Issuing bonds is an important part of Metro’s strategy to maintain a predictable revenue stream to plan for long-term capital projects that modernize the system and keep it safe and reliable for generations to come.
Nearly $20 million of these savings will be immediately available to fund public safety infrastructure improvements for Metro system. .
FTA demanded that Honolulu officials come up with $44 million to help pay for administrative costs associated with the project.
HART officials said the project would run out of money in January without a cash infusion, and without the bonds, it would have to begin shutting down operations this August.
LTD is hoping to get the money in the form of Oregon Lottery-backed bonds, to use as matching funds for a federal grant it plans to apply for.
Gov. Jerry Brown's finance department approved the California High-Speed Rail Authority’s request to spend $2.6 billion on track work in the Central Valley on Friday.
Board members approved funding plans for the Central Valley and San Francisco-San Jose segments, as well as authorizing the issuance of a “request for qualifications” from potential train-operating companies.
Bloomberg data shows that at least $10 billion of Grant Anticipation Revenue Vehicles sold by states or transit systems and backed by federal highway or transportation aid are outstanding in the $3.7 trillion muni market. While federal funds will continue to pay debt on the highway bonds, appropriations for the securities through the FTA would be affected by the shutdown.
Half of the bond money would go to the first segment of the line. The project still needs to weather lawsuits over the next couple of months. The lawsuit rulings could stall the funds.
Through a competitive RFP process, CTA selected Bombardier Transit Corp. located in Bensalem, Penn. for the contract.
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