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Transit district asks city finance to explore ways to reduce line-of-credit interest costs
2956135 · March 20, 2025
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Summary
Norwalk-area transit official said the district carries a $4 million line of credit to bridge reimbursement timing; higher market interest has increased costs and district and city finance agreed to explore alternatives including faster state reimbursements or city lending.
Matt Pence, representing the transit district, told the Board of Estimate and Taxation on March 20 that the district maintains a roughly $4 million line of credit to bridge cash-flow timing between operating expenses and state reimbursements; rising…
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