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Rail News: Passenger Rail
SANDAG issues bonds to finance Mid-Coast Trolley project
The San Diego Association of Governments (SANDAG) last week issued $335 million of its capital grant receipt revenue bonds to help finance the construction of the Mid-Coast Trolley, a trolley extension between the downtown area and University City in San Diego.
This transaction will accelerate SANDAG’s receipt of a $1 billion grant from the Federal Transit Administration under the Capital Investment Grant program, SANDAG officials said in a press release.
“The bonds were issued at a low borrowing cost, which will allow us to maximize the use of federal dollars for the project,” said SANDAG Chair and Poway Mayor Steve Vaus.
The $2.1 billion Mid-Coast Trolley is currently under construction. When service begins in 2021, the extended 11-mile route will include nine new stations.
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