Title
Consider adoption of a resolution to approve and adopt the Local Road Rehabilitation Program v2.0 Policy for inclusion in the Board Policy Manual.
Report
RECOMMENDATION:
It is recommended the Board of Supervisors to approve and adopt the Local Road Rehabilitation Program v2.0 Policy for inclusion in the Board Policy Manual.
SUMMARY:
This policy will provide information and procedures to be followed in managing the Local Road Rehabilitation Pilot Program (Program) approved by the Board of Supervisors on January 30, 2024. Per the next steps stated at the January 30, 2024 Board Meeting, staff has prepared and is bringing forth this policy for approval. This policy is to be reviewed consistently with, and interpreted in general conformance with, the definitions and procedures contained in the January 30, 2024 Board Report (Attachment B), and the associated "10 Year Local Road Rehabilitation Program" Summary Report prepared by Harris & Associates dated September 16, 2022. The "Initial 10 Year Road Repair Plan" set forth in Table 6 therein is to be a guide for Program investments.
DISCUSSION:
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 financial advisor to identify funding/financing strategies within the context of the Road Fund existing revenue sources.
Staff and the advisors reviewed possible financing tools that the Board had mentioned and also performed extensive research and analysis of potential financing options and security structures to possibly leverage existing Road Fund revenues. Based on this collective research and evaluation, the primary financing options available were: 1) Revenue Bonds, non-...
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