On May 9 and 10, BART plans to sell approximately $388.85 million* of Measure RR and Measure AA general obligation bonds, after earning the highest possible credit ratings of Aaa from Moody’s and AAA from Standard and Poor’s.
$88.85 million* will be used to refinance prior Measure AA bonds for savings to District taxpayers. The $300 million* Measure RR bonds will be the first of the System Renewal bond issues, which will eventually total the $3.5 billion that voters approved last November via Measure RR, the funds from which are dedicated by law to rebuilding essential BART rail infrastructure.
BART’s stellar general obligation bond credit rating—earned through years of prudent financial management among other factors—makes it easier for the District to borrow money for future improvements while generating a reputation for trustworthiness among creditors and investors.
This upcoming issuance will also be BART’s first Green Bond financing, a special designation which lets investors know that the funds raised from these bonds will be directed toward environmentally sustainable projects. The 2017 bond issue has been certified under the Climate Bond Initiative’s rigorous, Low Carbon Land Transport Standard. As such, BART will be breaking ground as the first transit agency in the western U.S. to issue these certified Green Bonds, and the second in California across all sectors.
Bonds issued under Measure AA and Measure RR will be repaid with property taxes collected in the three BART counties of Alameda, Contra Costa, and San Francisco.
The District expects to publicize its 2017 Green Bond issue financing with notices in stations, on electronic destination signs on train platforms, through social media, and on its website at http://bart.gov/greenbonds.
*Preliminary, subject to change
5 comments
Essential BART infrastructure – luxury rail from Silicon Valley to SFO. You can bet on the money going to San Mateo county BART infrastructure. Interesting San Mateo property taxpayers do not pay a dime to these bond obligations.
I could have said it any better. We have been paying for Bart from the beginning and they give us unmanned stations!!
The funds must be spent on specific infrastructure programs:
Replace 90 miles of rail that has been severely worn down over 44 years of use;
Repair tunnel walls damaged by water;
Modernize BART’s 1960s-era electrical infrastructure;
Enhance BART’s ability to withstand an earthquake;
Prevent breakdowns and delays by replacing antiquated train control systems; and
Increase the number of riders the system can carry
The plan also includes funding to improve BART stations by:
Ensuring better access for seniors and people with disabilities;
Improving bus connections and secure bicycle parking;
Replacing old escalators and elevators; and
Protecting riders’ personal safety with improved lighting and security
The comparison to the earlier opinions brings yours to brilliancy. Thank you for a well presented and thoughtful opinion.
We can either improve BART or let it rust. Since it is an integral part of the Bay Area infrastructure, it is never going away in our lifetime. Make BART better for everyone.
Hopefully some of this money will go to removing sh!t and pi$$ stench from the trains. Just sayin……
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