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9/27/2004



Rail News: Rail Industry Trends

Los Angeles MTA to sell bonds to help fund transportation projects


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Los Angeles County Metropolitan Transportation Authority (LA MTA) recently approved the sale of up to $1.3 billion in Proposition C bonds during the next 10 years to help finance five transportation projects.

The authority plans to use up to $240.9 million in proceeds to begin building the Exposition light-rail project to Culver City, and $85 million to improve 70 miles of freight mainlines in the San Gabriel Valley between East Los Angeles and Pomona as part of the Alameda Corridor East project.

The authority also might use some bond proceeds to help fund carpool lane construction.

The bonds would be sold only as a last resort when cash flow needs could not be met with state and federal funds, according to a prepared statement.

"The outlook for state and federal transportation funding in the near term is not encouraging and requires that we act decisively if we’re to meet our air quality goals and tackle this county’s traffic congestion," said LA MTA Chairman Frank Roberts.



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