NJ Transit turns to Canada for loan
Looking to the Royal Canadian Bank 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 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.
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