Three Diverse Projects Express Interest in TIFIA Funding

Sanchez, Humberto
April 2003
Bond Buyer;4/21/2003, Vol. 344 Issue 31618, p3
Trade Publication
The sponsors of three transportation projects in Pennsylvania, Virginia, and California have told the U.S. Department of Transportation that they are interested in applying for at least 1.3 billion dollars of the 2.6 billion dollars in credit assistance available in fiscal 2003 under the agency's Transportation Infrastructure Financing and Innovation Act (TIFIA) program. In Pennsylvania, Monroeville-based Maglev Inc. is interested in obtaining a 1.15 billion dollars TIFIA loan to cover one-third of the 3.5 billion dollars it estimates it will cost to build a 47-mile, high-speed magnetic levitation transportation system to serve the Pittsburgh metropolitan area. The project would also be paid for with roughly 645 million dollars in revenue bonds that would be issued by a state-created nonprofit corporation, and the state of Pennsylvania would contribute about 475 million dollars.


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