Maryland Transportation

Authority
FINANCE COMMITTEE MEETING
Notes of June 11,2009
A uthorig Members: Louise P. Hoblitzell - Chair, Richard C. Mike Lewin, Jack Basso, Isaac Marks MdTA Attendees: Ronald L. Freeland, Deborah Sharpless, Valerie Smith, David Chapin, Alison Williams, Joyce Diepold, Christina Thompson, Simela Tsiandos, Geoffrey Kolberg, Douglas Hutcheson, Thomas Gugel, Cheryl Sparks, ~ e v e r l ) Hill, Dennis Simpson, Robert Jordan, William O'Reilly, David Greene (Police),
MDOT Attendees: Fred Rappe Others: Peter Kessenich - Public Financial Managements (via phone) James Traudt - Davenport & Company LLC (via phone) Mitch Brigulio - Davenport & Company LLC (via phone) Kurt Krauss - PI3 Jacquelyn Seneschal - KC1
Member Hoblitzell called the meeting to order at 9 a.m. No revisions or corrections were made to the notes of May 14,2009. Canton Railroad

Ron Freeland provided an overview, history, and analysis of the Canton Development company, Inc. (CDC). Canton Railroad Company (Canton RR) is a whole
Finance Committee Notes June 11,2009 Page 1 of 3

owned subsidiary of CDC. The Authority acquired 100% of CDC in April 1987. CDC is a for-profit entity that operates in the private sector. CDC and Canton RR were acquired in connectio-n with the development of Seagilt Marine Terminal.and the Inteimodal Container Transfer Facility. CDC was a strategic acquisition intended to protect the Authority's investment in the Seagirt Marine Terminal to promote competitive rail rates.

For the year ended December 31,2008, CDC reported revenue of $4.7 million, net income of $503,000 and net assets of $7.8 million. The Authority has invested $2.9 million in CDC. In 2007, the Authority had CDC's assets appraised. At that time, the assets were valued to be $20.3 millioll of which $14.5 million related to real estate.

FY 2010 Operating Budget

Chris Thompson provided an update on the FY 2009 operating budget. She indicated that expenditures are expected to be 10 percent under budget.

The FY 2010 final operating budget totals $217,043,235, which represents an increase of $2.5 million or 1.18% over the FY 2009 budget. A substantial portion of the increase relates to the Intercounty Connector (XCC). When excluding the ICC from the budget, the FY 2010 budget decreased by $1.2 million or -6%. Costs incurred for police services at MPA, MVA and MAA are reimbursable and amount to $23,947,808 (11%). Members Basso and Hoblitzell thanked Chris for doing an excellent job.
Action Itenr: Member Marks, with Member Basso seconding, recommended that the PY 2010 Operating Budget in the amount of $217,043,235 be brought before the full Alcthority for approval at its June 24"' meeting.

ORT Policy & Presentation

Bob Jordan presented a power point presentation on variable priced toll facilities for the ETLs and ICC. The purpose of the presentation was to describe the proposed managed facility open road toll policy, proposed toll rate adjustment process, and to seelc input and guidance towards finalizing the policy. Bob explained that the presentation provides an outline of how the Authority proposes to set tolls and adjust toll rates in the future. In early Fall 2009, the Authority will begin its public outreach with tolling information. Approval of the policy is needed in order for this information to be distributed.

Pollo w up: Mem hers are to review policy and provide comments by June 26"' so tlrii can be recommendedfor approval at the next meeting,
Traffic & Revenue Update
Revenues for the month of May were $27.6 million (up $3 million from previous year). Revenues for fiscal year-to-date were $248.9 million (down $6.3 million froin previous year). Fiscal year-to-date revenues were $5.6 million below the Stwtec forecast

Finance Committee Notes June 11,2009 Page 2 of 3

and $0.5 million above the Pessimistic #2 revenue forecast. Transactions for the month of May were 10.4 million, down 0 million from the previous year. Fiscal year-to-date transactions were 106.8 million, down 3 million from the .previous year. Fiscal year-todate transactions are 2 , l million below the Stantec forecast and 0.6 rnillion above the Pessimistic #2 forecast.

Cash Balances/Spending
Allen Garman stated that cumulative capital spending for the fiscal year-to-date through May totaled $610.8 million and capital spending for the month of May totaled $63.9 million. The Authority's aggregate cash balances for capital expenditures declined by $47.6 million in May. Bond proceeds should conservatively suppori capital expenditures into the first quarter of fiscal year 2010.
'

Rate Covenants Allen explained that since revenues declined 2.48% and if this trend holds through until the end of the fiscal year then this would result in toll revenues of approximately $265 million, $6.7 million decrease from FY08. The decline would narow the cushion to $26.9 rnillion and the Authority would still meet its rate coverage.

Investment Report
Allen reported that investment holdings declined by $38.6 million in May and spending from various capital accounts totaled $63.9 million. Individual accounts are outperforming relevant benchmark indices. As of May 31,2009, all investments and portfolios were inline with investment policy limitations.

The meeting adjourned at 10:35 am. The next Finance Committee meeting is scheduled for Thursday, July 9,2009 at 9:00 a.m.

Finance Committee Notes June 11,2009 Page 3 of 3

Maryland
Transportation Authority

FINANCE COMMITTEE MEETING

Notes of July 9,2009
Atitlzority Members: Louise P. Hoblitzell - Chair, Richard C. Mike Lewin, Jack ~ G s oIsaac Marks ,

MclTA Atfenrlees: Ronald L. Freeland, Harold Bartlett, Deborah Sharpless, Valerie Smith, David Chapin, Alison Williams, Christina Thompson, Allen Garinan, Geoffrey Kolberg, Simela Triandos, Suhair Alkhatib, Dennis Simpson, Doug Hutcheson, Richard Jaramillo, Kelly Melhem

MD OT Atten dees: Fred Rappe Leif Dorinsj o

Otli ers: Peter Kessenich - Public Financial Management (via phone) James Traudt - Davenport & Coinpany LLC (via phone) Mitch Brigulio - Davenport & Company LLC (via phone) 1Cul-t ~ R L I S SPB

Member Hoblitzell called the meeting to order at 9 a.m. No revisions or . corrections were made to t11e notes of June 1 1,2009. Traffic & Revenue Update

Revenues for the month of .Tulle 2009 were $28.9 million (up $1.8 million fiom previous year). Revenues for fiscal year-to-date were $277.8 million (down $1.5 million from previous yeas). Fiscal year-to-date revenues were $5.1 lnillion below the Stai~tec forecast $2 ~llillion above the Pessimistic #2 revellue forecast. ~ra~lsactions the. for
Finai~ce Coll~~nittee Notes July 9,2009 Page 1 of 3

month of June 2009 were 10.3 million, which is up 0.2 million from the previous year. Fiscal year-to-date transactions were 1 17.1 million, down 2.9 million from the previous year. Fiscal year-to-date transactions were 2.2 million below the Stantec forecast and 0.7 million above the Pessimistic #2 forecast.

