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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 1 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. • ADOPTED thi 2 lth day of March , 1985.