appointeparate cost e
PROCUREME
RES
an Invitationmaterials thanably accessand responsote of two-thities Code Sepursuant to two-thirds v
quipment, or tion Authoritopen marketrtisement.
e following:
ct scope andrvice being p
such as DBmance, bid o
s/items (if
sed in evalu
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tendance shoained in the
all require ideBidders or pring lawsuits
uire a formapropriate new
o allow biddtime” may v
days shall bproposers. M.
ed by the Exevaluation pa
ENT POLICY SOLUTION 15-XX
Page
n for Bids at are standasible in the ible bidder
hirds of the vection 13128California P
vote of the vmaterials m
ty may procet without fu
d deliverablesprocured;
BE/LBE goar indemnific
applicable) t
uating the bi
owing nameresulting con
entification oroposers shaor labor dis
al notice prwspapers or
ders or propary dependinbe considereMore or less
xecutive Diranel to review
4 of 7
(IFB) ard in open after
voting 85. If, Public voting
may be eed to urther
s, and
als, if cation
to be
ds or
(s) of ntract
of the all be sputes
rocess other
posers ng on ed the s time
ector. w cost
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SAN FRANCISC
DRAFT
M:\Finance\2015\Mem
ppwpthIFre
Cshm
Inshcoto
IV. NONCO
A notypes nonco
1
2
3
In thefactorreasoand r
V. PROCU
It shawhichpoliciinspeupon corpo
A bidof thhas fawardin theactualprocu
CO COUNTY TR
mos\01 Jan\Policies\At
roposals andanel and cos
will recommerocess and the bidder or FBs, the Eesponsible bi
Copies of allheets/scores
maintained in
n the event hall documeorrespondeno the award o
OMPETITIVE N
ncompetitiveof agreem
ompetitive, n
. A unique only one v
. An emerg
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ese cases, thers and cost nable cost. Tetain those d
UREMENT PRO
all be the poh shall applyies and procection and rerequest, a c
orations, and
dder or prope Transporta
failed to follding a contrae bid documel bidder or purement cont
RANSPORTATIO
tt 07 Draft Procuremen
d evaluate cost evaluation nd to the Bo
the recommeproposer m
xecutive Diidder or prop
l correspond, and copiesthe files.
that only a sent its effo
nce, negotiatioof the resultin
EGOTIATED AG
e, negotiatedments are denegotiated co
commodity vendor;
gency of such
ion is determ
e Transportaestimate, an
The Transpodetails in the
OTEST AND APP
olicy of the y to all procedures shall beview by thecopy of thes companies w
oser that hasation Authorlow applicabact or has failents or requeproposer whotract or by th
ON AUTHORITY
nt Policy 2015.docx
ost assumptiopanel, if any
oard award oendations the
most advantagirector will poser.
dence, includs of all bids
single bid ororts in solions, includinng contract.
GREEMENTS (S
d contract mefined as “Sontracts may
or specialize
h magnitude t
mined to be in
ation Authorind conduct ortation Authrespective co
PEAL PROCEDU
Transportaticurements ofbe maintainee public. In se protest powith which th
s timely submrity may file
ble policies oled to compl
est for propoose direct eche failure to a
Y
ons. Based oy, shall rank bof a contracte selection pgeous to therecommend
ding negativ or proposa
r proposal isiciting respong parties inv
SOLE SOURCE)
ay be develoSole Sourcebe acceptabl
ed profession
that cannot p
nadequate aft
ity will develnegotiations
hority will dontract file fo
URES
ion Authoritf supplies, eqed in the Tranaddition, theolicies and phe Transport
mitted a bid a protest as
or procedurely with releva
osals. In ordeconomic inteaward a proc
on their reviebids or propt, based on thpanel and coe Transportatd award to
ve response als not being
s submitted, onses; and volved, etc. t
oped when se” agreemenle include:
nal service is
permit delay;
ter solicitatio
lop an adequs with the v
document detor audit and g
ty to have equipment, annsportation Ae Transportaprocedures totation Autho
or proposal sserting that es relative toant specifica
er to file a proerests would curement con
PROCUREME
RES
ews and analosals. The Ehe results of
ost evaluationtion Authori
the lowest
letters, copg considered
the Transporecord the
that took pla
special condints. Conditio
s known to
; or
on of a numb
uate scope ofvendor to etails of the sgrant review
established pnd services. Authority’s oation Authoro all individ
ority conduct
in response the Transpo
o seeking, evtions or procotest, the probe affected b
ntract.
ENT POLICY SOLUTION 15-XX
Page
lysis, the seleExecutive Dirf the procuren panel, if anity. In the cat responsive
pies of evalud further sha
ortation Authe history oace with refe
itions arise. Tons under w
be available
ber of source
f work, evaluensure a fairspecial cond
w purposes.
rotest proceA copy of
offices for gerity shall prouals, associats business.
to a procureortation Authvaluating, ancedures contotester must by the award
5 of 7
ection rector ement ny, to ase of e and
uation all be
hority of all erence
These which
from
es.
