Puget Sound Transit Agency Readies $477M Sales Tax Issue

Kelemen, Jasmina
February 2005
Bond Buyer;2/25/2005, Vol. 351 Issue 32078, p32
Trade Publication
The article reports that the Central Puget Sound Regional Transit Authority in Washington expects to sell $447 million of sales tax bonds next week, its second issue since area voters in 1996 authorized up to $1.4 billion of debt for an ambitious capital improvement program. The project's centerpiece includes the construction of Central Link, a light-rail service that will connect downtown Seattle to Sea-Tac Airport by 2009, which is expected to alone cost $2.1 billion. However, since the agency's plan was originally approved, Sound Transit has been beset by a spate of local initiatives and litigation challenging its authority to continue projects and seeking to limit its taxing powers. Next week's bonds are supported by local sales taxes and rental car taxes.


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