of 2
Current View
SOUND
TRANSIT
RESOLUTION
NO.
R2003-20
A
RESOLUTION
of
the
Board
of
the
Central
Puget
Sound
Regional
Transit
Authority
relating
to
the
$500
million
full
funding
grant
agreement.
WHEREAS,
the
Central
Puget
Sound
Regional
Transit
Authority,
hereinafter
referred
to
as
Sound
Transit,
has
submitted
a grant
application
to
the
Federal
Transit
Administration
{FTA}
seeking
a
full
funding
grant
agreement
to
provide
Sound
Transit
with
a
$500
million
grant
to
fund
a portion
of
the
capital
construction
cost
of
the
Initial
Segment
of
the
Central
Link
Light
Rail
Transit
Project;
and
WHEREAS,
in
furtherance
of
the
grant
application,
Sound
Transit
submitted
a
letter
to
the
FTA
providing
certain
additional
information
based
on
Sound
Transit's
2003
financial
plan
regarding
a
"worst-case"
financial
scenario,
as
defined
by
the
FT
A,
in which
the
agency's
motor-vehicle
tax
rate
is reduced
to
0.1
%.
The
financial
plan
will
be
updated
annually
to
incorporate
new
or
changed
financial
information
based
on
economic
forecasts
and
agency
financial
policies.
The
letter
is attached
as,
Exhibit
A;
and
WHEREAS,
in
furtherance
of
the
grant
application,
the
Sound
Transit
Board
hereby
confirms
its
agreement
{1)
to
abide
by
the
statements
and
commitments
contained
in
the
attached
October
2,
2003,
letter
to
the
FT
A regarding
the
agency's
ability
to
construct
and
operate
the
transit
projects
and
services
identified
in
Sound
Move,
(2)
to
adhere
to
the
subarea
equity
protections
and
procedures
identified
in
the
letter
and
established
in
the
Sound
Move
transit
plan
to
address
funding
shortfalls,
and
(3)
to
accept
a maximum
of
$500
million
in
federal
grants
from
the
FTA
to
fund
a portion
of
the
capital
construction
cost
of
the
Initial
Segment
of
the
Central
Link
Light
Rail
Transit
Project.
Except
for
the
$500
million
awarded
in
the
full
funding
grant
agreement,
Sound
Transit
shall
not
seek
or
accept
additional
federal
grants
from
the
FT
A to
fund
the
capital
construction
cost
of
the
Initial
Segment
of
the
Central
Link
Light
Rail
Transit
Project.
NOW,
THEREFORE,
BE
IT
RESOLVED
by
the
Board
of
the
Central
Puget
Sound
Regional
Transit
Authority
as
follows:
1.
The
Board
hereby
confirms
its
agreement
to
abide
by
the
statements
and
commitments
set
forth
in
the
October
2,
2003,
letter,
attached
hereto
as
Exhibit
A,
relating
to
the
potential
loss
motor-vehicle
excise
tax
revenue,
including
the
commitment
to
adhere
to
the
subarea
equity
protections
and
procedures
established
in
the
Sound
Move
transit
plan
to
address
funding
shortfalls.
The
financial
plan
upon
which
the
financial
data
in
the
letter
is based
will
be
updated
annually
to
incorporate
new
or
changed
financial
information
based
on
economic
forecasts
and
agency
financial
policies.
2.
Sound
Transit
will
accept a
maximum
of
$500
million
in
federal
grants
from
the
FTA to
fund
a portion
of
the
capital
construction
cost
of
the
Initial
Segment
of
the
Central
Link
Light
Rail
Transit
Project.
Except
for
the
$500
million
grant
awarded
under
the
full
funding
grant
agreement,
Sound
Transit
will
neither
seek
nor
accept
additional
federal
grant
funds
from
the
FTA to
fund
the
capital
construction
cost
of
the
Initial
Segment
of
the
Central
Link
Light
Rail
Transit
Project.
ADOPTED
by
the
Board
of
the
Central
Puget
Sound
Reg·
meeting
thereof
held
on
October
23,
2003.
ATTEST:
1!Qt~At~tJ~
Marcia
Walker
Board
Administrator
Resolution
No.
R2003-20
Page
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