uation r and
ditions
edures these
eneral ovide, ations,
ement hority nd/or tained be an
d of a
SD
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SAN FRANCISC
DRAFT
M:\Finance\2015\Mem
Such constpropoAutho
A proby mto fileproteuntimTrans
All prand m
1
2
3
4
5
6
7
8
The Enon-cdecisimay afive (dispu
The athe apwish Autho
If a mmatteschedparty
CO COUNTY TR
mos\01 Jan\Policies\At
protests mutructive, of tosal is not bority to anoth
otest shall beail or persone a protest u
est, the Tranmely and is sportation Au
rotests filed must be in wr
. Name of i
. Business a
. Name and
. Descriptio
. A clear an
a) procedwhich
b) specifiand pr
. Detailed correspon
. Desired re
. Dated sign
Executive Dicompliance aion of the Exappeal that d(5) business uting the deci
appeal shall bppeal and hoto accept th
ority Board t
majority of ther, the proteduled at the e
shall be allow
RANSPORTATIO
tt 07 Draft Procuremen
ust be filed wthe Transpoeing consideher bidder or
e deemed filenal delivery. Funder these psportation A
being rejeuthority relat
must be fileriting and inc
individual or
address and t
d title of cont
on of specific
nd concise sta
dures or speh were alleged
fic instance(s)rocedures;
factual sundence;
esolution of t
nature of ind
irector shall and issue a dexecutive Dire
decision to thdays of the
ision of the E
be referred told a hearinghe appeal, tthat the decis
he Finance Cesting party earliest convwed fifteen (
ON AUTHORITY
nt Policy 2015.docx
within the earrtation Auth
ered further or proposer.
ed when the Failure to fileprocedures. WAuthority shacted. Such tive to the un
d by an actuclude the foll
r entity filing
telephone nu
tact person;
c procuremen
atement of th
ecifications cdly not comp
) of Transpo
upport for
the protest; a
dividual, or au
review and cecision withiector is not s
he Transportadate of the
Executive Di
to the Financg on the matthe Finance sion of the E
Committee ashall be no
venience of t(15) minutes
Y
rlier of five (hority’s findior (ii) an aw
Transportatie a timely prWithin five (all notify the
notice shalntimely prote
ual bidder or lowing inform
protest;
umber of indi
nt and the ac
he protest, in
contained in plied with, or
ortation Aut
the prote
and
uthorized rep
consider all sin five (5) busatisfactory toation Authordecision. Th
irector.
ce Committetter. If a majCommittee
Executive Dir
agrees to acctified of thehe Finance Cto present it
(5) business ing that the
ward of the co
tion Authoritrotest shall c(5) business de individual oll constituteest.
proposer remation:
ividual or en
ction or decis
ncluding iden
bid documer
thority failur
st, includin
presentative
stated concerusiness days oo the protestrity Board. The appeal m
ee, which shajority of the shall recom
rector shall b
cept the appee hearing daCommittee. Ats case. The T
PROCUREME
RES
days after (i)bidder or p
ontract by th
ty actually reonstitute a wdays of receior entity thae the final
esponding to
ntity;
sion being pr
ntification of:
ents or requ
e to follow
ng relevant
of entity, filin
rns and issueof receipt of ting party, th
The appeal mumust clearly s
all consider wFinance Com
mmend to thbe final.
eal and holdate and timeAt the hearinTransportatio
ENT POLICY SOLUTION 15-XX
Page
) notice, actuproposer’s bhe Transport
eceives the prwaiver of theipt of an untat the protes
decision of
o the procure
rotested;
:
uest for prop
its policy po
document
ng the protes
es alleged to the protest.
he protesting ust be filed wstate the bas
whether to ammittee doe
he Transport
d a hearing oe, which shang, the proteon Authority
6 of 7
ual or bid or tation
rotest e right timely st was f the
ement
posals
olicies
s or
st.
be in If the party
within is for
accept es not tation
on the all be esting y staff
SD
M
SAN FRANCISC
DRAFT
M:\Finance\2015\Mem
shall Finan
Uponthe drecomFinandetermBoardinconnotifiTrans
VI. CONTR
No cAuthoStrateprocuexceeautho$75,0includAuthocompauthoand tsuch excee
All exlegal contrExecuagreerende
CO COUNTY TR
mos\01 Jan\Policies\At
then be allonce Committ
n conclusion decision of
mmendation nce Commitmines that add may accepnsistent with ication to thsportation Au
RACT ADMINIS
contractual oority in the egic Plan. Apurement of ged seventy-fiorized to app000 per fiscaded in an tority the Fis
pleted in a orized to ameo increase oramendment
ed $75,000.
xpenditures restrictions
racts in confoutive Directoments for co
ering paymen
RANSPORTATIO
tt 07 Draft Procuremen
owed fifteen ee may exten
of the hearithe Execu
shall be subttee’s recomdditional timt the recommthe recomm
he protester uthority.
