Strapped Tri-Met to borrow a cool $111 million
The sleepy board of directors of Portland's troubled transit agency prepares to hock its future payroll tax revenue for the Mystery Train to Milwaukie, and some other things:
Portland Milwaukie Light Rail Project: $40 million
Bus, Rail and LIFT Communications System and Bus Transfer printer: $34 million
New Buses: $23 million
Ticket Vending Machine and Bus Farebox Upgrade: $6.7 million
WES Positive Train Control: $3 million
Maintenance of Way Central Facility: $3.3 million
Estimated Costs of Issuance: $1 million
The resolution authorizing the borrowing will go down tomorrow morning.
| Posted at 11:54 AM | Permalink |
|
Comments (10)
Unfreaking believable these people are.
The find money for everything else but BUS SERVICE!
“For one to expect or ask things of others that he himself, if asked, would not be willing to do or give, is the worst kind of arrogance.”
Posted by al m | June 12, 2012 12:02 PM
Borrow, borrow, debt, debt and more debt until.......
Posted by clinamen | June 12, 2012 12:07 PM
I forgot to mention, they BLAME the union as the source for all their problems.
This post proves that is only one small piece of the much bigger crisis, the executives spend the tax dollars with impunity and with no accountability.
It was suggested to me that a voter initiative be started that would prohibit TRIMET from bonding without voter approval.
Right now that makes a lot of sense.
Posted by al m | June 12, 2012 1:06 PM
Al M - What you said makes too much sense. TriMet is deeply into denial.
What is this "cost of issuance?" Is it like a realtor's fee? Sounds like easy money for somebody.
Posted by NW Portlander | June 12, 2012 1:29 PM
What happens if the legislature reduces the payroll tax?
Thanks
JK
Posted by jim karlock | June 12, 2012 1:44 PM
Upgrade = Degrade = TriMet bankruptcy = Downgrade.
Posted by Mojo | June 12, 2012 1:54 PM
What happens when they have to borrow just to run the buses, and of course, the trains?
Posted by metrosucks | June 12, 2012 2:08 PM
I just hope that by the time the Pdx to LO streetcar is revived that the Feds and Trimet are out of money. AND I hope that LO doesn't promise that the city will foot the bill - we seem to be the patsies for every developer whim these days. It's so embarrassing. It's like watching a person who is desperate to be liked try to get a date. (Use your imagination.) Everyone involved is so invested in the deals that it suits them to be blind. Someone from the outside is going to have to put a halt to this addiction because the addict is not going to.
Posted by Nolo | June 12, 2012 4:05 PM
Hey, they don't have to pay it back, that's someone else's problem.
Of course, when it come to pay up time, we'll be told we need pay more new taxes or they'll have to shut down TriMet (or the schools or not fill potholes or fire police.)
Posted by Steve | June 12, 2012 7:00 PM
On the TV news last night there was story on Spain and how the country is asking for a bailout. In one of the cities there was a fancy new light rail train that only operated when there was enough money to do so. Sounds like Trimet may be headed in that same direction.
Posted by TR | June 12, 2012 7:53 PM