The LACMTA shall identify and expeditiously enter into an agreement or agreements with the authority to do all of the following:
(a) Hold in trust with the authority all real and personal property, and any other assets accumulated in the planning, design, and construction of the project, including, but not limited to, rights-of-way, documents, third-party agreements, contracts, and design documents, as necessary for completion of the project, unless otherwise agreed upon by the LACMTA and the authority.
(b) Outline the design review, construction, and testing process that acknowledges LACMTA’s direct role in the review of the project to ensure the final project will be compatible, functionally connected, and operative within LACMTA’s existing metro rail system.
(c) Describe the various funding sources and the obligations of the authority to assist LACMTA obtain federal, state, and local funds for the project, and the authority’s obligations and duties upon receipt of the funds necessary to construct the project.
(d) Describe all financial elements of the project, and the budget approved for the project.
(Amended by Stats. 2006, Ch. 808, Sec. 3. Effective January 1, 2007.)
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