STRATION
obligations, aexcess of it
pproval of thgoods or proive thousandprove and exal year, provthe adopted cal Policy fosingle fiscal end contractsr reduce the s without pr
shall complyplaced on t
ormance withor and/or hisompliance w
nt upon comp
ON AUTHORITY
nt Policy 2015.docx
(15) minutesnd these time
ing, or if theutive Directbmitted to th
mmendation me to conside
mendation oendation of tof its decis
administrativts ability to he Board is rofessional sed dollars ($7xecute all sucvided that th
final budgor the curren
year, the cs to extend titotal amounrior Board a
y with all fedthe use of sh the monets/her design
with the termpletion of ser
Y
s to present e periods at it
e Finance Coor and rejehe Board. Tat its next
er the appeal of the Financthe Finance sion which s
e or capital, pay as defin
required prioervices that a75,000) in ach contracts he amounts et, as amen
nt fiscal year contiguous fime, to add ot of the contapproval, if t
deral, state ansaid funds. Tary limits est
nee has the rems and condirvices or deli
the Transpots discretion.
ommittee’s dect the app
The Board sht regularly sis required. T
ce CommitteCommittee. shall constitu
shall be assned by the aor to the execauthorizes paa fiscal yearthat authoriare consiste
nded in accoor, in the ev
fiscal year(s)or delete tasktract. The Exthe amount
nd local statThe Executitablished in tesponsibility
ditions establiivery of good
PROCUREME
RES
ortation Auth.
determinationpeal withouhall review ascheduled mThe Transpo
ee or determi The Board ute the fina
sumed by thadopted finacution of anyayments thatr. The Execize paymentsent with weordance witvent that the. The Execks of similar xecutive Direof the amen
tutory requirive Director the adopted for monitori
lished in the ds and mater
ENT POLICY SOLUTION 15-XX
Page
hority’s case
n is to agreeut a hearingand act upo
meeting unleortation Authine to take ashall issue w
al decision o
he Transportal budget any contract fot in the aggr
cutive Directs not in exceere identifiedth Transport contract wa
cutive Directscope and nector may exndment doe
ements and shall execu
final budgeting all contracontract an
rials as agreed
7 of 7
e. The
e with g, its n the ess it hority action
written of the
tation d the or the regate tor is ess of d and tation as not tor is ature,
xecute es not
other ute all t. The actual
nd for d.
SAN FRANCI
DRAFT TRAVE
M:\Finance\201
TRAVE
I. PURPO
A. PubuCoheguTrdo
B. Geanexpof bekngoreireaanTr
C. LimcoTransub
II. ELIGIB
A. Eligemindreibeinc
B. Eligauto (re
ISCO COUNTY TR
EL, CONFERENCE,
5\Memos\01 Jan\Poli
EL, CONFE
OSE AND GENE
rpose. This dusiness expenounty Transprein referred
uidelines are dransportationocumented pr
neral Policy. Td/or convenpenses for tr
f the Transpnefit of atten
nowledge anovernment oimburse Traasonable and Transporta
ransportation
mitations. Travnsistent wit
ransportationd necessary bject to the l
BILITY
gible Personnmployees (Trdividuals unimbursement authorized fcluding empl
gible Travel Exthorized Trathe restrictio
eceipts requir
RANSPORTATION
, TRAINING AND B
cies\Att 08 Travel and
ERENCE, T
ERAL POLICY
document esnses, and eportation Aud to as Trandesigned to s
n Authority (rocedures in
The Transponient for authravel, trainingportation Aundance at m
nd provide perations anansportation d prudent petion Author
n Authority.
vel and meeth associaten Authority p
expenses folimitations se
nel. Expensesansportation
nder contractt of travel anfor the purpoloyment inter
xpenses. The ansportation ons identifiedred for expen
AUTHORITY BUSINESS EXPEN
d Reimbursement Polic
TRAINING
stablishes a sstablishes pruthority (Transportation Asafeguard pu(Authority) aa consistent
ortation Authorized Trang and other buthority. Ad
meetings, conopportunitie
nd issues. ThAuthority
rson would irity purpose
eting expendid policies personnel ar
or eligible exet forth herei
s are authorn Authority pt to the Aund conferencose of condurviews.
following exAuthority bud later in thinses greater t
SE REIMBURSEM
cy.docx
G AND BUSPOLICY
set of policierocedures foansportation Authority peublic funds anand its person
manner.
thority recognsportation Abusiness pur
dditionally, thnferences andes to exchahe policy ofpersonnel fincur when tand are dee
itures shall nestablished
re entitled toxpenses incuin.
rized for Trpersonnel). Inuthority for ce expenses aucting busine
xpenses are eusiness, traveis policy. Reithan $25.00)
MENT POLICY
SINESS EXP
es relating toor reimburse
Authority)ersonnel, fornd to insure nnel are usin
gnizes that iAuthority perrposes in conhe Transpord other funcange informf the Transpfor such extraveling on emed necess
not exceed tby the Tra
o claim reimurred in the
ransportationn addition, twhich the
as noted in tess on behalf
eligible for reel, conferencimbursementfor amounts
PENSE RE
o travel, conement of elcCommissio
r such expenensure the S
ng the most
in some instrsonnel to exnnection withrtation Auth
ctions which mation relate
portation Auxpenses, travofficial busi
sary and/or
the approvedansportation
mbursement fdischarge of
n Authority these policieapproved c
the contract. f of the Tran
eimbursemences, meetingsts shall be fos not to exce
RESOLUTION 1
P
EIMBURSE
nference, trailigible San Foners and emnses. These rSan Francisceconomical
tances it is xpend sums ah the officialhority recogn
advance proed to transputhority is tvel and feeiness and whadvantageou
d budget andn Authority.for actual, ref their offici
Commissios will apply
contract provTravel expe
nsportation A
nt in connec, and training
or actual expeed the per d
15-XX
Page 1 of 8
MENT
ining and Francisco mployees, rules and o County and well-
necessary and incur l business nizes the ofessional portation, to pay or es that a hich serve us to the
d shall be Eligible easonable ial duties,
oners and for those vides for
enses may Authority,
ction with g, subject
penditures diem rates
SAN FRANCI
DRAFT TRAVE
M:\Finance\201
anSe1. 2. 3.
