Executive Director's Report

EXECUTIVE DIRECTOR STEVE HEMINGER’S REPORT TO THE
COMMISSION MEETING OF DECEMBER 20, 2006

SUMMARY OF EVENTS:

Joint Policy Committee
Oakland, November 17

The latest meeting of the Joint Policy Committee (JPC) featured the first staff presentation on global climate change and the potential role of the Bay Area’s regional agencies in addressing this challenge. The JPC is expected to report its findings and recommendations next summer.

West Coast Freight Coalition
Oakland, November 30

I addressed this coalition of western states and local agencies on the subject of the National Surface Transportation Policy and Revenue Study Commission. Therese McMillan represents the Bay Area’s interests on the coalition.

SAFETEA Commission
Washington DC, December 6-7

My national commission assignment continued with a working session in Washington that featured lively discussions on two topics that are likely to feature prominently in our final report due December 2007: goods movement and highway safety. I will be making a presentation at the commission’s January meeting on mobility issues in the nation’s major urban areas.

Bay Area Partnership
Oakland, December 8

The bi-monthly Partnership meeting focused on two subjects that will come before the Commission for action in January 2007: (1) the agency’s environmental justice principles, and (2) the Corridor Mobility Improvement Account (CMIA) projects to be funded from the recently enacted Proposition 1B.

BAIFA Bond Closing
San Francisco, December 14

Brian Mayhew and our financial team closed the $970 million transaction involving the first debt issuance of the Bay Area Infrastructure Financing Authority (BAIFA) to help finance construction of the toll bridge seismic retrofit program. The bonds are backed by the state’s contribution of non-toll funding to the seismic program. The average yield to maturity for the bonds is 4.21%, but the average yield-to-call (if the bonds are retired early) is only 3.71%.

MTC Operational Statistics (PDF)

Upcoming Events

January 10 — Special Commission Meeting, Oakland

January 12-13 — IBTTA Board Meeting, Ft. Lauderdale

January 17-18 — SAFETEA Commission Meeting, Washington DC