Thursday, May 24, 2012

L.A. City Council approves federal financing for Alameda Corridor

The 13-member Los Angeles City Council approved $83.7 million in federal financing via the Rail Administration to assist in funding the 20-mile Alameda Corridor that connects freight between Southern California’s two big container ports with rail lines.

The Alameda Transportation Authority reportedly was struggling to pay its bond debt during the Great Recession due to declines in global cargo and a subsequent drop in user fee revenue.

The Corridor’s Authority will sell the bonds to the Federal Rail Administration and in turn use those monies to retire bonds that were at a higher interest rate.

The Alameda Corridor has been in operation for 10 years and has reportedly moved approximately 20 million TEUs on 150,000 trains.

The Federal Railway Administration must now grant final approval.

For the full L.A. Times story: www.latimes.com

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