4.
C. Norei1. 2.
3.
D. Exphoarrothtak
1 Per diem AdministraDepartmenDefense (Dannually by
ISCO COUNTY TR
EL, CONFERENCE,
5\Memos\01 Jan\Poli
d allowancervice, and/oMeals; Lodging; Transportatmileage alloand Miscellaneo
a. Local andmost ecofor Financharges iand the n
b. Registratitraining o
c. Tips to p
d. Purchase
e. Business training o
f. Unforese
n-Eligible TraimbursementPersonal telConstructivAuthority bu
a. if two itranspor
b. if an india lodgin
Expenses w
pense Limitatiours requiredrival shall beher costs. Inke advantage is an allowance
ation (GSA) estnt of State estabDOD) establishy the respective
RANSPORTATION
, TRAINING AND B
cies\Att 08 Travel and
s establishedr United Stat
tion charges owances,; par
us expenses:
d long distanonomical prance and Admn excess of $
nature/need
ion fees forof profession
porters, not to
e of necessary
expenses in or travel statu
een or unusu
avel Expensest for the folloephone callse expenses, usiness but w
ndividuals trtation costs,
ividual on a tng expense. which are exce
ons. Reimburd to transact e at the traven that event, of the reduc
e for lodging (exablishes per die
blishes the foreies non-foreign Federal agency
AUTHORITY BUSINESS EXPEN
d Reimbursement Polic
d by the Getes Departme
(, including rking,; bridge
nce business cticable com
ministration $5.00 per dafor the call;
r attending nal societies o
o exceed $2 p
y training or
connection wus; and
al expenses w
s. Transportowing items:; which are th
were not; suc
traveled toge, then one wo
trip stayed w
essive or unr
rsement of cTransportatieler’s expensit is up to th
ced airfare by
xcluding taxes),em rates for design rates (for exrates such as A
y.
SE REIMBURSEM
cy.docx
eneral Servicent of Defen
commercial e and road to
telephone cmmercial serv
and only appay shall be ite
conferences,or communit
per bag;
conference m
with the prep
which are jus
tation Auth
hose which mch as:
ether to a ould be maki
with friends o
reasonable as
costs shall beion Authoritye unless it ishe traveler’s y traveling at
, meals and incistinations withixample, Russia,
Alaska, Hawaii,
MENT POLICY
ces Adminisnse (USDOD
carrier fareolls,; and nec
alls, faxes anvice,. subject proved if deemized to in
, seminars, ty organizatio
materials or s
paration of c
stified, neces
hority person
might have b
meeting in ing a “constr
r relatives, it
s determined
e based on thy business. Cs shown thadiscretion a
t an earlier/la
idental expensein the Continen, Aruba, BahamPuerto Rico, an
stration (GSAD) as appropr
s,; rental carcessary taxi o
nd internet ato review by
eemed reasonclude to who
conventionsons;
supplies;
clerical or off
sary and sub
nnel are no
been incurre
one car anructive” claim
t would be “c
by the Tran
he minimumCosts incurret the savings
as to whetherater date.
es. The United ntal United Stat
mas, Europe, etcnd Guam. Thes
RESOLUTION 1
P
A), Internal riate 1 :
r charges,; pror public tran
ccesstelegramy the Deputynable and prom the call w
s, meetings,
fficial reports
bstantiated.
ot eligible
ed for Trans
nd each claim; or
constructive”
sportation A
m number of ed due to ears in airfare or he or she w
States General tes. The Unitedc.). The Departse rates are revi
15-XX
Page 2 of 8
Revenue
rivate car nsit fares);
ms by the y Director roperAny was made
or other
while on
to claim
sportation
imed full
” to claim
Authority.
days and rly or late outweighs wishes to
Services d States tment of iewed
SAN FRANCI
DRAFT TRAVE
M:\Finance\201
E. Casor shAacan
III. TRAVE
A. AppmaFoforavFinapFoDicoCoreqinc
B. LocTrveneinc
C. Oulim
D. Tradeco
IV. PROCE
A. ExpAusubad
Thtraamdoanau
ISCO COUNTY TR
EL, CONFERENCE,
5\Memos\01 Jan\Poli
sh Advance. Covernight tr
all not be lesauthorizationnceled or ind
EL AUTHORIZAT
proval. Beforeay take placeormtravel autrm to the Deailable in thnance and Aproval. Tran
ormtravel auirector is aunsistent with
ommittee anquests in excurring any r
cal Travel. Loransportationrbal approvacessary, a Tcurring reimb
t-of-Area Travmits.
