Committee advances $165 million MTA revenue bond authorization for transit, bicycle and pedestrian projects

The Budget & Finance Committee advanced an ordinance and resolution authorizing issuance of not‑to‑exceed $165,000,000 in Municipal Transportation Agency (MTA) revenue bonds to finance transit, bicycle, pedestrian and parking projects and related financing costs. Sonali Bose, representing the project team, described the request as a follow-on to a 2012 issuance and summarized projected uses and costs.

Bose said the proposed series would provide new proceeds to support pedestrian safety and transit signal improvements, bicycle and street capital projects, fixed‑guideway transit work, transit‑system safety spot improvements, facility improvements, and assistance with light‑rail vehicle procurement. She estimated total debt service for the proposed 2013 series and prior 2012 issuance at about $363 million and annual combined debt service of roughly $18 million in the first full year of payments. Bose said pledged revenues would include MTA operating revenues except for general fund monies and other restricted special‑purpose sources.

Severn/Severin Campbell, the Budget & Legislative Analyst, confirmed the figures in the committee report and recommended approval, noting $150,000,000 of the proceeds are expected to be allocated to capital projects and $15,000,000 for debt‑service reserve and financing costs. No members of the public requested to speak on these items. Committee members agreed to move the items forward without opposition.