Cash Balances/Spending
Allen Garman stated cumulative capital spending for the fiscal year 2009 totaled $680.4 million and capital spending for the month of June totaled $69.6 million. The Authority's aggregate cash balances for capital expenditures fell by $13.8 million in June ($30 million received from TTF for the ICC). Bond proceeds should conservatively support capital expenditures through the first quarter of fiscal year 2010. The average monthly capital spending through fiscal year 2010 is projected at $91.2 million, which is based on the November 25,2008 CTP and recent projections for the ICC and ETL projects. Rate Covenants Allen explained that since fiscal year 2009 reveilues totaled approximately $270 million ($1.5 million decrease from fiscal year 2008), the Authority still has a cushion of $32.5 million. Any decrease in expenses will increase this cushion. Incorporating the cost recovery initiative will causes the cushion to grow significantly in FY 20 11 even with flat to modest increases in traffic volulne,
Investment Report

Allen explained that as of June 30" all investments and portfolios conformed to policy limitations. Illvestment holdiilgs declined by $9.3 million in June and spending from various capital accounts totaled $69.6 million.
OLUinvestment

Update-Existing Facilities Preservation

Geoff Kolberg presented an update of the Authority's existing facility preservation needs and to provide alternatives to the ETL project. Discussion fbllowed on one alternative and Coinmittee members will be continually updated.
Presentation of Draft FY10-FYI5 CTP

Dennis & Suhair updated the Comnlittee on the draft CTP. Basically, the six year total increased by $285 millioll fro111 the FY09-FY 14 CTP. Reserves were reduced by $30.6 million in FY 10, $20 million in FY 1 1, $20 milliol~ FY 12: $20 lnillion in FY 13 ill and $50 million in FY14. The FY 2009 reserve of $20 ~nillioil shifted to FY 2015. was

Finance Co~~~lnittee Notes July 9,2009 Page 2 of 3

Financial Forecast/AffordrbiIity

David Chapin gave a review of preliminary scenarios for the Draft FY20 1 0FY2015 CTP. Discussion followed on financial affordability.
The meeting adjourned at 12:23 pm. The next Finance Committee meeting is scheduled for Thursday, August 13,2009 at 9:00 a.m.

Fillance Colnn~ittee Notes July 9,2009 Page 3 of 3.

. Maryiamd
Transportation Authority

FINANCE COMMITTEE MEETING

Notes of August 13,2009
Aatltority Menzbers: Louise P, Hoblitzell - Chair (via phone), Richard C.Mlke Lewin, Isaac Marks

MdTA Attendees:
Ronald L.Freeland, Harold Battlett, Deborah Sharpless, Valerie Smith, David Chapin, Alison Williams, Joyce Diepold, Christina Thompson, Simela Tiiandos, Geoffrey Kolberg, Douglas Hutcheson, Thomas Gugel, Kelly Melhem, Dennis Simpaon,

'

MDOT Attendass: Fred Rappe

Others:
P&r Kessenich Public Financial Managements James Traudt Davenport & Cornpany LU3 Kurt Qau ss -PB Jncquelyn Seneschal - KC1

Member Hoblitzell called the meeting to order at 9:00 a.m. No revisions were made to the notes of July 9,2009.
Traffic & Revenue Rorecastfnr Services Contract

Chris Thompson presented the traffic and mvenuc forccastii~g contract. This contract provides traffic and rcvcnue projections, trnnsportatio~~ policy and program development, system analysis and revenue forecasting and reports, presentations and briefing materials. The Authority anticipates two awards under on contract having a total budgeted award value not to exceed $5,000,000. An evaluatian panel reviewed four proposals and identified the strengths and weaknesses of each firm. The panel commended Jacobs Engineering Group, Inc. and Johnson, Mimiran & Thompson, Inc.
Finance Cornmittee Notes August 13,2009 Page 1 of 5

Chria also advised the committee that a protest had been filed by a flrrn. Their claim was denied by the Board of Contract Appeals. Action Item: Committse recornmended that this item be brought before the full AuthoriQ on August 2 9for approval of a 5-year contract and to the Board of Prtblic Works on September 16,2009 assuming an injunction in circuit court is notflled.

Debt Policies
Alison Williams presented the debt policies for its annual review recommending changes to four of the policies (is. Global reference to the CFO, Asset life, Capital Planning (Cash to Toll Revenue Ratio Policy) and Costs and Fees). It was recommended to change the existing cas4to toll revenue policy, substituting a requirement that the Authority maintain $350 million hl unrestricted cash in the following Authority accounts: Operating Reserve, M & O Reserve, Cash Capital Account and General Account. Member8 requested future briefings m polices of other authorltles and updates (as needed) on the concept of using a line of credit in lieu of a portion of the cash reserves.

Aclion Item: Commitfse recommended that this item be brought before the full Allthority on August 25"for approval,
Draft FY 2010-l?Y2015 CTP
Dennis Simpson and Suhair Alkhatib presented the current version of the Draft 10-15CTP. It provides for the completion of the 595 Section 100 ETL project i FY n 2016; completion of the ICC project in l?Y2012 (excluding co~~tsact addition of 42 D); new system preservation projects (compared to FY 09-14 Fi CTP), revision of 119 la rl projects and reduction of six year reserves by $166 million.

Action Item: Committse reoonunanded that this ihn be brought before them1 Authority on A ugz~st for ivpprovul. 29'
David Chapin reviewed the financial affordability of the Draft 10-15 CTP. Future toll increase requitements were sized for FY 12,14,16 and 18, Increases would be substantial (e.g., 48% in FY 12 followed by 16%in FY 14; 126% total above Levels prior to CRI.) However, no single toll increase would exceed 5090,and the order of magnitude of the increases is similar those shown in the f m c o s t approved by the Authority in July 2009.Various additional scenarios testing the impact of additional funding were reviewed.
Mike Lewin inquired if it would be feasible to delay the FY 14 toll increase to FY 16, so that theen would be only one toll increase in each four year period. The only way to eliminate a FY 14 toll increase would be to accelerate it, combining it with the FY 12 toll increase. Otherwise Authority revenues would not mcot obligations.

