(A) The Board assures the public and our stakeholders that revenues raised from fares or otherwise allocated to pay the debt service needed to support specific capital programs will not be diverted to operations or other uses.
(B) Therefore:
(1) Staff is hereby directed to create a specific budgetary account, to be known as the “Board Restricted Capital Fund” to control the expenditure of funds being set aside to pay the debt service and related costs for Metra’s rolling stock and PTC initiatives; and
(2) Staff is hereby directed to ensure that funds from the Board Restricted Capital Fund will only be expended for the furtherance of Metra’s rolling stock and PTC initiatives.
(Res. MET 14-16, passed 10-9-2014)