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Yesterday, Chicago Transit Authority (CTA) approved the issuance of up to $250 million in tax-exempt revenue bonds to help fund several capital improvement projects.

CTA’s five-year Capital Improvement Program includes $5 billion worth of projects necessary for the authority to reach and maintain a state of good repair. The bonds will boost the total amount of secured program funding to $3 billion, leaving $2 billion worth of projects still unfunded.

The authority will issue Capital Grant Receipts Revenue Bonds backed by Federal Transit Administration Section 5307 funds, which are available annually to urbanized areas to finance capital and planning assistance for mass transportation.

"This bond issue will help CTA increase and accelerate our capital investment in the neighborhoods and communities we serve," said Chairman Carole Brown in a prepared statement.