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The Santa Clara Valley Transportation Authority (VTA) recently expedited the reimbursement of more than $150 million in grant funds approved for the Silicon Valley Rapid Transit project, a 16-mile Bay Area Rapid Transit (BART) extension to the Silicon Valley.
Accordingly, the California Transportation Commission agreed to compensate VTA for previously completed design work on the project, along with an additional allocation to help fund it through the 65 percent design level.
The upshot? VTA was able to retire $54.7 million in 2000 Measure A Series E Bonds sooner than originally planned, which translated into debt reduction and interest savings of $35 million over the life of the bonds, said VTA Interim Chief Financial Officer Jerry Mikolajczyk in a prepared statement.
Since July 1, VTA has undergone what it terms an “organizational transformation” based on recommendations from consulting firm Hay Group, which recommended VTA realign its organizational structure, strengthen the agency’s financial condition and stability, and come up with ways to make VTA a better place to work.
8/31/2007
Rail News: Rail Industry Trends
Santa Clara VTA expedites grant fund reimbursement, retires bond debt
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The Santa Clara Valley Transportation Authority (VTA) recently expedited the reimbursement of more than $150 million in grant funds approved for the Silicon Valley Rapid Transit project, a 16-mile Bay Area Rapid Transit (BART) extension to the Silicon Valley.
Accordingly, the California Transportation Commission agreed to compensate VTA for previously completed design work on the project, along with an additional allocation to help fund it through the 65 percent design level.
The upshot? VTA was able to retire $54.7 million in 2000 Measure A Series E Bonds sooner than originally planned, which translated into debt reduction and interest savings of $35 million over the life of the bonds, said VTA Interim Chief Financial Officer Jerry Mikolajczyk in a prepared statement.
Since July 1, VTA has undergone what it terms an “organizational transformation” based on recommendations from consulting firm Hay Group, which recommended VTA realign its organizational structure, strengthen the agency’s financial condition and stability, and come up with ways to make VTA a better place to work.
