HomeMy WebLinkAbout85-12 - Orange County Unified Transportation Trust Fund'is
RESOLUTION NO. 85 -12
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH
SUPPORTING SB 429 (SEYMOUR), AND THE CREATION OF AN ORANGE
COUNTY UNIFIED TRANSPORTATION TRUST FUND
WHEREAS, the City of Newport Beach has street and road maintenance,
construction, and operations needs far exceeding the resources presently
available; and
WHEREAS, in the aftermath of the defeat of Proposition A, there is no
single local source of revenue to help finance the transportation improvements
needed throughout Orange County; and
WHEREAS, the best short -term financial option appears to be the re-
examination of existing resources to maximize the transportation benefits
accruing to the County; and
WHEREAS, $85 million has been reserved in the Local Transportation
Fund by the Orange County Transit District and the Orange County Transportation
Commission to help pay for a future rapid transit system; and
WHEREAS, these is a need to ease today's transportation problems and
to save for a future capital investment in transit; and
WHEREAS, the Orange County Transportation Commission has proposed that
the interest earned on the $85 million reserved, estimated to be $8.5 to $9.0
million per year, be deposited in a newly created Orange County Unified
Transportation Trust Fund and spent on local streets and roads, arterial high-
ways and other freeway - related transportation purposes; and
WHEREAS, state legislation is required to allow the interest on this
fund to be used for streets and roads, arterial highways, and other freeway-
related transportation purposes; and
WHEREAS, the Orange County Transportation Commission is developing
spending guidelines for the Orange County Unified Transportation Trust Fund in
consultation with the twenty -six cities and the County of Orange; and
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WHEREAS, the City of Newport Beach will be eligible to receive funds
from the Orange County Unified Transportation Trust Fund to help pay for needed
transportation projects;
NOW, THEREFORE, BE IT RESOLVED that the City of Newport Beach supports
SB 429 (Seymour) which would allow the interest on the $85 million reserved in
Orange County's Local Transportation Fund to be used for these purposes.
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ADOPTED thi
2
lth day of March , 1985.