TITLE

New York's MTA Moving Forward With $200M 'Stabilization' Fund

AUTHOR(S)
O'Brien, Elizabeth
PUB. DATE
December 2004
SOURCE
Bond Buyer;12/2/2004, Vol. 350 Issue 32021, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that New York's Metropolitan Transportation Authority will proceed with a controversial plan to create a $200 million stabilization account with this year's operating surplus instead of using the money to reduce or prevent a fare and loll hike, chief financial officer Stephen L. Kessler said Tuesday at The Bond Buyer's Second Annual Metro Finance Conference. Also on Tuesday, the MTA publicly released its November financial plan for 2005 to 2008. In a memo to the authority board, executive director and chief operating officer Katherine Lapp defended the $200 million fund, which is designed as a hedge against an expected drop in real estate taxes.
ACCESSION #
15256842

 

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