avel Authorizatstination, pusts for transp
EDURES FOR C
pense Report.uthority shalbmitted withequate docum
he total amoaveler on an mount listed ocumentationy amount inthorization f
RANSPORTATION
, TRAINING AND B
cies\Att 08 Travel and
Cash advanceravel if requess than $100 n Fform. Addefinitely pos
TION
e any Transpe, Transportthorization feputy Directhe TransportAdministrationsportation
uthorization uthorized toh this policy.nd the Chairxcess of $5,0eimbursable
ocal travel, wn Authority wal from their Travel Authobursable expe
vel. Out-of-ar
tion Form. Thurpose and juportation, me
CLAIMING EXPE
. Any reimbll be claimedhin 45 days mentation su
ount of all eExpense Reon the Tra
n of the excen excess of tform shall n
AUTHORITY BUSINESS EXPEN
d Reimbursement Polic
s may be reqested a minim
nor more thdvances musstponed.
portation Autation Authoform to theiror forof Finatation Authon will forwaAuthority Cform to th
o approve t. The Execurperson of th000.00. All expenses. .
which does without pre-vrespective su
orization Forenses.
rea travel is d
he Travel Auustification feals, lodging,
ENSE REIMBUR
bursement fd on an Exof incurring
upporting the
expenses pereportexpenseavel Authoriss cost mustthe estimatednot be allow
SE REIMBURSEM
cy.docx
quested to comum of ten whan the estimst be refund
uthority paid ority personnr supervisor ance and Adority’s budge
ard the approCommissione
he Executivetravel requesutive Directohe Transportravel reque
not involve verification oupervisor andrmtravel auth
defined as 50
uthorization for the trip, d, registration,
RSEMENT
for expensesxpense Repog the expense expenses.
rtaining to a report formization Formt be providedd cost approed. If the ca
MENT POLICY
over anticipatworking daysmated expensded immedia
or reimbursnel must firsfor approva
dministrationet for the toved form toers must su
e Director fsts for Tranr will informrtation Authests must be
overnight tof travel fundd the Executthorization f
0 miles or mo
Formtravel departure an, and other e
s incurred oortexpense res, and the
particular tm. If the totamtravel authd. In the abseoved on the ash advance
ted travel exps before depases listed on ately when a
ed overnightst submit a al, who will fn to verify thatravel. The o the Executubmit the Tfor pre-apprnsportation
m the Chairphority of all e approved
travel, can bds availabilitytive Directorform shall b
ore beyond t
authorizationd return datexpenses.
on behalf ofreport. Expereports shal
trip should bal actual cost horization foence of a satTravel Auth
e exceeds the
RESOLUTION 1
P
penses for ouarture. Cash the approvean authorize
t or out-of-aTravel Auth
forward the at sufficient Deputy Dirtive DirectorTravel Authroval. The E
Authority pperson of the
Commissionin advance,
be reimbursey but staff shr. If overnighe submitted
the San Fran
on form shates, and the e
f the Transense reports ll be accomp
be accountedt of a trip exorm, justificatisfactory exphorization Foe actual reim
15-XX
Page 3 of 8
ut-of-area advances
ed tTravel ed trip is
area travel horization approved funds are
rector for r for final horization Executive personnel e Finance ner travel
prior to
ed by the hall obtain ht travel is prior to
ncisco city
all list the estimated
sportation shall be
panied by
d for the ceeds the ation and planation, ormtravel
mbursable
SAN FRANCI
DRAFT TRAVE
M:\Finance\201
expRe
B. Natno
C. Pethocla
D. Reqwh
E. Reexpcoto offrecauforReinv
F. Coor reprepassth
G. ExpquthetheactnoGocomemereq
V. PREPAAll rminimrequirat the
ISCO COUNTY TR
EL, CONFERENCE,
5\Memos\01 Jan\Poli
pense, then eportexpense
ture of Claim. ot for “constr
r Diem Adjustose instanceaimed on the
quired Informahich reimbur
ceipts. Receipenditures fnference or travel. Claim
fficial businesceipt and nathorized expr expenses geportexpensevolved shall n
mmissioner Retraining at th
port of suchport must incsociated withe meeting, c
penses Not Cualify for reime Transportae expense istivity conduc
ot limited toovernment Cnference or ember of a ember of aquirements o
AYMENT OF COequests for
mum of ten rement canneir own risk a
RANSPORTATION
, TRAINING AND B
cies\Att 08 Travel and
the travelee report.
Claims mustructive” expe
tments. Per ds where me
e Expense Re
ation. Each clsement is be
ipts or proofor public cseminar regis
ms must be rss in-transit tarrative to supenses incurregreater than e report and not be allowe
eports. Transhe expense o
h at the nextclude a statemh, Transportaconference,
overed by Trambursement uation Authors related to cted in compo ethics trainCode. Lodgin
activity spolegislative b
a legislative of this policy.
ONFERENCE/SEprepaymentworkings d
ot be met, Tand seek reim
AUTHORITY BUSINESS EXPEN
d Reimbursement Polic
er shall imm
t be for actuenses.
diem claims als are prov
eportexpense
laim must cleing claimed.
of of paymearrier fares, stration fees,recorded andtravel destinaubstantiate cled costing ov$25.00, a s
the reason ged.
sportation Auof the Transpt regular Boament of howation Authoror training
ansportation Aunder this pority Board, inlodging in
pliance with ning requireng costs shansor, providody at the tbody shall
.
