Texas Rail Debt Plan Heads to Gov. Perry

Albanese, Elizabeth
March 2003
Bond Buyer;3/19/2003, Vol. 343 Issue 31596, p5
Trade Publication
Texas House of Representatives have approved a plan on March 17, 2003 to use 15 million dollars of state job-training funds to help pay debt service or improve the credit of what are expected to be the state's first rail bonds since the 1800s. Proceeds from the approximately 23 million dollars in bonds would finance an eight-mile railroad that would link the Burlington Northern Santa Fe Railway Co. railroad with a truck manufacturing plant for Toyota in south San Antonio. The rail line is part of a massive incentive package developed for Toyota by San Antonio, Bexar County, and state officials. Using 1981 Texas legislation, the county will issue debt — perhaps in the form of grant anticipation notes dependent on state and federal grants — to finance the construction of the line.


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