Finance Con~mi Notes ttee August 13,2009 Page 2 of 5

No specific action on the financial affordability analysis was required; however, the committee concurred that they could recommend the Draft 10-15 CTP for approval after taldng into consideration the analysis.
2009 Bond Sale

Resolution 09-02 for the purpose of financing the acquisition, oonstlvction and is equipping of certain transportation facilities: approving the preparation and tlistribution of a preIiminary and a final official statement; and authorizing, specifying, determining and approving certain other matters pertaining to the 2009 Bonds.
Action Item: Cornmifleerecommended that this &a be brorrghd bsfors thsfull

Authority on August 25'hfor approval.

Variable Priced Toll Facilities Policy

Sam Triandos updated the committee on comments received from the committee. Since the Authority will begin toll service on the ICC and the BTL's in the near future as demand-managed open road tolling facilities, this requires establishment of new procedures and policies regarding toll rates. Public outreach will begin during the falt 2009.
Action Item: Cornntiffeo recommended that this time be h ~ u g hbefore ths full t Alrt/tori@ at it8 meeting on August 25"'for approval.

ICC Toll Rate Range

David Chapin and Dennis Simpson the committee with potential toll rates for the ICC with a power point presentation. The presentation explains various toll rates during peak and non-peak times and revenues generated from these times and toils.

Aclion Itsm; Com~t~iitee recommended that this itent be brought before the full Authority at its meeting on August 25thforapproval.
Travel Plaza Redevelopment Procurement
Sam briefed the committee on the status of the RFP for the redevelopment of the travel plazas. Staff puopo6ed that a change to the COMAR procurement language that affects the Maryland and Chesapeake house travel plazas on 1-95, COMAR exempts from the procurement law certain transportation facilities proving goods and senrics to the public. Under the change, the procurement regulations would have applied to the Authority's travel plazas, without ~ltering exiating exemptions for other the timsporlr*on facilities. Executive Directors and Principal Counsels of each madal were contacted to assure that the change would not have had an unintended effect on the otlm DOT rnodals, Given concerns of two modals, the Authority will include language in the RFP to encourage MBE participation.

Finance Committee Notes

Atleust 13,2009 Page 3 of 5

Executive Summary Preservation Needs

&off Kolberg stated that based on the 2008 inspection most facilities are in good condition. Improvements and work has begun on the Hatem Bridge and the Cwton Viaduct work is in the discussion stages.
1-95 ETJL Alternative Completion Scenarios

Geoff explained that Staff and Consultant Team are evaluating five possible scenarios kpreaenting full and various partial completion options of the ETL project, and resultant amounts of funding which might be available to address system preservation needs. Scenarios representing partial completion would allow varying amounts of funds for other system preservation projects.
Update: Traffic & Revenue

Revenues for the month of July 2009 and fiscal year to date were $29 million (up $3.7 million from pxwious year). Fiscal year to date revenues are $1 million below the Stantec foi~cast $03 million above the Pessimistic #2 revenue forecast, Transactions and for the month of July 2009 and fiscal year to date were 11 m l i n which is up 0.4 ilo, million from the previous year. Fiscal yew to date transactions were 0.2 million below the Stantec forecast and Qm3 million above the Pessimistic #2 forecast,

Cash BalnacedSnendine;
Capital spending for the month of July totaled $70.4 million. The Authority's aggregate cash balanca~ capital expenditures fell by $62.9 million in July. Bol~d for proceeds should conservatively support capital expenditures through November (Decemberif spending holds below 80% of projections). For the next eleven months, average monthly capital spending is projected at $90.7 million.
Rate Covenants, The $72.187 million cushion indicates that eligible toll revenues can decline by this mount and the Authority would still produce 1 0times coverage. Due to the cost . recovery initiative, July 2009 toll revenues have increased 14.8%compared to July 2008. Fiscal year to date revenues are also 1.7% ahead of projections and if revenues hold 1.7% above pessimistic #2 this will produce FY 2010 coverage of a solid 1.86 times.

lnvestment Renort
As oF July 3othall investments and portfolios conformed to our investment policy limitations. Individual accounts are out-petforining their benchmark indices and over the last 12 months all of our accounts out-performed the state and local government index,

Finance Co~nmi No tcs tree August 13,2009 Page 4 of 5

Investment holdings declined by $102.6 million in July and spending from various capital accounts totaled $70,4 million,
At this time, Staff and the Bvalustion Panel met to discuss -theSenior Underwriter,

The next Finance Committee meeting is scheduled for Thursday, September 10, 2009 at 9:00 am with an Audit Committee to fpllow,

Finance Committee Notes

August 13,2009

Page 5 of 5
\

Maryland Transportation Authority

FINANCE COMMITTEE lMEETING

Notes of September 10,2009
A ~ f l t o rker heras: frr i~ Richard C.Mike Lewin - Acting Chair, Jack Basso, Louise P.Hobl'itzell - (via pholle), Isaac Marlcs

MifTA A#entlees: Ronald L.Freeland, FIardd BartIett, Deborah Sharpless, Valerie Smitll, David Chapin, Randolph Browli, Alison Williams, Joyce Diepold, Allen Galman, Silneln Triandos, Douglas Hutcheso11~ Thomas Gugel, Dermis Sin~psoi~, Cheryl Sparks, Bob Michael, Alice Brooks, Roxane Mukai, Patrick Flendng, Lucy Lyles, Frank VogeI, Cindy Taylor

0 t hCFS: P cite! Kessenich - Public Financid M~nagement Jni31es Tra~~dt Davenport & Coinparry LLC Jacquelyn Seneschal - KC1

Member Lewh called the lnecting to order at 9:00a.m. Member Marks rec~mmei~ded sevisio.ruto t l ~ no t,es o f August 13, 2009 concemily the Travel Pl-azos e ~cdeveopmnent.R-evisionsw-eremade and were included in the Authority briefing book ibi t11.eSeptem.ber23,2009 meeting,.
Upd.kte - BWI Q=nnrterly Revenue & .Rtrfe Coven.ants

