NORTH COAST RAILROAD AUTHORITY (NCRA)

 FINANCE COMMITTEE MEETING

 

MINUTES

 

NOVEMBER 20, 2002, 4:00 P.M.

 

WILLITS CITY COMMUNITY HALL

111 EAST COMMERCIAL STREET, WILLITS, MENDOCINO COUNTY, CALIFORNIA, USA

 

 

 

A.                 CALL TO ORDER

 

Director Simonson called the meeting to order at 4:11 pm

 

B.                 ROLL CALL

 

Directors Present: Bob Simonson, Bruce Burton

Directors Absent: Budge Campbell

Also Present:  Executive Director Doug Christy, Legal Counsel Chris Neary,

Caltrans District 1 Planning - Stephanie Coleman

 

C.                 AGENDA APPROVAL

 

Executive Director Christy requested the order of the agenda changed to reflect Item 1.

Q-Fund Repayment be moved to the end of the agenda.  All approved.

 

D.                PUBLIC COMMENTS

 

No members of the public were in attendance.

 

 

 

 

 

 

 

 

E.                 CONDUCT OF BUSINESS

 

1.                  Q-Fund Repayment

After a detailed discussion of Items E.2 and E.3, the Committee directed staff to pay back Caltrans from the Q-Fund the entire $1,312,766 Caltrans previously paid to FHWA for a 1996 NCRA audit exception.   

2.                  Update Financial Status

Executive Director Christy reviewed Financial Schedules A, B and C with the Committee and answered questions for clarification, while incorporating comments and revisions to the financial spreadsheets.

Additional revenue opportunities were discussed and staff was directed to pursue the FEMA/OES Bell Springs Block reimbursement and the accrued interest on NCRA’s escrow account established for UP site remediation.

3.                  Update Remaining Debt

Counsel Neary helped clarify for the committee the nature of many of the outstanding debts including TXL, the Community Disaster Loan, Palco Notes and the Redwood Region Economic Development loan.

Staff was directed to investigate the 1996 FHWA $1,312,766 audit exception, as a means to mitigate the future potential Q-Fund deficit, resulting from the early withdrawal from the fund to repay Caltrans.          

       

F.                  MATTERS FROM COMMITTEE MEMBERS

 

There were no other matters from the committee members.

 

G.                ADJOURNMENT

 

The meeting adjourned at approximately 7:00 pm.