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| Please direct your questions or comments to info@stopncra.org |
| THE STATE HAS ALLOCATED ABOUT $60M TO THE NCRA BUT PAST PERFORMANCE HAS PLACED RESTRICTIONS ON IT |
CALIFORNIA CODESGOVERNMENT CODE
SECTION 14556.40(32) North Coast Railroad; repair and upgrade track to meet ClassII (freight) standards in Napa, Sonoma, Marin, Mendocino and HumboldtCounties.Sixty million dollars ($60,000,000). The lead applicantis the North Coast Rail Authority.Except for the amounts specifiedin paragraph (1) of subdivision (a) and subdivision (b) of Section14456.50, no part of the specified amount may be made available tothe authority until it has made a full accounting to the commission demonstrating that the expenditure of funds provided to the authorityin the Budget Act of 2000 (Chapter 52 of the Statutes of 2000) wasconsistent with the limitations placed on those funds in that BudgetAct.
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| NCRA DEMONSTRATES FINANCIAL INSTABILITY |
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August 22, 2006
California Department of Transportation
NCRA Audit Report
" In our opinion, NCRA has made little progress towards resolving the weaknesses described in previous audit reports and continues to demonstrate financial instability. ......it is our opinion that all funding should be withheld from NCRA..... .NCRA should continue to be treated as a "High Risk"
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| NCRA PLEDGES MOST PUBLICALLY OWNED, NON-REAL ESTATE ASSETS, TO NWP AS LOAN SECURITY |
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BRIDGE FINANCING AND SECURITY AGREEMENT
AUGUST 8, 2007 - NCRA/NWP
NWP shall from time to time loan NCRA such funds (Loan Proceeds) as are necessary to pay vendors and perform other obligations for the sole purpose of performing work authorized under TCRP, in an amount not to exceed Five Million Dollars outstanding at any one time. NCRA hereby pledges as collateral security for performance of its obligations hereunder all rolling stock owned by NCRA, including specifically thirty four boxcars now under lease, along with the lease and proceeds therefrom, and all work equipment, listed in Exhibit A........
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| SONOMA COUNTY TO CONSIDER MAKING UNSECURED LOAN TO NCRA |
NORTH COAST RAILROAD AUTHORITY (NCRA)BOARD OF DIRECTORS REGULAR MEETING Wednesday, March 14, 2007
Approved Minutes
He said that the NCRA cash-flow cannot handle the large invoices from vendors without a bridge loan. Mr. Stogner said that thanks to Mr. Rod Dole, Sonoma County is willing to purchase grant anticipation notes. He requested permission to move forward with a bridge financing note forconsideration at the next meeting of the NCRA Board of Directors.
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COUNTY OF SONOMA STATEMENT OF INVESTMENT POLICY Revised 6/05/2007
INVESTMENT OBJECTIVES
The Pooled Investment Fund shall be prudently invested in order to earn a reasonable return, while awaiting application for governmental purposes. The specific objectives for the Pooled Investment Fund are ranked in order of importance:
[a] SAFETY OF CAPITAL - The preservation of capital is the primary objective.
Each transaction shall seek to ensure that capital losses are avoided, whether they be from securities default or erosion of market value.
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| THE NCRA CLAIMS THAT THE POTENTIAL COST TO REBUILD THE RAILROAD HAS RISEN $349,000,000 IN 4 MONTHS |
September 15, 2006
North Coast Railroad Authority
"NCRA has adopted a policy of reopening the entire Northwestern Pacific Railroad Line from Lombard to Arcata/Samoa. Reopening the entire line is currently estimated to cost $150.6 million."
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February 15, 2007
North Coast Railroad Authority
"NCRA has adopted a policy of reopening the entire Northwestern Pacific Railroad Line from Lombard to Arcata/Samoa. Reopening the entire line is currently estimated to cost between $151 million and $500 million depending on the volume of traffic and the level and timing of repair."
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