Alison Williams advised fl~e.'~ommitteethe revenue callectio~~sI W on at 3 co~rcel~~ing the Authority's concl~~it filmnci~~gs the Consol.icl~tec1 for Rental C m Facility (GFC)Revalue Bonds, Pnsscnger Facility Charge (PFC) Revenue Bonds and the BWT

-+

Finance C.olnmittee Wo.tes

September 10,2009 Page 1 014

P wling Revenue Bonds. 13WI revenues declined in FY 2009 c o q m e d to FY 2008; however, were in.orethau strfficieut to cover debt service otl ail bo11d issues.
MAA rt~ised CFC rate to $3.75 effective Juty 1,2009 from $3.60 per the trtmsnction to adclress projected revellue sl~ortfalls Bond cou~~scl reviewed has doc~iments regarding the legal rate covellmt caIculation and deter~~~hed$1,361,000 'that on deposit ill the coverage fund is to be incl~~ded., rate cove~~ant The c~lcu~ationx will continue l 'be monitored to ensure appropriaterate coverqge. a
CFC -

PFC
PFC esti-matedand actual.revenue for FY 2009 was $40.3 iuiDion mcl$40.8 l~illion, respectively FY 2009 revenue compared to FY 2008 decreased by $4.8million. However, the debt se17ri.ce coverage remained strong at 4.1 1.

The existing Letter of Credit expires.on December 16,2009, State S.&eet and MA has expressed an.intercsti re~lewin-g Letter o f C~clit. n the PFM coucm th-at pursuing this optioa is udvisnble at this t.be. This matter win be discussed at future meetings.

Parking Garage R~svenues Gross pafkillg esti~nated actual revenue for FY 2009 was $62.3million and and $62.8 million, respect-iveIy. FY 2009 revetme compared to PY 2008 decreased by $5 million. However, debt service coverage was strong at 3.03. The legal requirnnei~tis 125. T11m are $229,,6 millioi~ bonds outstading with a final rnatarity date of March in
1,2027,

~f la1presented the investment policy :lbr its annual review ~*ecornmencling rniuor cI~ttng& Chmgii~g (i.e. Director of Finance to.Chief Financial Officer and changing an institution's mme),
Actlo# Itan: F ~ it&e ,acorn ~nonrlcd 1 1 this iten2 be br014gJztbgfore thefir I Z 1 ~ l AuthndQ at Its rireetiug u rt Sepfe~~~ber 009jbr -cryyrovtrl. 23 2 .,

Allen ~~pdated committee on interest earning opl~oi~tutunitiest1i.e sllspension of the if investing in comnereinl paper wos Liftecl. The Finance Cornmittec s~~spendecl the investment o f commercial paper Jm~~ary 2008. The Au-fhority's in.ves,tmel~t Policy limits com~nercinl pt~per exposum to 20% of the portfolio and 5% by issuer. Potential easnings if the Authority invested % 100 million or 11%of its portfolio in commercial papers would be apj~roximntely 70,000 to $250,000 annually. After some cliscussion, $1 the committee recommn~cled to h e s t in corporate commercial pnper nt this time. not The Coinmi-tteedid not view the risk was wo~.fl~ rew'ard, the
Fitlance Committee Notes Septcnlber 10,2009 Page 2 o f 4

Follow-Up: Committee requested that this item be bwught back nl cr~zy time if ~varrantecl.
&tvestnlenf Report
As of August 31,2009, ~ll'invest~s~ents conforlned to our investment policy limitations. Incividual accounts gei~erally outperbfiued relevant benclm arlc indices. I~~veuhnmt l~oldinge declinecl.by $1 8.9 millioil in August a i d spending from various capitil accounts totaked $44.6 million.

The estimated rate covenant for FY 2010 is 1.7 tin~cs.This is based 011 estimatecl
yea-to-date revenues of $309 million. Revenues nt this level produce a $58.7 nill lion cushion. As such, toll revenue3 can decline or,cxp.easescm iucreose by this nlnouiit and the Authority would meet the required 1.0 times coverage.

Cash BaI.anccs/Spending
Cumul~tive capital spendingtor the fiscal year-to-dntc though August totaled $139.7 inillion and capit81 spending for the month of August totaled $69.4 million. The Authority's aggregate cash balances for capital expei~clitures by $44.6 million in fell August. For the next 10 months t l r o ~ g h 2010, ae-age mollthly capital spendillg is FY projected at $85.2 million. Current bond proceeds me expected to cover capital expentliturc costs through Novelnb er (Decenlber if spending h ~ l d below 80% of s projections).
Update - ICC Opening .Sched~de Statlls: and Dennis presented thee scenarios for discussion. The first scena~*io represented the current revenue forecast (bosed on the 2006 study) and has uverngo revenue of approximotdy $53 million from 2011through 2020. The additional two Forecasts used $0.25/$0.20 aud 60.30/$0.25 rates. These rates produce average toll revenue from $GO to $64million depending on the toll rate cllosen.

Jackie stated that at the ~e~teinbe~-23"' Autl~ority meeting agoblic ca:rn~nent period and staff open homes would be anno-unced . The coinmei~t period wau.1~1 begin Se9-teinhe14 t~nd Noves11be.r23R'and two staff open hot~ses 24t1' end would be held October 19h, and 2 1"'. Final aetion would be held on Deceniber 17" wherein the Antlmsity would approve a toll Tmge and peak llours. Discussion followed as to who could approve changes tu peak and off-peak thnes. Monitoring of the traffic patterils will be cmductcd wlren the ICC opens br the Fall of 2010.

Finance Cornmittee NotesSepteinbel. 1 1 2009 1, Page 3 of 4

F l - :

Co?nrriitfee reconmrenderl that n $0,35.$0,25rate sce~rsc~+o srrbi~r2ffed be nlat,g with a conrpartLronIlst of ~nclgltborit~g states, i,e. Delawase, Pennsylvnnla, Nerv Jersey md New York beforie the ~eptarlrher A I ~ osity nr eetircg. 23rd ~/Z

Uada te -ICC EnvhbonnxentaI tewnrddllp Contrnct ResoIution S

Bob Micht~el presented Resolotiall 09-04 to obtain i l ~ e Cornmittec's conourrence to increase the clelegnted anthority upset limit for ICC Envirolmental Stewardship projects esbblished by Resolutio~~ (approved January 6,2009). Thls Resolution 08-14 wou1d delegate authority to the Executive Secretary to approve the ICC Environ~nental Stewardship ICC contracts to incl~tde those valued at $1,000,000 up to but not more than $10 million. Y l e Co~lunittee advised that the Cttpital Committee recornme~~ded was that the limit not exoeed $5 mnillion. The Fin'inwce Co~nmittec concurred with the Capital Cormnittee's r.c;cominendnti n. o
Actiu~ Item: Cnniniiifee reconr~ren(Ee~i this i t e ~ ~ t brought befoiforrthe full fT2& be Azithoriiy at its nreethg 012 Ssptmttber 23,2009 for approval.

