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Assembly hears plan for regional loan of roughly $590 million to bridge Bay Area transit cash‑flow gaps
Summary
Committee members questioned a Finance‑negotiated plan (ABSB 117) to let CalSTA loan up to roughly $590 million to MTC for loans to four Bay Area transit operators, drawing on awarded-but-unallocated TIRCP funds; the proposal includes a 12‑year term, STA security and triggers to protect projects, but members pressed on repayment risk and protections for major legacy projects.
The Assembly Budget Committee on Feb. 18 considered ABSB 117, a trailer bill that would authorize CalSTA to loan up to the stated regional amount to the Metropolitan Transportation Commission (MTC), which would in turn issue loans to four Bay Area transit operators experiencing near‑term cash‑flow needs.
Erica Lee of the Department of Finance said "this bill provides a loan of up to 590,000,000" to support the San Francisco Bay Area Rapid Transit District (BART), San Francisco Municipal Transportation Agency (Muni), the Peninsula Corridor Joint Powers Board (Caltrain), and the Alameda Contra Costa Transit District (AC Transit). Lee described the proposal as a regional, cost‑neutral approach that uses funds already awarded to Bay Area projects through the Transit and Intercity Rail Capital Program (TIRCP).
How it would work: Finance staff explained…
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