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Committee authorizes MTA to pursue early, no-cost terminations of 2002–03 Breda lease transactions with reporting safeguards
Summary
The committee approved a resolution allowing the MTA to enter consensual early terminations of certain 2002–03 leveraged lease transactions for Breda light rail vehicles provided there is no net city cost and that the MTA report terminations to the Board within 30 days; the budget analyst recommended and the committee adopted added safeguards.
The Budget and Finance Committee approved language authorizing the Municipal Transportation Agency to enter into early, consensual terminations of leveraged lease transactions related to 139 Breda light rail vehicles executed in 2002–2003, provided the termination creates no net financial cost or liability to the city or the SFMTA and that the MTA report to the Board within 30 days of any termination.
An MTA representative described…
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