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15. Geographic Equity: Funding formulas for all <br />programs will be revisited within the first five <br />years of the plan to ensure overall geographic <br />equity based on population and /or other equity <br />factors. Funding for capital projects will be <br />evaluated through the biennial capital <br />improvement planning process which will <br />include an evaluation of geographic equity by <br />planning area. <br />RESTRICTIONS ON FUNDS <br />16. No Expenditures Outside of Alameda County: <br />Under no circumstances may the proceeds of this <br />transportation sales tax be applied to any <br />purpose other than for transportation <br />improvements benefitting Alameda County. <br />Under no circumstances may these funds be <br />appropriated by the State of California or any <br />other governmental agency, as defined in the <br />implementation guidelines. <br />17. Environmental and Equity Reviews: All projects <br />funded by sales tax proceeds are subject to laws <br />and regulations of federal, state and local <br />government, including but not limited to the <br />requirements of the California Environmental <br />Quality Act (CEQA), and Title VI of the Civil <br />Rights Act, as applicable. All projects and <br />programs funded with sales tax funds will be <br />required to conform to the requirements of these <br />regulations, as applicable. All projects that go <br />through environmental review analyses will <br />select the most efficient and effective project <br />alternative and technology for implementation to <br />meet the objective of the project, and will have <br />clearly defined project descriptions, limits and <br />locations as a result of the environmental process. <br />18. Complete Streets: It is the policy of the Alameda <br />CTC that all transportation investments shall <br />consider the needs of all modes and all users. All <br />investments will conform to Complete Streets <br />requirements and Alameda County guidelines to <br />ensure that all modes and all users are <br />considered in the expenditure of funds so that <br />there are appropriate investments that fit the <br />function and context of facilities that will be <br />constructed. <br />19. Local Contracting and Jobs: The Alameda CTC <br />will develop a policy supporting the hiring of <br />local contractors, businesses and residents from <br />Alameda County as applicable in the expenditure <br />of these funds. <br />20. New Agencies: New cities or new entities (such <br />as new transit agencies) that come into existence <br />in Alameda County during the life of the Plan <br />could be considered as eligible recipients of <br />funds through a Plan amendment <br />PROJECT FINANCING GUIDELINES AND <br />MANAGING REVENUE FLUCTUATIONS <br />21. Fiduciary Duty: By augmenting and extending <br />the transportation sales tax, the Alameda CTC is <br />given the fiduciary duty of administering the <br />proceeds of this tax for the benefit of the <br />residents and businesses of Alameda County. <br />Funds may be accumulated by the Alameda CTC <br />or by recipient agencies over a period of time to <br />pay for larger and longer-term projects pursuant <br />to the policies adopted by the Alameda CTC. All <br />interest income generated by these proceeds will <br />be used for the purposes outlined in this TEP and <br />will be subject to audits. <br />22. Project and Program Financing: The Alameda <br />CTC will have the authority to bond for the <br />purposes of expediting the delivery of <br />transportation projects and programs. The bonds <br />will be paid with the proceeds of this tax. The <br />costs associated with bonding, including interest <br />payments, will be borne only by the capital <br />projects included in the TEP and any programs <br />included in the TEP that utilize the bond <br />proceeds. The costs and risks associated with <br />bonding will be presented in the Alameda CTC's <br />annual Strategic Plan and will be subject to <br />public comment before any bond sale is <br />approved. <br />23. Programming of Funds: Actual revenues may, at <br />times, be higher than expected in this plan due to <br />changes in receipts and additional funds may <br />become available due to increased opportunities <br />for leveraging or project costs less than expected. <br />Revenue may be lower than expected as the <br />economy fluctuates. Estimates of actual revenue <br />will be calculated annually by the Alameda CTC <br />during its annual budget process. Any excess <br />revenue will be programmed in a manner that <br />will accelerate the implementation of the projects <br />