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Article: St. Louis Transit Agency Pins Down Restructuring Plans.(The Regions)
- Article from:
- The Bond Buyer
- Article date:
- August 24, 2009
CopyrightCOPYRIGHT 2009 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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Byline: Yvette Shields
CHICAGO - St. Louis' Metro has settled on restructuring plans for two pieces of its debt as the transit agency seeks to chip away at a series of operational and capital challenges that prompted a two-notch downgrade earlier this year and drove steep service cuts.
The financings come as the agency's near-term troubles have eased a bit, thanks to additional federal bailout funding. The agency's hopes for a longer-lasting solution to its red ink lie in building public support for a sales tax increase that is expected to appear on the April ballot. Voters rejected a half-cent increase last November, prompting deep service cuts and a ...