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Peninsula Corridor board seeks Measure RR‑backed bonds and revolving credit replacement for electrification project
Summary
The Peninsula Corridor Joint Powers Board asked San Francisco to approve a financing plan relying on Measure RR sales tax: replace JP Morgan revolving credits, issue up to $140M new bonds for Caltrain electrification cost increases, and consider refunding 2019 FairBox bonds.
The Peninsula Corridor (Caltrain) Joint Powers Board presented a financing plan at the committee meeting asking member agencies — including the City and County of San Francisco — to approve a package of actions secured by Measure RR sales tax revenues.
Caltrain staff (acting treasury) and a municipal advisor described three components: (1) replacement of two JPMorgan revolving credit facilities (used to bridge PCEP capital needs) with new RR‑pledged facilities and extended maturities; (2) issuance of up to $140 million in new money Measure RR bonds to fund schedule‑driven cost increases for the Peninsula Corridor Electrification Project (PCEP); and (3) an optional advance refunding of $47.6M of 2019 FairBox revenue bonds if market conditions make the refinancing economically attractive.
Presenters emphasized that the transactions rest on JPB’s Measure RR pledge and are structured to avoid adverse financial impacts on member agencies. The committee voted to recommend the financing plan to the full Board of Supervisors for approval.
