Board of Directors Finance Committee Meeting North Carolina - - PowerPoint PPT Presentation

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Board of Directors Finance Committee Meeting North Carolina - - PowerPoint PPT Presentation

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Board of Directors Finance Committee Meeting North Carolina Turnpike Authority June 20, 2018 Underwriter Procurement David Roy Director of Finance 2 Underwriter Procurement Request for Qualifications Select an underwriting team to

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Board of Directors Finance Committee Meeting

North Carolina Turnpike Authority June 20, 2018

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Underwriter Procurement

David Roy Director of Finance

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Request for Qualifications

  • Select an underwriting team to support the

financing of Phase I of the Complete 540 project

  • Similar to the process used for the Monroe

Expressway financing in 2016

  • The RFQ was posted on May 29th

Underwriter Procurement

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Evaluation Criteria

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Underwriter Procurement

Experience of Firm's Primary Personnel 25% Experience with Similar Transactions 20% Plan of Finance Discussion 20% Credit/Marketing Analysis 20% Pricing 15%

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Selection Process

Proposals Due The Selection Committee will meet to shortlist Hold Interviews for shortlisted firms May 29th June 20th June 27th July 11th July 11th The Selection Committee will meet to select a firm

Selection Committee:

− Evan Rodewald, NCDOT CFO − David Roy, NCTA Director of Finance − David Miller, PFM − Wally McBride, Hunton Andrews Kurth

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Underwriter Procurement RFQ Posted

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Anti-Money Laundering Policy

David Roy Director of Finance

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AML Procedures

  • Reporting requirement under the Bank Secrecy Act

(BSA)

  • BSA officer assigned to oversee the AML program
  • All prepaid accounts are subject to weekly monitoring for
  • perating above the following thresholds:

– A balance over $2,000 for any one associated transponder – A credit of more than $10,000 in a single day

  • Accounts that breach one or both of these thresholds are

subject to further monitoring

Anti-Money Laundering Policy

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AML Risk Factors

  • Personal account
  • Address outside of North Carolina
  • Address outside of the United States
  • North Carolina address with over 75% of account

funds accessed through an interoperability partner

  • ver the course of two months
  • Funds exceeding the threshold loaded via cash or

money order over the course of 48 hours

  • Fleet account (associated with over 300 vehicles)

Anti-Money Laundering Policy

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Annual Audit and Training

  • Audit:

– On an annual basis, a third party or an officer or employee of NCTA (other than the BSA officer) will conduct independent testing of the AML Program

  • Training:

– BSA officer and other key stakeholders are subject to annual training – Training will incorporate developments and changes to the BSA, internal policies, procedures, processes and monitoring systems

Anti-Money Laundering Policy

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Toll Revenue Collection

David Roy Director of Finance

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FY17 Toll Revenue Collection

Toll Revenue Collection

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0-30 days (23.0%) 31-60 days (6.2%) 61-90 days (2.5%) 91-120 days (1.4%) Over 120 days (3.6%) Tolls Outstanding (4.5%) NC Quick Pass (58.7%)

FY17 Statistics

  • ~82% ($32.4 million)
  • f tolls collected

within 30 days

  • ~91% collected

within 90 days

*Data as of April 27, 2018

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Complete 540 Procurement Update

Rodger Rochelle, P.E. Chief Engineer

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Complete 540

Complete 540 Procurement Update

  • R-2721A
  • 4.6 mile new location
  • ~ 190 parcels
  • R-2721B
  • 4.9 mile new location
  • ~ 210 parcels
  • R-2828
  • 8.6 mile new location
  • ~ 250 parcels

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Current Project Schedule

Complete 540 Procurement Update

  • Record of Decision:

June 6, 2018

  • Corridor Permit Application:

Summer 2018

  • Right of Way Plans for R-2721A & R-2721B:

Fall 2018

  • Anticipate Permits:

Late 2018/Early 2019 (phased for R-2828 & construction for R-2721A and R-2721B)

  • Design-Build Contract Letting

– R-2828:

November 2018

– R-2721B:

February 2019

– R-2721A:

April 2019

– R-2829:

Future (2027)

  • Complete Project Finance

Early 2019

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Status and Next Steps

Complete 540 Procurement Update

R-2828 R-2721B R-2721A Advertisement  April 16 July 2 September 4 SOQ Due Date  May 11 July 31 October 2 Shortlist Date  May 24 August 14 October 18 Issue 1st Draft RFP  May 24 Debrief Teams  Week of June 4 1st Meeting with Teams  June 7 Issue 2nd Draft RFP June 26 2nd Meeting with Teams July 10

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July Finance Committee Meeting

David Roy Director of Finance

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Date: July 18, 2018 Time: 9:30am Location: NC Quick Pass Customer Service Center 200 Sorrell Grove Church Road Morrisville, NC 27560

July Finance Committee Meeting

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July Finance Committee Meeting