The MARTA board on Thursday passed a budget for next year that allocates $415.6 million for operations and $470 million for capital programs, including $149 million for debt repayment.
MARTA CEO Keith Parker called it an “excellent news” budget with no fare increase and a 20 percent improvement in rail service.
At the same time, MARTA officials announced that they refinanced $286 million in bonds for a rate of 3.77 percent, which was half-percent lower than they expected to get. The move will save the transit system about $4 million over the 30-year life of the bonds.
The transit system was able to secure a better rate in part because Moody’s Investors Service last month upgraded MARTA bonds from A1 to Aa3, meaning its bonds are now considered high quality and a very low credit risk.
“We are now in the highest possible rating position for a public transit agency our size,” said MARTA Board Chairman Robert Ashe. “So it’s a strong signal that Wall Street thinks MARTA is doing a good job.”
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