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 RCTC is Ready to Celebrate Its 40th Birthday!

RCTC is Ready to Celebrate Its 40th Birthday!

The Commission was created by state law in 1976 along with county transportation commissions in Los Angeles, Orange, and San Bernardino. Originally tasked with the coordination of state highway and transit plans and oversight of funding, RCTC and county transportation commissions in Southern California have become the primary engine for new transportation funding and development. Much of the momentum was made possible by local voters who approved local sales taxes, such as Measure A, in Riverside County that has generated billions of dollars for freeway, street and road, and transit improvements countywide.

Of course, no milestone birthday is complete without a celebration and RCTC will launch a yearlong observance of its 40th year with an open house reception on September 29, which is exactly 40 years to the day the legislation creating the Commission was signed into law. Click here for more information and to RSVP.

 Commission to Refinance $85 Million in Debt

The Commission approved a plan for the issuance and sale of fixed rate sales tax revenue bonds that would generate bond proceeds estimated at $85 million.

The Commission approved a plan for the issuance and sale of fixed rate sales tax revenue bonds that would generate bond proceeds estimated at $85 million. The proceeds will be applied to refund $63.9 million of the Series A variable rate bonds issued in 2009; retire $20 million of commercial paper notes, including notes issued to fund an interest rate swap termination payment; and pay costs of issuance. In 2008 the Commission entered into a swap agreement with Deutsche Bank, in order to achieve a greater level of interest rate stability. When combined with the 2009 Series A Bonds, the swap resulted in synthetic fixed rate debt. Due to a recent downgrade of Deutsche Bank's long term debt rating below the threshold in the swap agreement, the Commission intends to terminate the agreement at a cost based on the current interest rate environment. The new financing will consist of fixed rate, 13-year bonds with a final maturity of June 2029. The sale of the bonds is expected for September 28 with the closing of the financial transaction by October 12.

 Opposition to Proposition 53

i15 project

Commissioners voted to oppose Proposition 53, commonly known as the Cortopassi Initiative, that would require a statewide vote on a revenue bond issuance of more than $2 billion by a state agency. While RCTC is not a state agency, the fact that it was created by state law could make it subject to the initiative and would require a statewide vote if the Commission were ever to pursue a financing of this size. The Commission position is shared by a number of agencies and organizations including the California Chamber of Commerce, League of California Cities, the California Association of Councils of Governments, and the Self-Help Counties Coalition.

 Scott Road Interchange to Receive Federal Funding

Plans for the construction of a new and improved interchange at I-215 and Scott Road continue to move forward with RCTC's approval of $8 million in federal surface transportation program funds for the project. The interchange is located in the cities of Menifee and Murrieta and the county of Riverside will serve as the lead agency in delivering the project that should begin construction in 2017. The new project will replace the existing two-lane overcrossing with a new six-lane bridge that will provide four through lanes and two turning lanes. In addition, the project will add two loop ramps and an auxiliary lane on the I-215 between the ramps.

Plans for the construction of a new and improved interchange at I-215 and Scott Road

 Pedley Station to be Renamed

i15 project

RCTC's Metrolink station in Pedley is about to get a new name. Join us on October 6 when we join with the city of Jurupa Valley to christen the new Jurupa Valley/Pedley Station. Click here for more information.

 

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Speaker's Bureau

The Commission maintains a speaker's bureau that actively makes presentations throughout the county on transportation issues. If you are interested in scheduling a presentation for your service club or community organization, please contact Eliza Perez at (951) 787-7141 or eperez@rctc.org.


During the past month, Commissioners and/or staff participated at the following events:

Aug 3: Mead Valley Town Hall Meeting
Aug 4: Inside East Hills Presentation for Greater Riverside Chambers of Commerce
Aug 11: 91 Project Corona Community Task Force
Aug 12: Corona Chamber of Commerce Luncheon with Congressman Ken Calvert
Aug 15: Perris Valley Line Tour with Congressman Mark Takano
Aug 22: Transportation Leadership Day in Sacramento
Aug 24: Lakeland Village Town Hall Meeting
Aug 25: American Council of Engineering Companies Presentation on RCTC Toll Projects
Aug 29-30: California Strategic Growth Council Tour of Riverside County
Aug 30: Magnolia Avenue Grade Separation Ribbon Cutting
Sep 1: Inside La Sierra Presentation for Greater Riverside Chambers of Commerce
Sep 8: Good Morning Riverside Update at Greater Riverside Chambers of Commerce
Sep 8: Perris Valley Line Presentation to the American Public Works Association in Riverside
Sep 18: 91 Project Corona Community Task Force
Sep 19-21: 22nd Annual ITS California Conference in Indian Wells

Doing Business with RCTC

Interested in doing business with RCTC? Register as a vendor and visit our website at www.rctc.org/doing-business/rfps-rfqs-ifbs for business opportunities.

Upcoming Policy Meetings

Please check the RCTC website at www.rctc.org/about-us/agendas-and-meetings for scheduled meetings. Download the agenda and check to make sure the meeting has not been cancelled.

  • 9/26/2016 - 1:30 p.m. - Western Riverside County Programs and Projects Committee

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