Management & Operations

Feds give New York PTC loan preliminary approval

Posted on December 29, 2014

The U.S. Department of Transportation’s (U.S. DOT) have preliminary approved the New York Metropolitan Transit Authority’s (MTA) application for a $967 million loan to install positive train control (PTC) technology for Long Island Rail Road and Metro-North Commuter Railroad.

The loan application has been submitted to the Federal Railroad Administration's (FRA) Railroad Rehabilitation and Improvement Financing Program (RRIF) program. Under this program, loan funding can be used to acquire, improve, or rehabilitate intermodal or rail equipment or facilities, including track, components of track, bridges, yards, buildings and shops; refinance outstanding debt incurred for the purposes listed above; and develop or establish new intermodal or railroad facilities.

Direct loans can fund up to 100% of a railroad project with repayment periods of up to 35 years and interest rates equal to the cost of borrowing from the government. Eligible borrowers include railroads, state and local governments, government-sponsored authorities and corporations, joint ventures that include at least one railroad, and limited option freight shippers who intend to construct a new rail connection.

By law, railroads are expected to implement PTC systems, which prevent collisions and derailments by ensuring that trains are not travelling at excessive speeds, by Dec. 31, 2015.

View comments or post a comment on this story. (0 Comments)

More News

New Flyer's Abraman named to NEPTA Hall of Fame

According to the NEPTA bylaws, the association recognizes members who have made outstanding contribution to the transit industry.

NJ Transit to ease overcrowded trains, confirms Corbett as exec. director

Twenty railcars will be put back in service that had been waiting to have Positive Train Control equipment installed, with the agency also planning to lease another 20 railcars from the Marlyand Transit Administration.

National Express Transit to operate San Joaquin RTD services

Effective April 29, 2018, NEXT will be responsible for managing operations, scheduling, staffing and maintenance of the region-owned fleet.

Otto to manage WSP transportation operations across four states

Responsible for strategic business growth across the four states plus Western Missouri, and the Kansas City metropolitan area.

MTA honors 34 NYC Transit employees for heroism, service

NYCT President Andy Byford presented the annual Medals of Excellence to transit employees, including the Department of Subways, Department of Buses, and Staten Island Railway.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Luxury Coach & Transportation

Please sign in or register to .    Close