Alice Brooks presmtd 11.07.03 Permits Towing, 11.07.08 Towing of Unatte~~ded Vehicles and 11.07.1O Parking Authority Piuparty to clarify provisions and proceed with the heamendmetlt af-[he Code o f Maryland Regulations (COMAR) to include the ICC/MD 200.
dctiort Itei~z: Conut~iftee ~*econ6etsrrderl this itern &qC.BrnugJ~l tlr e frrU thnt befort? Azit?~or*ity its nteeting on Septerrr bclr 23,2009 for approval sribjeci to any chn~iges tat IN urlc by ant2 between Mcrn her Marilrs artd ANca Brooks.

Revenues for the month of August 2009 were $%.2 million (up $3.3 million fioln the FW~OUS year). Revenues for fiscal year-to-date were $58.6 million (vp $7.4 nill lion from the previous year). Fiscal year-to-daterevenues arc $1.2 million below t l ~ e Stantec

forecost and $03mLlJion above the Pesirn-istic#2 revenue forecast. Trnl~snctions the fc~r month of AII.~IIS~ were 10.9 inilllion, which is up 0.1 lnillion from i11.eprevious year. 2009 Fiscal year-to-date trnnsnctions were 2 1.9 n~iiflion, 0.5 million from tleprcvious year. up Fiscal year-to-date trsusnctions were 0.5 nillion below the Stailtec forecmt and 0.1 miIlion above tl~c Pessimistic #2 fol-ecnst,

The meeting adjourned at 10:43 a.m. The next Finance Co~mittee meeting i s scheduled for Thursclay, October 8,2009 at 3:00 sin.

Fi~~allce Committee Notes Septem'ber 10,2009 Page 4 o f 4

Maryland
Transportation Authority

FINANCE COMMITTEE MEETING

-.
-

. .. .

.- .

- -

Notes of October 8,2009

Authorily +mbers: Louise P. IIoblitzell Chdr, Jack Basso, Isaac M~rks, Richard C.Mike Lewin

MdTA Attendees: Ronald L.Freeland, Deborah Sharpless, Valerie Smith, David Chapin, Alison Williams, Simela Triandua, Geoffrey Kolberg, Dennis Simpson, Cheryl Sparks, Christina Thompson, Allen Gaunan, Derek Jones, Beverly Hill, Terry Niswonger, David LaBeIla, George Fish, Cindy Taylor.

MDOT Attendees:
Fred Rappe Harold B artlett Dave Fleming

Others; Peter Kessenich Public Financial Mmagement Joe Mason - Davenport & Company LU: Paul Shelton - McKennon Shelton & Henn, L W Kurt Krauss - PB Jacquelyn Seneschal - KC1 Dana Bunting - Goldman Saohs Rick Gabeille - Jacobs Engineering Scott Allaire - Jacobs Engineering David Greenwood - GEC

Member Hoblitzell called the meeting to order st 10:I5 a.m. The notes of the September 1C)thFinance Cornmittee meeting were approved, as wrjtten.

Finance Committee Nates October 8,2009 Page 1 of 4

Travel Plsza RedeveXo~ment

Sam Triandos requested that the Finance C o d t t R e recommend to the full Authority for approval the advancement of the Travel Plazaa RFP advertisement.

In order to keep the RFP on schedule, the legislature must be notified 45 day8 prior to
advertisement, or November 12, and the approval of the deaign/build concept must be put on the December 16 BPW agenda. The solicitation seeks a private sector partner to conduct all Design-I3ulld-0 per ate-Maintain-Finance @ O W ) activities related to the B redevelopment of the Authority's two travel plazas. In order to achieve a legally enforceable MBB requirement, the travel plazas redevelopment oversight committee, consiatlng of staff, consultants and legal counsel, proposed m amendment to Code of Maryland Regulations (COMAR) allowing the provisions of the procurement i~gulationsto apply to the Authority's travel plazas. Based on negative implications for other MDOT modals, this change in COMAR will not be pursued, Absent a change in COMAR, the oversight committee believes that the last remaining viable alteinative is for vendors to submit an MBE Participation Plan under separate cover that would not be considered as part of the evaluation process. Finance Committee members again expressed strong reservations regarding approval of a large and very long term contract does not include legally enforceable MBE requirement. T e Members expressed concerns that the proposed voluntary MBE requirement may not h result in the desired targeted level of participation, Examples are requested of the implemeiltation and relative success of other conbxcts containing voluntary MBE requirements. The committee members also inclicated that they have not been given adequate information to make the determination that dl reasonable alternatives have been fully exhau~ted
..,
1 ;

Conzrnittes requested a ltht of ell a l t a r ~ t i ~ e ~ ~ tthatnhave been io s explored regarding the MBE issue, detailing why these alternative# are not feadble. Infort~~utiun to be provided to the Committee Members before the Authority meeting is on October 28,

Pollow up:

Capital Pro~ram.Bri~fing
System Preservation Review Team Report

Geoff provided a summaty of the system preservation team's review. Confirmed as Hlgh Priority were sixteen currently unfunded projecta totaling $191 million, as well as the programmed $90 million for the Canton Viaduct project. Nine unfunded projects totaling $225 millio~~, well as $772 million of the remainder of the &ton Viaduct as project were confirmed as Probable High Prio~fty. Seven unfunded High Priority Projects were either deferred or considered non-s ystem preselvation

Section 100 - m L Options

.,

Finance Committee Notes October 8,2009 Page 2 of 9

The committee was given sewn 1-95 ETL project completion alternatives, Staff recommends Alternative 1, which is limited to one ETL lane northbound and one southbound, with no weeas to and from 1-695 m MD 43, ~ l t e m d v one frees up more e than $430 million in the CTP to be redirected toward the system preservation projects. Alternative 2 includes two lanes in both directions, but will require an additional year of construction to December 2013 and does not include connections to 1-695or MD 43.
After substanblal exploration and discussion, the Finance committee recommended that these alternatives be reviewed by the full board on October 28'?

