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The Regional Transportation District (RTD) of Denver last week announced plans to issue green bonds to help finance aspects of the FasTracks expansion, including rail service.
The bonds are being used as part of the agency's commitment to delivering service in a cost-effective way and to help generate demand from environmentally conscious investors, RTD officials said in a press release.
The Climate Bonds Certified green bonds are a bond issuance from which the proceeds are set aside for a specific purpose and exclusively applied to finance or refinance new or existing projects that promote progress on environmentally sustainable activities with climate change or emissions reduction benefits.
Globally, the majority of green bond proceeds have been used to fund renewable energy, low carbon transportation infrastructure, water and waste projects, energy efficiency and low carbon buildings. The Green Bonds designation is designed to track the Green Bond Principles made known by the International Capital Market Association.
RTD is issuing the bonds based on the environmentally sustainable elements of the FasTracks program, the district's 2004 voter-approved, multibillion-dollar transit expansion plan for the Denver region. RTD used the original bond proceeds to fund parts of various FasTracks projects.
The issuance involves $298.1 million in taxable sales tax revenue refunding bonds and $519.9 million in tax-exempt sales tax revenue refunding bonds (series 2021B).