Whereas, the ASUCI Express Shuttle System is a program under the purview of the Associated Students, University of California, Irvine,

Whereas, the Orange County Transportation Authority has agreed to sell 25 buses to ASUCI Express Shuttles at a rate far below market value,

Whereas, these are transit busses which are much better equipped for offering passenger services than our current fleet of school buses, which is on average 17 years old,

Whereas, the OCTA buses are in excellent working order and still satisfy all applicable safety codes and policies established by the Department of Transportation,

Whereas, after paying sales tax and decal removal the only additional cost to ASUCI Express Shuttles would be for new paint, GPS systems, particulate traps and required parts,

Whereas, purchasing a significantly newer, safer and more durable fleet at total cost of $761,557.50 is an excellent opportunity for the ASUCI Express Shuttles,

Whereas, ASUCI Express Shuttles has a funding source for capital improvement projects, namely Measure S,

Whereas Measure S, generates an average annual income of $377,720,

Whereas, this amount is insufficient to purchase the fleet of 25 buses all at once and a portion of this income must pay for bus shelters, major capital improvements and purchases each year,

Whereas, ASUCI Reserves could be used to purchase the buses initially and a portion of Measure S income could repay the total cost over a period of several years,

Let it therefore be resolved that Legislative Council immediately authorize $761,557.50 from ASUCI reserves for costs associated with purchasing the new fleet for 25 buses from OCTA,

Let it further be resolved that the loan will be repaid to ASUCI Reserves from Measure S funds over the course of five years at an amount of $152,311.50 per year and interest will be repaid annually, in addition to the principal amount,

Let it further be resolved that interest will be repaid at the current Short Term Investment Pool (STIP) rate, which is estimated at 2% each year or $3.046.23,

Let it finally be resolved that if the costs exceed $761,557.50 additional Legislative Council approval will be required.