EMINAR/TRAINt of conferedays in adva
Transportatiombursement o
SE REIMBURSEM
cy.docx
mediately ret
ual and neces
will be adjuvided gratis oe report.
early indicate
ent must berental cars,
, and for anyd certified onation, Transplaimed travever $25.00. Ifstatement togiven. In abse
uthority Comportation Auard meetings
w the Commirity businessthat could b
Authority Policolicy, to be ren a public mconnection California G
ed by Articleall not exceedded that the time of boo
use compa
ING FEES ence/seminarance of the n Authority on the Expen
MENT POLICY
turn the ex
ssary expense
usted, using tor as part o
e the date, n
e submitted, lodging (in
y unusual itemn an Expensportation Auel expenses ff a receipt ca
o that effect ence of a sat
mmissioners uthority shallsession of thissioner’s att, and includbe helpful to
cy. In the eveimbursable,
meeting beforwith a conf
Government Ce 2.4 (commd the maximlodging at t
oking. If thearable lodgi
r/training wconference/personnel mnse Reportex
xcess amoun
es consistent
the appropriof a registrat
nature of exp
d with the cndicating thems or items nse Reportexputhority persfor lodging aannot be obta
shall be mtisfactory exp
attending a l provide a bhe Transporttendance has de any mato other Com
vent where a, the expensere the expenference or oCode s. 5495mencing wit
mum group rthe group rae group rate ing that is
will be subm/seminar/tra
may personallyxpense repor
RESOLUTION 1
P
nt with the
t with this d
iate per meation or any
pense and am
claim to sube single ratenot specificalpense reportonnel must pand a receipained or has
made on the planation, th
meeting, corief written tation Authoan impact o
terials distrimmissioners
an expense e shall be appnse is incurreorganized ed52.2(c ), incluth s§. 53234rate publisheate is availab
is not availconsistent
mitted for apaining. If they pay registrart.
15-XX
Page 4 of 8
Expense
document;
al rate, in other fee
mount for
bstantiate e), meals, lly related t. For any provide a
pt for any been lost Expense
e amount
onference, and oral
ority. The on, or was ibuted at s.
does not proved by ed, unless ducational uding but 4) of the ed by the ble to the lable, the with the
pproval a e ten-day ation fees
SAN FRANCI
DRAFT TRAVE
M:\Finance\201
VI. MEAL
A. Gepeis thepeshgramu
B. ReAuthe1.
2.
3.
4.
5.
C. LocTrMenoapbe
D. OuareRebefedin be
E. Spaurei
ISCO COUNTY TR
EL, CONFERENCE,
5\Memos\01 Jan\Poli
EXPENSE
neral. Transprsons not emtransacting be business mrson expendall not exceatuities, but nust be approv
strictions. Thuthority perse following c
to attend aaffairs becato attend conduct Trto attend Transportapublic agento act as examining official funto attend oto reasonaprovide mereimbursem
cal Area Mealransportationeal expenses
ot exceed thpropriatethe justified in w
t-of-Area Meaea must beeimbursemen provided foderal standarInternal Rev justified in w
ecial Functionthorized conimbursement
RANSPORTATION
, TRAINING AND B
cies\Att 08 Travel and
portation Aumployed by thbusiness. The
meeting, must diture shall noed the per not the cost ved in advan
he purchase onnel are re
circumstancea breakfast, luause of the oa meeting b
ransportationconsecutive
ation Authorncy meeting thost for offboards, offi
nctions; and off-site traininably priced meals to the attment in accor
s. Reimbursen Authority b incurred prihe per diem
following cowriting.
als. Reimburse approved
nt for out-of-or expenditurd meal allowvenue Servicwriting.
ns. Reimburnferences, prot at rates
AUTHORITY BUSINESS EXPEN
d Reimbursement Polic
uthority persohe Transporte name and bbe included
ot exceed a rdiem amounof alcoholic
nce by the Ex
of non-travequired, and s: unch or dinnfficial positiobetween Con Authority b
or continuity, Board ofto cover an aficial guests
ficial visitors
ng events (trameals is nottendees or aurdance with p
ement for embusiness andior to author
m rates andosts: breakfa
sement for ed on the T-area meals wures exceedinwance, as estace Publication
sement for ofessional mdifferent t
SE REIMBURSEM
cy.docx
onnel may intation Authobusiness affilin the Expen
reasonable amnt. Actual cbeverages. A
xecutive Dire
el-related mwhere appro
ner meeting con or duties oommissionersbusiness outsuing morningf Supervisorsagenda;
of the Tra, and speake
aining workst available. Tuthorize indiprovisions of
mployee memust be app
rization will d allowancesast ($7); lunch
employee meTravel Auth
will be based ng $25.00, aablished by tn 463 (or an
meals at spmeetings, or sthan the p
MENT POLICY
ncur expensority, with whliation of thense Reportexmount underosts shall inAll such expector.
eals is authooved in adva
concerning Tof the individscommissionside of normg and afters, city counc
ansportation ers or hono
shops, seminThe Executiividuals to puf this docum
eals in the loproved in adbe at the ris
s establishedh ($10); and
eals during phorization Fon either act
and in accorthe GSA or ny successor
pecial functispecial eventsper diem a
es for the phom the Trane person, as wxpense reporr the particu
nclude reasoenditures for
orized only ance by the E
Transportatiodual;
ners and stamal business hrnoon and ncil, cCommis
Authority, sored guests a
nars, and retreive Directorurchase their
ment.
ocal area mudvance by thsk of the emd by the Gdinner ($18)
periods of apFormtravel tual costs, fordance with USDOD as publication)
ions, such as or functionallowances.