BW I Hnanci~lgs PFC Bonds Letter of Credit Extension

Alison presented MAA's request for extension of the State Street Banlc letter of credit associated with the BWI Seiftes 2003 Passenger Facility Charge (PFC) Revenue Bonds that expires on December 16,2009. MAA, MDOT and P N ' s Peter Kessenlch have detamined it is m s economic to extend the LOC thmugh the final maturity date o ot f July 1,2013.MAA has agreed to pay the increased costs.

Action Item: Commiiiee rscommended that this item be broughtbefore the full Authorify at its October 28,2009 ntaetirag.

,M Gap ContracJ Host

Terry Niswonger requested that the Finance Committee recommend to the Authority for approval the renewal of the first year option on the HMS Host contmct. The original contract was approved in November 2008 and has two, one-year renewal options. The terms and per-year prices for this contract remain unchanged. The contractor is aware the Authority may terminate this contract before the end of the renewal period.
Action Itom: Comnti#ee rscomme)ndsd that this item Be brought before the full Author@ u l&Octoher 28,2009 meeting, b \
L

&&ern. Wide Traffic & Revenue Forecast

David informed the Committee that a new system wide triiffic and revenue forecast bas been completed by Jacobs Engineering amup. Rick Gabeille, Toll and Finance National Unit Manager for Jacobs, surnmdzed the findings. Traffic is predicted to continue declining in FY10, with resumption in growth for FYI 1. Jacob's recognized that growth has flattened since 2002 and estimates that prospective annual traffic growth i s may be limited to 1%annually, well below the 2.9% annual growth rate prior to 2002. Based on the slower traffic growth, annual toll revenues growth will be slightly less than 1% through 2020. Compared to the previous forecast, the .new forecast predicts that revenues will be lower through 2015, equal in 2016, and higher thereafter. Jacobs has
Finai~ce Committee Notes October 8,2009 Page 3 of 4

also analyzed the potential sensitivity of tr~ffic future toll incrmses. The Committee to will continue to be updated.
;Update Series 2009 Revenue Bonds

David introduced Dana Bunting, Senior Underwriter, Goldman Sachs who is working on the upcoming bond sale. The bond sale is targeted for November 18 and 19. The credit presentations to the rating agencies arc planned for November 6. The term sheet is currently drafted based on a $400million iesue size, but the full issue size has not been determined. The Senles 2009 bonds will include both a tax-exempt Series A and a taxable Series B bonda iesued under the Build Americe Bonds Program. Baaed on the Authority's strong credit ratings, Goldman Saohs estimates that an optimized taxable and tax-exempt struchurc wlll price with the lowest possible net interest cost to the Authority.
Reso1.ution 09-05 Series 2009 Revenue Bonds
#

Alison p~esented Resolution 09-05approving the Preliminary Bond Structure and Financing Terms, finalizing the draft Fourth Supplemental Tmst Agreement and the disttlbution d the draft POS and the Final Official Statement. This proposed resolution delegates authority to the Executive Secretary with the assistance of in-house counsel, bond counsel, financial advisoi-s,and staff to finalize and clistribute .the documents, T i hs is a n o d step in the bond transaction process. Members approved Resolutions 09-02 and 09-03 regarding the bond sale and certain actions.

Action Item: Coinmiflee recornended tlurf this item be brought before the fd Authority at its meeting October 28,2009.
The meeting adjourned at 1295 p.m. The next Finance Committee meetjng is scheduled for Thuday, November 19,2009 at 9;00a,m.

Finance Commlttce Notes October 8,2009 Page 4 of 4

. .

Maryland Transportation Authorlty

FINANCE COMMITTEE MEETING

Notes of November 19,2009
A uthurity Mew bera: Louise P. Hoblitzell Chair, Richard C. Mike Lewin, Isaac Marlcs (via phone)

MdTA Attendees: Ronald L. Freeland, Deborah Sharpless, Vderie Smith, David Chapin, Alison Williams, Simela Triandos, Geoffrey Kolberg, Dennis Simpson, Cheryl Sparks, Christina Thompson, Allen Garman, Joyce Diepold, Jay Ayd, Randy Brown, Porter Wheeler, Suhair Alkitib, Richard Jaratnillo, Cindy Taylor

MDO X Attendees:
Harold B d e t t
Others: Peter Kessenich - Public Financial Management (via phone) Jamie Traudt - Davenport & Company, LLC (via phone) Kurt IQauss PB Jacquelyn Seneschal - KC1

Member Hoblitzell called the meeting to order at 9:40 a,m. The notes of the October 8th Financc Committeemeeting were approved, as written.
Laurel Marc Station TOD TP? Porter Wheeler presented this item to request a recommendation of the Finance Committee to the full Authority for approval regarding an unsolicited proposal for undertaking Laurel MARC station tr~nsit-oriented development (TOD). The proposal is being processed by MDOT under the Authority's Transportatioil Public-Private I? artnmhip (TP3) process. MDOT advertised for competitive proposals and the evaluation committee selected a preferred developer, Patriot Realty. The A~~thoi-ity's role
Finan- Committee Notes November 19, .2009 Page 1 of 3

in this project is to manage the TP3 program which essentially allows MDOT to accept an unsolicited proposal from developers to undertake a TUD, which would provide parking for MARC coinmuters and residentiaVcommeroia1development in proximity to the Laurel MARC station Adjacent land owned by MDOT/MTA is being used i n partnership to create these benefits to commuters, W A and lood development. It should be noted that no financial commitment fiom the Authority is involved.

Acdm Itenz: Conlnflftee rscomnisnded that thhr item be bro~rght before thefull Alrthorie at its November 24,22009 nzeetlng.

Chis Thompson presented'thepreliminary operating budget for recommendation

to go before the full Authority. The budget is recommended at $225 million and represents an increase o f $8.1 million or 3.8% over the FWOlO budget. Costs incurred for police services st the Port, MVA and BWI Airport are reimbursable and amount to $24.9 million. The budget, net of ICC and mandated personnel costs, wquld be $212.4, a reduction of $2.4 million or 1%. A net 6 1 additional positions are being requested of
I

which 73 position8 relate to the,ICC.

Actlon Ifem: Conz~zittee recommended that this item be brozight before the full Authority at I& Navember 24,2009 meeting.

