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As the 2000 Summer Olympics near closing, Utah Transit Authority (UTA) is lining up funding sources to improve public transit in time for the 2002 Winter Games.

On Sept. 26, Zions First National Bank, a subsidiary of Zions Bancorporation, completed a $65 million Transportation Revenue bond issue toward UTA’s 2.5-mile $118.5 million University Light Rail Project.

UTA was awarded a Full Funding Grant Agreement for 80 percent of the project cost in late August. However, funds have not been apportioned and are unlikely to for another two to three years.

Meanwhile, UTA received Salt Lake 2002 Winter Olympic Games Federal Transit Administration funds for the Spectator Transportation System, and is a designated recipient of Congestion Mitigation/Air Quality funds.

Until the funding dust settles and grants are apportioned, UTA plans to use bond sale proceeds to continue building the extension.

University TRAX construction began June 26, led by SLC Rail Constructors joint-venture design-build team. UTA anticipates the light-rail extension will be complete and operational in time for the 2002 Olympics.