AC TRANSIT FINANCING CORPORATION BOARD OF DIRECTORS
MINUTES Special Meeting of the Financing Corporation Board of Directors AC Transit General Offices 2"d Floor Board Room 1600 Franklin Street Oakland, CA 94612 Wednesday, May 28, 2014, at 6:30 p.m. (Or immediately following the Board of Directors meetings) MEMBERS OF THE BOARD OF DIRECTORS GREG HARPER, CHAIR JOE WALLACE, VICE CHAIR ELSA ORTIZ, DIRECTOR MARK WILLIAMS, DIRECTOR JEFF DAVIS, DIRECTOR JOEL YOUNG, DIRECTOR H. E. CHRISTIAN PEEPLES, DIRECTOR Teleconference: Director Joel Young, At-Large 730 E 3rd Street Long Beach, California 90802 OFFICERS DAVID J. ARMIJO, CORPORATION CHIEF EXECUTIVE OFFICER DENISE C. STANDRIDGE, CORPORATION LEGAL COUNSEL LINDA A. NEMEROFF, CORPORATION SECRETARY JAMES PACHAN, INTERIM CORPORATION CHIEF FINANCIAL OFFICER
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SPECIAL FINANCING CORPORATION BOARD OF DIRECTORS MEETING Greg Harper, Chair Wednesday, May 28, 2014, at 6:30 p.m.
·ACTION SUMMARY
The AC Transit Financing Corporation held a special meeting on 1 Wednesday, May 28, 2014.
! The meeting was called to order at 7:17p.m. by Chair Harper. 1.
I ROLLCALL
i Corporation Board Members Present: Directors Ortiz, Williams, Davis, j Peeples, Vice Chair Wallace and Chair Harper. I
i Corporation Board Members Absent: Director Young 2.
3.
PUBLIC COMMENT There was no public comment offered. CONSENT CALENDAR MOTION: PEEPLES/WILLIAMS to approve the Consent Calendar as indicated. The motion carried by the following vote: 1
APPROVED
I
i AYES:G: Peeples, Williams, Ortiz, Davis, Wallace, Harper [ ABSENT:1: Young
3A.I Consider approving the minutes of the February 26, 2014 Financing Corporation Board of Directors meeting.
I
REGULAR CALENDAR
4.
4A. Consider receiving the Third Quarter Financial Statements for the AC Transit Financing Corporation for the Nine Months Ended March 31, 1 2014 (Report 14-154).
RECEIVED
I
Director Ortiz requested an update on the Certificates of Participation (COPS) transactions. Chair Harper asked for a review of the Financing Corporation to determine if best use was being made of it.
! Corporation
Chief Executive Officer David Armijo advised that it might [ be possible to use some of the District's reserves to pay off one or two i of the COPS, which would result in interest and principle savings and ! help the District reduce debt. \
I MOTION: PEEPLES/WALLACE to receive the Financing Corporation Financial Statements for the Nine Months Ended March 31, 2014. The I motion carried by the following vote:
I
I AYES:G: Peeples, Wallace, Ortiz, Williams, Davis, Harper
i ABSENT:1: Young AC Transit Financing Corporation
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5.
ADJOURNMENT There being no further business to come before the AC Transit Financing Corporation, the meeting adjourned at 7:23 p.m.
Respectfully submitted,
Ck~~
Linda A. Nemeroff \.__.../ Corporation Secretary
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