Management & Operations

NJ Transit turns to Canada for loan

Posted on April 28, 2015

NJ Transit. Photo: Aaron van Dorn/Flickr
NJ Transit. Photo: Aaron van Dorn/Flickr

NEWARK, N.J. — NJ Transit is turning to Canada instead of the ailing state Transportation Trust Fund, for a $300 million loan to bridge the gap between paying for work covered by a federal grant and actually receiving the money, NJ Advance Media reported.

RELATED: NJ Transit 9% fare hike proposal angers commuters

NJ Transit's board is expected to vote on the credit agreement with the Royal Canadian Bank at the May 13 meeting and the grant anticipation note that will secure it, according to the report.

Borrowing could cost the agency up to from $900,000 for a commitment fee, which reimburses the bank for the expense of reserving funds, if NJ Transit needs to draw on the loan money, NJ Advance Media reported. For the full story, click here.

View comments or post a comment on this story. (1 Comment)

More News

SinglePoint, Passengera align to provide infotainment platform

The powerful passenger infotainment solution will be on display at SinglePoint’s booth #720 at the 2017 UMA Expo in St. Louis.

Sound Transit ridership up 23% in 2016 systemwide

Ridership growth particularly picked up late in the year. Average weekday ridership during the fourth quarter increased 27.9% over the same period in 2015, with light rail weekday ridership growing 83.8%.

Findings of Toronto transit report not released to public

In June, the City paid the firm to provide business case analyses for several projects planned by the city, including Mayor John Tory’s original “SmartTrack” idea for additional stops along the GO Transit rail line travelling through Toronto, and the controversial one-stop Scarborough subway extension.

HART leasing Teslas to expand rideshare program

The HART HyperLINK program partners with Transdev to provide direct connections from door to bus stop through an on-demand ride-hailing service similar to Uber,

WTC Oculus safety improvements possible following death of woman

Jenny Santos plunged from the C1 level escalator early Saturday morning as she was grabbing her twin sister's hat. She was brought to Bellevue Hospital and pronounced dead.

See More News

Post a Comment

Post Comment

Comments (1)

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

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close