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Article: Utah approves light-rail line; awaits federal funds.(Utah Transit Authority)
- Article from:
- The Bond Buyer
- Article date:
- June 1, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Utah moved a step closer toward building its first-ever light-rail passenger line last week when the Utah Transit Authority approved a proposed funding grant agreement with the federal government for the $294 million project.
The contract, approved by a 12-to-2 vote on May 24, commits the Transit Authority to pay 20%, or $58.8 million, of the cost of building the light rail system; while 80%, or $235.2 million, would be picked up by the Federal Transit Administration.
Despite "the green light from our board, the remaining hurdle is the big one - and that is the grant from the Feds," said Ken Montague, the Transit Authority's director of finance and ...