Common use of Development and Approval Clause in Contracts

Development and Approval. No later than January 1 of each year, the program managers of each program that is implemented, in whole or in part, for ABAG and of each program implemented for the LCPs will develop a schedule for the development of the Budget and Work Program for their respective program for the next fiscal year. Each schedule will take into account the processes and timelines for the applicable MTC, ABAG and LCP policy bodies to approve a Budget and Work Plan. Each Budget and Work Program will include all of the following that is applicable to that program for that year: (a) description of programmatic activities for that fiscal year; (b) proposals for expansion of a current programmatic activity; (c) proposals for a new program (see section 4.2 regarding funding new programs); (d) description of programmatic activities that will be discontinued in that fiscal year; (e) a budget showing the revenue(s) needed to support the proposed Work Plan for that budget year; (f) identification of the source of the revenue(s) described in subsection (e) and (g) any contingency plan(s) needed to address programmatic uncertainties or budgetary shortfalls. Each Budget and Work Plan that is approved by all the applicable MTC, ABAG and LCP policy bodies will be implemented in accordance with section 4.2. The Deputy Executive Director for Local Government Services will be responsible for securing the approval of the LCP policy bodies. If a Budget and Work Plan is not approved by all the applicable MTC, ABAG and LCP policy bodies, the prior year’s Budget and Work Plan will remain in effect until the new Budget and Work Plan is approved. The parties may at their discretion use the dispute resolution procedures contained in Section 13 to resolve any differences on proposed new Budget and Work Plans. Following consultation with ABAG and the FAN Executive Committee, MTC will administer the current FAN portfolio in runout mode such that there will be no new debt issuance under the FAN name. During the FAN runout mode, MTC will evaluate the current FAN debt portfolio for refinancing opportunities and make recommendations to the FAN Executive Committee to authorize refinancing of debt issues that meet credit and economic conditions developed and approved by the FAN Executive Committee. The consolidated staff working for MTC will, no later than October 31, 2017, create a successor ABAG-affiliated conduit financing authority, which shall be a new legal entity with a new name and a new governing body (the ABAG Executive Board or its designee), to continue to meet the conduit financing needs of the region and of ABAG’s member jurisdictions.

Development and Approval. No later than January 1 of each year, the program managers of each program that is implemented, in whole or in part, for ABAG and of each program implemented for the LCPs will develop a schedule for the development of the Budget and Work Program for their respective program for the next fiscal year. Each schedule will take into account the processes and timelines for the applicable MTC, ABAG and LCP policy bodies to approve a Budget and Work Plan. Each Budget and Work Program will include all of the following that is applicable to that program for that year: (a) description of programmatic activities for that fiscal year; (b) proposals for expansion of a current programmatic activity; (c) proposals for a new program (see section 4.2 regarding funding new programs); (d) description of programmatic activities that will be discontinued in that fiscal year; (e) a budget showing the revenue(s) needed to support the proposed Work Plan for that budget year; (f) identification of the source of the revenue(s) described in subsection (e) and (g) any contingency plan(s) needed to address programmatic uncertainties or budgetary shortfalls. Each Budget and Work Plan that is approved by all the applicable MTC, ABAG and LCP policy bodies will be implemented in accordance with section 4.2. The Deputy Executive Director for Local Government Services will be responsible for securing the approval of the LCP policy bodies. If a Budget and Work Plan is not approved by all the applicable MTC, ABAG and LCP policy bodies, the prior year’s Budget and Work Plan will remain in effect until the new Budget and Work Plan is approved. The parties may at their discretion use the dispute resolution procedures contained in Section 13 to resolve any differences on proposed new Budget and Work Plans. Following consultation with ABAG and the FAN Executive Committee, MTC will administer the current FAN portfolio in runout mode such that there will be no new debt issuance under the FAN name. During the FAN runout mode, MTC will evaluate the current FAN debt portfolio for refinancing opportunities and make recommendations to the FAN Executive Exectuive Committee to authorize refinancing of debt issues that meet credit and economic conditions developed and approved by the FAN Executive Excutive Committee. The consolidated staff working for MTC will, no later than October 31, 2017_, create a successor ABAG-affiliated conduit financing authority, which shall be a new legal entity with a new name and a new governing body (the ABAG Executive Board or its designee), to continue to meet the conduit financing needs of the region and of ABAG’s member jurisdictions.