Title
a. Receive a status report on the Board Referral 2020.12 "Consider funding options to increase the Pavement Condition Index of County roads to at least a 'Fair' standard over the next ten years";
b. Support implementation of a financing plan for the local road repair pilot program;
c. Approve the initial local road repair plan; and
d. Provide appropriate direction to staff.
Report
RECOMMENDATION:
It is recommended the Capital Improvement Committee:
a. Receive a status report on the Board Referral 2020.12 "Consider funding options to increase the Pavement Condition Index of County roads to at least a 'Fair' standard over the next ten years";
b. Support implementation of a financing plan for the local road repair pilot program;
c. Approve the initial local road repair plan; and
d. Provide appropriate direction to staff.
SUMMARY:
This report provides an update to the Capital Improvement Committee (CIC) on the status of the proposed local road repair pilot program and a financing plan for the proposed initial 10-year plan.
DISCUSSION:
Background
The County Administrative Office (CAO) and the Public Works, Facilities, and Parks Department (PWFP) received Board Referral 2020.12 on March 3, 2020, to consider funding options to increase the Pavement Condition Index of County roads to at least a "Fair" standard over the next ten years. Upon receiving the Board Referral, staff began researching options and consulted with the County's municipal advisor, KNN Public Finance (KNN), to identify funding/financing strategies within the context of the Road Fund existing revenue sources. Staff reviewed financing tools that the Board has mentioned in the past, starting with iBank, then the Total Road Improvement Program (TRIP), and lines of credit. KNN performed extensive research and analysis of potential financing options and security structures to leverage existing Road Fund revenues. Based on this collective research and evaluation, the primary financing options avail...
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