N.Y. MTA Opts for Federal Funds Over Bonds for Construction

Vadum, Matthew
June 2003
Bond Buyer;6/26/2003, Vol. 344 Issue 31665, p4
Trade Publication
New York's Metropolitan Transportation Authority (MTA) will use $1.15 billion in federal funds instead of municipal bonds to finance two major transportation construction projects in lower Manhattan, New York City. The comments from Kim Paparello at The Bond Buyer's 4th Annual Transportation Finance Conference in Washington came four days after an MTA spokesman said municipal would not play a role in funding the projects but did not indicate how the projects would actually be funded. The planned Fulton Street Transit Center will be funded by a $750 million grant from the U.S. Department of Transportation's Federal Transit Administration. The $50 million will provide funding for the environmental and preliminary engineering work for the transit center, which is the first of three projects identified by New York governor George E. Pataki as priorities for the state.


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