SEPTA Board Signs Off On $425M Loan For System Wide Upgrades
PHILADELPHIA (CBS) – The SEPTA board will borrow some $425 million for new rail cars, a new high-tech fare collection system, and renovations to one of its busy regional rail stations.
In the largest loan deal in recent SEPTA history, the board agreed to seek $250 million to pay for the 120 new Silverliner V cars set to be deployed by next year to replace old cars and alleviate overcrowding on trains.
The board also approved $175 million in borrowing for the so-called Smart Card electronic fare collection system, expected to be in place within three years.
And, it authorized borrowing $23 million for renovations to the Wayne Junction station.
SEPTA general manager Joe Casey, however, says the transit agency still needs the backing of the state, even in these lean economic times, to keep its operations going.
“This investment, by no means lessens the need for a transportation funding bill to support transit and highway programs throughout the commonwealth of Pennsylvania.”
Reported by Mark Abrams, KYW Newsradio