bonds
French-American company awarded car contract, MTA floats first bonds
- New cars ordered: R68s
- New cars would have flat stainless steel exteriors to be easy to clean graffiti off of
- Order was $210mil, or $933k per sar
- Previous orders from Canadian and Japanese companies were $800k per car, but for smaller cars (IRT)
- Final assembly performed at Brooklyn Army Terminal
- Westinghouse-Amrail is a joint venture of Westinghouse of Pittsburgh and Francorail
- NYCTA completed sale of first revenue-backed bonds
- To be used for capital program, including the subway cars ordered
- Sold $250mil of bonds at annual rate of 9.7%
- Prevoius car orders from Bombardier and Kawasaki included financing from Canadian and Japanese governments because MTA did not believe they could raise money through bond market at favorable rates
- Bonds were rated BBB+ from S&P
- Ravitch was hoping for 14%, elated to get 9.7%
- "The $250 million issue is the first of $1.6 billion in revenue bonds the M.T.A. plans to float. Over the 30-year life of the bonds, the debt service is expected to add less than 20 cents to the fare, Mr. Ravitch said. However, he added, if ridership or government subsidies increase, the impact on the fare could be lower."
- Source: Ari Goldman, "FRENCH-U.S. CONCERN GRANTED M.T.A. PACT FOR 225 SUBWAY CARS," The New York Times, October 15, 1982. link
- Tags: bonds mta ravitch
Board of Estimate approves Second Avenue bond vote
- Source: "$500,000,000 VOTED FOR 2D AVE. SUBWAY BY ESTIMATE BOARD," The New York Times, September 14, 1951. link
- Tags: bonds mta second-avenue todo
New York State Transportation Bond Act
- Date: 2005
- Provided $1.45 billion towards 2005-2009 MTA capital program from state (state assumes debt service….I think)
- Source: mta
- Source: "Voters Approve Transit Bonds for $2.9 Billion," The New York Times, November 9, 2005. link
- Tags: bonds mta
Ronan pleads for 1971 state transportation bond issue
- Date: October 5, 1971
- It would fail at the ballot a month later
- $2.5bil issue would be split $1.35bil for transit and $1.15bil for highways
- A rarity to have transit amount greater than highways, and Ronan knew it
- Ronan said new bond would be used to improve existing systems, since riders complained that 1967 bond showed little tangible benefits (spent mostly on Second Avenue Subway?)
- Fare would go to 45 or 50 cents (from 30) if bond didn't pass
- Isn't this mixing capital and operating expenses?
- Yes, but some capital projects were already being paid out of farebox income
- This was pre-capital program, so my details on all this are weak right now
- Source: "Ronan Calls Bond-Issue Vote Key to Stable Subway Fares," The New York Times, October 5, 1971. link
- Tags: bonds mta ronan