Geoff Kolberg prea ented new alternatives regarding the ETL, which would provide $3 85 million in savings to the 'Authority. This savings would be placed in the CTP for system preservation on faoilitiea. The new alternative which is called the 2 + 2 modified option will allow for the design and construction of two lanes in each direction for the ETLs and also allow construction for two new Route 43 bridges. '
Action Iite~n: Conrrniffee rocomnzended that this Item be brought before the full Awtlrori@ at its Nove~~tber 24,2009 nreeting.

PY 2010 - FY 2015 F'insl CTP

Dennis Simpson and Suhair Allchatib presented the Final FY 20 10 - PY 20 1 5 CI'P which was revised to reflect completion o f the ETLs in FY 2014 and a reduced budget of $378.7 million. The revised ETL scope of work include8 the 2+2 modified option, and total replacement of MD 43 bridges and ramp modifications at the MD 43 interchange. The final CTP includes $345.7 million in added construction cost for high priority preservation projects,
Action Item: See PI~tanclal Forecast

Finance Coinrnittee Notes November 19,2009 Page 2 of 3

E'inancial Forecast
David Chapin reviewed the formats which have been updated to include the recent traffic and revenue forecasts, the p r e l i m .FY 2011operating budget, and FY 2010 - FY 20 15 Final CTP. This forecast estimates a $1.25 sygtem-wide toll increase. The financial affordability is similar to the previous forecast shown to DLS. All financial goals and standards will be met.

Action Xteitl: Cort~rnittee ~ecantntencled the Fiml CTP and Financial Forecast that itents be brought before WtemAlrihority at its November 24,2009 nteeting.
.

Bond Salq
Deb Sharpless, David Chapin, Peter Kessenich and Jamie Traudt walked though the specifics that resulted in the delay of the upcoming bond sde, namely capitalized interest and the call provision. Additionally, the akucture ofthe sale and the eEect on future toll increases, clment market conditions, and other deals i the market were n
discussed.

GIs Overview Presentation

Jay Ayd and staffpresented the geographic illformation system (GIs) power point presentation, In November 2005 the Capital Committee approved to develop and issue an U P to develop an Authority GIS System. The Authority is in the early phases of implementing specific business-area requirements. The Divisioi~ Engineering and of Coi~stiuction me11tly utilizing the system and has given great feedback. The current is estimated cost to complete the project is under $2.1 million. Phase I1which is the current stage (Engineering) is scheduled to be completed in May 2010 at a cost o f $611,000. Phase HI will be developing r schedule and fkdshing work and any unfinifihed items for alginecring not completed in Phase 1 . Phase In will concentrate on the needs of the 1 Operations, Police, and Finance Divisions.
XCC Public Outreach

Sam Triandos updated the committee on issues identified by staff since the public comment period began on September 23,2009. The Executive Secretary mwt provide a report o f public coinments received at least 5 days prior to December 17 (Authority is scheduled to take final action on the toll plan). The comment period will end on November 23 and to date we have received 181 comments via mail, testimony or phone calls. There is a gei~eric conoein that overall, system-wide, toll rates are too high or t h m will be more traffic on local streets as opposed to the ICC. Cheryl Sparks updated the committee on marketing/advertisingplans which will begin in January 2010.
The meeting adjourned at 11:45 a.m. The next Finance Committee meeting is scheduled for Thursday, December 10,2009 at 9:00 a.m.
Finance C o m ittee Notes Novernber 19,2009 Page 3 of 3

Maryland Transportation Authority

FINANCE COMMITTEE MEETING,

Notes of Decembel*10,2009
A llt/l o/v'().,11ell1 /)e/*.s; 1 Louise P. F[oblitzell C h ~ i rRichard C, Mike Lewi~l plionc), lsaac Marks (via ~~llone), , (via Jack Basso (via phone)

kfdTA Atteir t/ee.s: Ronald L. Freeland, Deborall Shtl~.plCss,Valerie Smith, Geoffrey Kolbetbg,David Cl~apin, Alisot~ Williams, Simela Trinndos, Dennis Simpson, Clie~yl Sparks, Allen Ga~~man, Diepold, Joyce Richaid Ja~~nmillo, Cincly Taylor
0thel#.s: Pelel Kcsse~lich- Public Financial ivlsnage~ne~it phoae) (via Josepli Mason - Davenl~ortS: Company, LLC (via phone) Pal11Shclton - Ev[cKen~~ot~ Sl~elton I-Lenn, LLP R: Jacquelyn Se~~eschalI<CI Stacey Rilleel:- Clifion Gunderson Micl~el Chaltners - Clifton Gunde~xon le

Melnbet. Hoblitzcll callecl the nieeting to orde11at 9 0 0 il.l.ll. The notes ofthe Novc~~ibc~* 19th Fi~innce Conmi [tee meeting were approvecl, as w1.i ltcn,

Stacey Rillee~' n11c1 htlicl~cllc Chalmers o f Clifto~i Gu~iderson ptesented illei~*i ~ i d i ~ ofgthe FY f ~ s 2009 finsncial audit. 'This is the second yeill. that Clirton Gunrlc~.sonhas pe~;fol-med sllrclit ancl the overall, the Autlio~~ity made great imp~~ove.ments compat.ison to the FY 2008 ilutlil. Tlit.ee llns in signiflca~ll tlelicie~lcies were cited by CliRo~l Guncle~~soi~, tliey undc~~stantl the Autl~ovity but that is ill tlie PI-occss of COI-~~ecti~igiss.i~es.Tlie cle ficie l~cies these related to tile Financi;ll Rcl~ortiny

Fina~lcc Con1111ittec Notes

Decen~bes 10,2009 P a p I of4

Environ~l~ent (automation nnd staffing levels), Use of blaoual Scl~eclules Coml~uti~ig for Deprecintion, and Lack of SAS 70 Audit,

Actioic Iler~i: Deb Shrtrpless is ytaepn/~brg respon.ses /lo iVIc~~rngerrlerrl Leftel*c r r ~ drvfll bc firnilzed rrrrd issl~edby J R I I I I O I ~ J 10, 2010,

Tuslc Oo14dc~*s Stnarlnl*rlOl~eratitln for Pi*occrlu~~cs (SOP)

Richa~~d Jarami 110 presented info~.matiooon the 12 ~~cmai~ling o ~ d e n the develop~iier~t task for nncl implementation o f the SOP for the remaining Divisions within MdTA. As background, Towson Univessi ty/RESI began assisting wi tli the plilnning, developing ancl implementing SOP's throughout the A.utholvityin Mel-ch 2008. The Division of Operations was the first Division to begin devcloping.ant1 implcmentii~g SOP's. Si~lcc Psoc~~rement Statutory Prog~~am then and Complinnce, Capital Plt~nning, E~~gineel~ing Construction, and Infom~ntion and Tecl~nology has also con~meol~ccd the SOP's. All the ~i'o~r~nentionecl wit!] offices have opelated unde~- existing all
. MOU.