RESOLUTION 1
P
purchase of mnsportation Awell as the purt. The maximlar circumstanable and cr personnele
when TransExecutive D
on Authority
aff when reqhours; night sessionssion, district
such as memat banquets
eats) and rear may elect r own meals a
ust be associae Executive
mployee. MeaGSA or USD). Unusual co
pproved tripauthorizatio
or which recethe per diemappropriatep
). Unusual co
as banquet ns, may be elEligibility f
15-XX
Page 5 of 8
meals for Authority urpose of mum per-ances and customary mployees
sportation irector in
y business
quired to
ns of an t or other
mbers of or other
ady access to either and claim
ated with Director.
als should DOD as osts must
ps out-of-on form. eipts must m of the published osts must
meals at ligible for for such
SAN FRANCI
DRAFT TRAVE
M:\Finance\201
reiAu
VII. LODGIReimarea cday’s is autCostaAlamautho
TranssubmlodginlodginAuthoServicconfethe cwill rappro
VIII. MEAN
A. Getrabypeboanco
Chcarfai
UnTrpro
B. Locpuare
ISCO COUNTY TR
EL, CONFERENCE,
5\Memos\01 Jan\Poli
imbursementuthority Boar
NG EXPENSESbursement isconferences oduration. W
thorized for a, Marin, Na
meda, San Frorization is gr
sportation Aumit proper do
ng as part ong is prudenority will reimce Publicatioerence, the loonference. Ireimburse itsopriatepublis
S OF TRANSPO
neral. All traansportation.y providers orsonnel trav
orne by the iny resulting ensidered wor
harges or losrrier’s rules ailure resulted
nused portioransportationomptly to se
cal Travel. Traublic transit se to be used i
RANSPORTATION
, TRAINING AND B
cies\Att 08 Travel and
ts is based ord in accorda
S s allowable for meetings.
Where availablovernight acpa, San Fran
rancisco, Coranted.
uthority persocumentatio
of the approvnt, based onmburse its peon 463 (or anodging costs f no group rs personnel hed in Intern
ORTATION
avel must u Transportatf transport w
vel an indirecndividual excexcess travel rk time, but w
ss of refundsand time lim
d from circum
ons of transpn Authority, cure such a r
ansportation services and cin the follow
AUTHORITY BUSINESS EXPEN
d Reimbursement Polic
on a pre-appance with thi
for single-rooThe cost of
le, governmecommodatio
ncisco, San Mntra Costa,
sonnel will bn to justify val of the trn economic,ersonnel for ny successorshall not excrate is availafor lodging nal Revenue
utilize the mtion Authoritwhere availabct route and cept for reastime, except
will be charg
s resulting frmits usually wmstances beyo
portation ticthe individu
refund.
Authority pecarpooling fo
wing priority:
SE REIMBURSEM
cy.docx
proval by ths policy.
om lodging ef a single rooent and groupons within thMateo, SantaSan Mateo,
e expected tothe expense
ravel request, comfort, slodging up t
r publicationceed the maxable at the tim
up to the rService Publ
most efficientty personnel ble. If for pe
travel is intsons beyond t where beyo
ged the appro
rom failure twill not be rond the cont
ckets are subual traveler i
ersonnel are or local area
MENT POLICY
he Executive
expenses assoom will be reip rates must
he nine Bay Aa Clara, Solan
Solano, Ma
o be prudente. The Exect, and reservsafety, and rto the rates p
n). If lodgingximum groupme of bookirates establishlication 463 (
t, direct andshall use gov
ersonal conveterrupted, anthe control
ond the conopriate type o
to cancel resreimbursed, utrol of Trans
bject to refuis responsibl
encouraged travel. The f
e Director, o
ociated with imbursed wht be requesteArea countieno and Sonoarin, or San
t in the choicutive Direcves the rightreasonabilitypublished by g is required p rate publishing, the Tranhed by the (or any succe
d economicavernment anenience, Tranny resulting of the indiv
ntrol of the eof leave.
servations inunless it cansportation Au
und and, whle to see tha
to make optifollowing mo
RESOLUTION 1
P
or the Trans
attendance ahen travel exd. No reimbs of Alamed
omain the cota Clara unl
ce of lodgingctor will appt to determiny considerati
the Internalin connectio
hed by the spnsportation AGSA or US
essor publica
al mode of nd group ratensportation Aextra expens
vidual. For ememployee, wi
n accordance n be shown uthority pers
hen purchaseat they are t
imum use ofodes of trans
15-XX
Page 6 of 8
sportation
at out-of-xceeds the bursement da, Contra ounties of less prior
g and will prove the ne which ons. The l Revenue on with a ponsor of Authority
SDOD as tion).
available es offered Authority se will be mployees,
will not be
with the that such onnel.
ed by the turned in
f available sportation
SAN FRANCI
DRAFT TRAVE
M:\Finance\201
1. 2. 3.
C. Airav
D. Aut1.
2.
