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Committee moves interim $150M financing authority for Caltrain electrification
Summary
Caltrain staff won committee approval to seek interim financing of up to $150 million to bridge cash‑flow timing gaps for the Peninsula Corridor Electrification Project; Caltrain named JP Morgan preferred lender and said a roughly $647 million FTA grant is expected.
The Budget & Finance Committee recommended that the Board approve interim financing capacity for the Peninsula Corridor Joint Powers Board of up to $150,000,000 outstanding at any one time to support the Caltrain Peninsula electrification project.
Michael Burns, chief officer for Caltrain’s modernization program, said the interim financing is intended to cover short-term cash‑flow…
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