BOND TICKER : County Rail Plans Imperiled by Crisis, OCTA Officials Warn
Orange County Transportation Authority officials said Thursday that the bankruptcy has affected long-term plans for the county’s commuter and urban rail service, and that money will run out sooner than expected unless new funding is found.
Funds to expand commuter and urban rail were all held in the county treasury. Assuming the agency takes a 22% hit, a fund for the commuter corridor between Los Angeles and San Juan Capistrano would suffer an $18-million loss. The Riverside commuter corridor fund would take a $5.7-million hit, and an urban rail fund would lose $11 million.
OCTA staff said they will revise long-term plans for commuter rail by March to reflect losses the agency suffered in the collapsed investment pool.
Compiled by Shelby Grad, with Mimi Ko, Greg Johnson, Lee Romney, Alan Eyerly and Susan Marquez Owen
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