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CTA to issue $275 million in bonds to help fund capital program

The Chicago Transit Authority (CTA) board recently approved a plan to issue $275 million in tax-exempt Capital Grant Receipts Revenue Bonds to fund $275 million in capital improvement projects.

CTA will use the Federal Transit Administration-backed bonds to purchase and rehabilitate rail cars, upgrade track and signals, and install fiber optics to improve communications and security.

In its five-year capital program, CTA has identified $8 billion worth of capital projects necessary to bring its system to a state of good repair. The bond issuance will bring the amount of secured funding for those projects to $2.7 billion.

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More News from 10/12/2006