'The nutho~.ityhas I2 ~~emaining that need to either stni? Q-I*co111plete tllc SOP'S under a llew weas MOU. (As inforrnatioll, the offices that neecl to start the process is; Ad~ainistrationExecutive Offices, Commtmications R I I Print Shop, Finance, Audit, ant1 Risk Management. The followi~ig ~ offices 11ccdto co~nplctc SOP proccss are: Engineel*ingaild Construction, I-luman Resource tllc ~ I I C I Work Force Devclopme~~t, Stol.ntegic Development, l~ltelnalPolicies and Procedures, Illvel~toly Con(~al, Legal s l ~ d 'ant1 insiii~ilnce Recove~y).
A fl~ntl cer.tificatio11llas been I-eceived an approved For a total of $G00,000 at this point, $300,000 fol9Fiscill Y enla (FY) 10 arld l 1 ~~espectively. Authority will require an adclilio~~al 10,000 The $2 fool. FY 10 ancl % l80,OOO in FY I I . Thc deadline for the completion of SOPS from all the . Divisioris ~lnclOffices is Decelnbcl*3 1, 20 10,

ICC TOIJ~IILJ Staff' r t c c o r r ~ n ~ e l ~ d n t i o ! ~ J)lan

discussecl i.eco~~linencletl changes to t l ~ c T o l l j ~ ~ g as n ~ ~ s uofthe ICC I'lan lt Jackie Senesch;~I Public colnlnents gene~nllyfell illlo I0 cntegories/issues. Tlley ~~iiblic comnlen ts ~~cceivecl. included: I . Moto~~cycle on tile ICC tolls 2. Acljustments to the proposeci 111;lcage rate Ioallges 3. Levcl of cli ffercntiation betweeu peak kind off-peak tolls 4, Redi~ced price ove1.11 period igl~t 5 , Recluce the niir~ilnun~ toll

ITina~lce Corn111itt Notcs ee December 10,2009 Page 2 of 4

6. No discount programs otlier than for offlpenk travel 7. Set same niileagc rates for all road segme~lts iliitially 8. Free passage for state-owned bi~ses only 9. Allow Notice of Toll Due (NOTD) fees to be c~*etlitecI toward a new E-ZPass 8ccount for first 60 days, - 10. System-wide clcctronic molorcyclc tolls

The Authol*ity itco~limendedthe followi~ig changes from the originnl p~*oj~osed tolli~ig plan: include n sepal-ate class for motorcycles, adopt a iligIi[-time pricing fro111 1 1:00 PM to 5:00 AM, lower tlie minimtin1 to1l to 2 miles or S.40, which ever is greater, allow NOTD ,fee to be credited towards tlie cost OFone tr*anspo~~der the first GO days of a new All Electronic Toll (AET) for segriient 01. facility, and create an E-ZPass progiqamfor noto or-cycle ol;ly transponders. Each change a11d a Tfect on to11 rcvellue was disc iused,
Actiorl Itern: Corrrrrritfecrccorrl~~rerrtkd tlrls ilrnr be brordgl~t tl~rct before its Decetrlbslb 17, 2009 irri?etirig,

ihe fi-ill Anrrtlroriar ~t

,Update: Bond Salq

Davitl Chapin begall the disct~ssiol~ ~~pcliltc Finance Committee on the status of the to 111e A L I ~ ~ O I - bol~d i t y ' s sale. David indicated tlint we are in the secontl day o f a two-day bond sale. The bo~id sale began yesterday, Itctail o~~clers the tax-exe~~ipt for pol-ti011of the b o ~ ~ dwhich are s, a smallc~ amount, a little undcr % 100,000,000 was taken yesterday. Today was institutional pricing fol the Build Alnel~icaB011ds (BAl3S) portion, which is ]lot trs esempt. Details of the term sheet were discussed, including call options, deferrnl ofpl-inciple, capitalized interest, nnci cutovelgpoint fool*BAHS,
David indicsted that we are boping to hnvc a ilWile interest cost o f 3.9 pel-cent, ant1 tilaybe I~opefi~llylittle bit less. This would rcprcsent tlle lowest cost of any o f ' o u ~ I-evcnuebollcl o toll issuances to date; The Series 2007 and 2008 costs were 4.56 and 4.88, ~~espectively.

Peter Kessenich sun~marized sale. Peter intlicatecl 011 tllc filmst day about half the deal got [he done, There ~.vcl-e 1 orders ~ Q I * 1 rnillio~l 5 $5 wo~~tll bonds rind oti i~~~sotclR I I C C of $48 of ~SII ri~illion. Tlle first half of the sale was a litile slow due to a sigllilict~ntatnorlilt of securities being offered in the ~nal-kei l ~ i s t week, somewhe~~e the neighbo~~l~ootl 10 billioli tlollars woi.th of in of S securities which incl~~tled cxempt, BABS, a l ~ d tracli tional coi6pol*ate tas nlso bonds. Otlc of the colnpelitol.~ tlle filestclay was the State of Ma[-yla~~cl, for p~*ocecciing ;I ge~lcral on obligation l.efi~nding borld issue. Pekr ilitlicatecl we'lse back ill tlic 111i11*kct wit I sligli t ntijustmen ts to tlle yieltls being offelqed todtiy 1 inatul-ities, We colltinuc 10 expect a highly successfi~l sale. 11 is anticipated that all the bollds will be spokcn For bel\\leen no\\) a~icl 2:00 11.m.
01-1 the

I'inancc Committee Notes Decen~ber10,2009 Pagc 3 o f 4

David ticlvisetl the Members of the i~~veston' pnsetitntio~lthe Authority pr'epared, it is ovailal~le thsough a link suppliecl in the mail out for y o ~ ~ l * convenience. The presentation was prepnsetl to introduce the Authority to the taxnble bond ~iis~*ket.
I S

The meeting adjoul-net1 ar 10:46 n.m. 'The next Finance Committee meetitig is scheduled for-Thur~sday, January 14, 20 10.

Fi~lr~llcc Colnmittec Notes December 10, 2009

Page LC of'4