TITLE
Recommendation to adopt list of projects for potential funding with Proposition 1B bond proceeds; authorize staff to apply to the State Department of Finance for release of Proposition 1B funds for these projects; increase appropriations in the Transportation Fund (SR 182) of the Department of Public Works (PW) by up to $7,477,345; and amend the FY 09 Capital Improvement Program to reflect this increase of Proposition 1B funds into the Citywide Residential Street Repair Program. (Citywide)
DISCUSSION
In 2006, California voters approved Proposition 1 B (Transportation Bond) authorizing the sale of over $1 billion in bonds for infrastructure improvements. Proposition 1 B specified that a portion of the bond proceeds be allocated directly to cities for infrastructure repairs. The City of Long Beach's share of this allocation will amount to $15,425,294. Under Assembly Bills 193 and 196, cities were entitled to apply for a portion of these funds in 2008 and the remainder in 2010. The amount available to the City of Long Beach in the 2008 allocation was $7,947,949. With the recent passage of AB 88, $250 million more in Proposition 1 B funds will be released in 2009, (one year earlier than anticipated), including $187 million for cities. These funds will be released on a first come-first served basis and requires that cities encumber the new funds by July 1, 2009. There is also language that restricts the amount of funds cities may receive if they have unencumbered Prop 1 B funds from the prior release. As a result, cities with unencumbered Prop 1 B funds may not receive full funding in this release. The Department of Public Works was aggressive in receiving and utilizing the first round of funding and has no unencumbered Prop 1 B funds, making the City eligible to apply for its total remaining allocation of $7,477,345 in this new release of funds.
In order to apply for the funds, the City Council must adopt a preliminary list of projects (Attached), and amen...
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