SMART Completes $191 Million in Bond Financing to Fund Construction
NBLC is pleased that Sonoma Marin Area Rail Transit (SMART) was very successful in selling the bonds needed to fund the train and pathway project.
SMART was able to achieve its bonds sales at very favorable rates, despite efforts to derail the project. The successful sale takes advantage of the historic lows for financing and allows SMART to also reap the rewards of starting construction when rates are very competitive.
“We are very encouraged that SMART was able to do so well in the bond market and save the taxpayers’ money. This sale brings us much closer to getting 900 new construction jobs and injecting almost $200 million into the local economy.
This is the best present the North Bay could have received for the holidays!” said Cynthia Murray, NBLC president and CEO. Murray co-chaired the 2008 ballot measure campaign which led to the voters passing the SMART sales tax.
NBLC commissioned a poll in October of this year to gauge voter support for the SMART project. At the time, Murray said that she hoped that the poll results, which showed strong and enduring support for the SMART project, would cause opponents to cease their attempts. “Selling the bonds at the right time for the right rates is just one more affirmation of SMART carrying out what the voters wanted in 2008 and still want today – passenger trains and multi-purpose pathway in the North Bay.”
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