All Aboard Florida to seek private financing.
With a proposed 32 trains per day from Miami to Orlando, All Aboard Florida has applied for a $1.6 billion loan with the Federal Railroad Administration. It “has decided to pursue” the alternative route of a private activity bond allocation to pay for West Palm Beach to Orlando leg of the track.
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How can this be legal?
ReplyDelete"The $405 million in privately offered notes, which carry a 12 percent interest payout, were expected to be paid off by the $1.6 billion publicly subsidized federal loan once it was awarded."