The Department of Transportation Federal Transit Administration awarded Tri-County Metropolitan Transportation District of Oregon (Tri-Met) a $48,679,370 Project Grant under the Federal Transit Formula Grants (CFDA 20.507) program. The grant funds will allow Tri-Met to make annual debt service payments, including principal, interest, premiums and discounts, on capital grant receipt revenue bonds issued between 2005 and 2018. The bond proceeds funded various transit projects undertaken by Tri-Met, including the Division Transit Project. Timely debt service payments are important for Tri-Met to maintain a high credit rating and obtain favorable terms on future bond issuances to finance additional capital improvements. The grant award, made on September 6, 2022 and concluding on October 31, 2022, will support access and reliability for Tri-Met transit systems while achieving regional air quality benefits. No subrecipients are involved.
Mod # | Description | Reason For Modification | Federal Obligation (Click to sort descending) | Date (Click to sort ascending) |
|---|---|---|---|---|
| Not listed | $0 | 11/25/22 | ||
| Not listed | $0 | 11/25/22 | ||
| Not listed | $21.8m | 9/6/22 | ||
| Not listed | $21.8m | 9/6/22 |