ISCO COUNTY TR
EL, CONFERENCE,
5\Memos\01 Jan\Poli
public tranprivately-owrental cars,
r Travel. Air cailable. All re
tomobiles Privately-ow
a. In instatranspo(e.g., thsuch mRevenudistancInabilitdirect reimbueconomowned businesowned for thiusing preimbu
b. Chargealso be
c. Properincurre$250 orthe lesassignmfrom th
d. In ordelocationresidenexplanaexplana
Rental Aut
a. Rental to the Treservaare exp
RANSPORTATION
, TRAINING AND B
cies\Att 08 Travel and
sportation; wned motor after exhaus
coach (or simeasonable far
wned Autom
ances where ortation betwhe site of a m
mileage basedue Service Pce between pty to do so wroute. Milea
ursement for mical direct a
motor vehss must carrmotor passe
s minimum privately-ownursed for any
es for ferries, allowed for
ty damage ed without far the amountsser amount,ment of subrhird parties, k
er to be paidn, the milea
nce to and fration to theation, the miltomobiles
automobilesTransportati
ations shouldpected to be p
AUTHORITY BUSINESS EXPEN
d Reimbursement Polic
vehicles; andsting all other
milar reducedre reductions
mobile for Of
Transportatween their nomeeting), Tr
d upon the stublication 46points, Transwill result in age rate of out-of-area
air rate. Tranhicles for trary at least thenger vehicleautomobile
ned motor vdamages tha
bridges, tunnecessary pa
to the autoault or causet of the dedu, for each aogation rightknown or un
d mileage foage must berom the norme Expense Rleage expens
may be usedon Authority
d be made wprudent in th
SE REIMBURSEM
cy.docx
d r available op
d fare accoms or reduced
fficial Busine
tion Authoritormal work ransportationtandard mile63. When acsportation Athe reimburreimbursem
trips shall nnsportationansportation he minimumes as requireliability insu
vehicles, Traat may occur
nnels, or tollarking.
omobile owne of the travuctible on theaccident. Thts up to the
nknown at th
or travel whie in excess mal work loReportexpene shall not b
d when suchy than the us
whenever poshe selection o
MENT POLICY
ptions.
mmodations) fare flights a
ess
ty personnel location and
n Authority peage rate as ectual mileage
Authority perrsement beinment will benot exceed thAuthority pewhile on o
m automobileed by the Staurance coveransportation .
roads will be
ned by Tranveler shall bee traveler’s a
he Transportamount exp
he time of suc
ich originateof that nor
ocation. The nse report. I
e allowed.
h rental is conse of other mssible and Trof an automo
shall be usedas appropriate
use their prd other desigpersonnel mestablished be exceeds byrsonnel musng based on e adjusted he cost of thersonnel whofficial Trane liability insate of Califorage shall noAuthority p
e allowed. Re
nsportation e reimbursedauto insuranctation Authoended, for rech payment.
es other thanrmally driven
requesting tIn the absen
nsidered to bmeans of traransportationobile model.
RESOLUTION 1
P
d for air trave shall be uti
rivate automognated work
may be reimbby the GSAiny 10% the rest justify sucmileage for as required.he most effi
ho use their nsportation Asurance for ornia. Reimbot be allowepersonnel wi
easonable ch
Authority pd in an amouce policy, whiority will asecovery of su
n at the normn from the traveler will nce of a sa
be more advaansportation.n Authority p
15-XX
Page 7 of 8
vel if it is ilized.
obiles for locations ursed for
n Internal easonable ch excess.
the most . Mileage cient and privately-Authority privately-
bursement ed. When ill not be
harges will
personnel unt up to ichever is ssume an uch sums
mal work traveler’s attach an
atisfactory
antageous Advance
personnel
SAN FRANCI
DRAFT TRAVE
M:\Finance\201
E. Othtrabepla
F. Repeappu
IX. BAGGAGChargthe trreimbgratui
ISCO COUNTY TR
EL, CONFERENCE,
5\Memos\01 Jan\Poli
b. The trawill be
c. Chargealso be
her Modes of ansportation tween transpaces of busin
imbursement. rsonnel forpropriatepub
ublication).
GE ges incurred rip. An explabursement. Cities ($2 per b
RANSPORTATION
, TRAINING AND B
cies\Att 08 Travel and
aveler must oallowed for r
es for ferries, allowed for
Transportatiois not practi
portation terness.
Unless other transportablished by
for excess banation of thCharges for cbag/package
AUTHORITY BUSINESS EXPEN
d Reimbursement Polic
obtain full coreimburseme
bridges, tunnecessary pa
n. Limousineical or availarminal and h
rwise providation at ththe Internal
baggage will he circumstanchecking ande) will be allow
SE REIMBURSEM
cy.docx
ollision coveent.
nnels, or toll arking.
e and taxi fable. Examplhotel, betwee
ded above, thhe rates esl Revenue
be reimbursences and pay
d handling ofwed.
MENT POLICY
erage. Any ad
roads will be
fares will be les may incluen hotel and
he Transportstablished bService Pub
ed if justifiedyment receipf baggage, inc
dditional cha
e allowed. Re
allowed forude, but are d place of b
tation Authoby the GSblication 463
d as necessapts must accocluding reaso
RESOLUTION 1
P
arge for this
easonable ch
r travel whenot limited usiness, and
ority will reimSA or USD3 (or any
ry for the puompany the onable and c
15-XX
Page 8 of 8
coverage
harges will
ere public to, travel
d between
mburse its DOD as successor
urpose of claim for
customary