There is good transportation news this week. With a united Board of Directors, an effective CEO, a supportive LA County Congressional Delegation and outstanding staff work – Metro was able to secure $35 million worth of State of Good Repair grants for clean CNG buses over the past several years.
These federal dollars – coupled with Metro’s investment of local dollars – have given Metro the distinction of maintaining the largest CNG bus fleet in North America.
In addition, the President’s Budget recommends a sharp increase in New Starts funding for Metro.
Specifically, the budget recommends that funding for our existing New Starts projects – the Regional Connector and Westside Subway Extension (Section 1) be increased from $100 million annually for each project to $115 million annually for each project for Fiscal Year 2016.
The budget also recommends a Full Funding Grant Agreement for Westside Subway Extension (Section 2), with a funding recommendation of $100 million for Fiscal Year 2016.
Click here and here for two documents that chart Metro’s track record with respect to the federal New Starts program.
America Fast Forward Bonds Included in President Obama’s Fiscal Year 2016 Budget Proposal
President Obama’s Fiscal Year 2016 budget recommends a host of innovative transportation financing initiatives, including an America Fast Forward bond proposal.
The President’s America Fast Forward Bonds proposal is similar, but not identical, to Metro’s America Fast Forward Transportation Bond initiative that has been endorsed by over 200 mayors nationwide and over 35 chambers of commerce across the nation.
Specifically, the Obama Administration’s America Fast Forward bond proposal has a reduced rate of interest subsidy, which makes them much like the Build America Bond program that was initially authorized under the American Recovery and Reinvestment Act of 2009.
Additionally, the President is recommending an expansion of Private Activity Bonds as well as his recently announced Qualified Public Infrastructure Bonds aimed at attracting more interest in developing Public/Private Partnerships.
