King Rat (gkr) wrote,
King Rat

Monorail news

In other news, the Seattle Monorail Project board killed the financing plan for the future transit system. From what I can tell (I haven't read all the documents yet) the financing plan is the part that didn't really meet the terms of the original plan that voters approved. Other parts deviate slightly (with one exception I may write about later), but because the project underestimated how much revenue a car tax would bring, they had to find other ways to pay off the bonds. The project resorted to junk bonds that have a high interest rate. Meaning we'd be paying off the tax until 2050, unless miraculously people started buying more cars in Seattle or more expensive cars.

Now it's back to the drawing board to find another plan to finance the thing. Which is good. Though I don't know how likely that occurence will be. I'm not skilled in the world of government bonds.

Tags: local politics

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