LA Metro Bond Deal Helps Pay for Subway Extension to Museums
Metro, as the authority is known, is expanding rapid transit and bus service throughout Los Angeles County as part of an initiative to provide more public transportation and to better connect to major sports venues in anticipation of the 2028 summer Olympics.
Photographer: Eric Thayer/BloombergThe Los Angeles County Metropolitan Transportation Authority sold about $900 million of debt this week to refund older bonds and finance transit projects, including an extension of a subway line that will serve the city’s museum row and the Beverly Hills area in preparation for the 2028 Summer Games.
The securities, which have a top rating from S&P Global Ratings, are backed by a 0.5% county sales tax that voters approved in 2008, called Measure R, to help pay for transportation needs. About $326 million of the sale refunded bonds issued in 2016, with the remainder repaying short-term debt and funding capital projects, offering documents show.