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- W592161818 abstract "Advanced construction notes have been utilized by the Port Authority of Allegheny County, a first for the transit industry. While this method of financing has been used for highways and sewers, the Pittsburgh project is the first when this approach has been used in the transit industry. Rebuilding of the PAT light rail system was faced with delays because federal government grant funding was not expected until months after it could be used most effectively. The $37.6 million in notes, pledging that the debt would be paid with grant money, represented a strategy developed by PaineWebber Capital Markets. The money was received in June 1984 and PAT began to spend it even though the federal grant was not expected to arrive until sometime in FY1985, beginning October 1, 1984. UMTA entered into a contract for the Pittsburgh project in 1979 pledging to provide 80% of the funding. UMTA has never failed to make payments on any such commitment but the exact date when money would arrive has been uncertain. The notes are seen best suited for projects lasting several years and where work has already started. Transit agencies should also be able to sell such notes for new projects." @default.
- W592161818 created "2016-06-24" @default.
- W592161818 creator A5031841774 @default.
- W592161818 date "1984-09-01" @default.
- W592161818 modified "2023-09-27" @default.
- W592161818 title "SPEND NOW, GET YOUR GRANT LATER" @default.
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