MONEY: Selling of bonds is key factor.
With $1 billion in transportation bonds included in Gov. Jerry Brown's revised state budget, local officials said Tuesday they were cautiously optimistic about their ability to fund future transit projects.
Earlier this year, the Los Angeles County Metropolitan Transportation Authority had been hoping for $173 million from a bond sale scheduled for spring and $400 million from a sale this fall.
But Brown cancelled the spring bond sale in his initial budget proposal because of concerns about the state's ability to make the interest payments. He is now proposing selling $1 billion in transportation bonds in the fall. L.A. County typically gets about one-third of such sales, meaning it would get a big boost but not all the help it needs.
"We are encouraged that the governor is calling for a full allocation of funding for projects ... but we're not out of the woods yet, " said Michael Turner, director of government relations for the Metropolitan Transportation Authority.
Turner said Brown could still cancel the planned bond sale if the Legislature adopts a budget that is "all cuts."
Metro has several projects on the books that need state money to proceed. They include the widening of the San Diego (405) Freeway; the extension of the Orange Line busway from Canoga Park to Chatsworth; and the first phase of the Expo Line light-rail system that would link downtown Los Angeles with the Westside and Culver City.
Source: http://www.dailynews.com/news/ci_18083603?source=rss
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