HART To Submit Bill For Line of Credit Within Weeks

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HART interim chief Toru Hamayasu said he intends to formally ask the City Council within a week or two to approve increasing the line of credit by $100 million as insurance to pay for the rail project.

The request was outlined by Mayor Peter Carlisle and HART in recent months as a way to satisfy the FTA’s request that the city strengthen its rail financial plan. It’ll be put in bill form and sent to Council Chair Ernie Martin soon.

Council Vice Chair Ikaika Anderson asked why the request can’t come after HART and the FTA finish a full funding grant agreement.

“It’s needed for the application for the FFGA,” Hamayasu said.

And what happens if the Council doesn’t agree to increase the line of credit?

“I think we (would) have a problem with the FFGA,” Hamayasu said. “I think we (would) have a risk of not having the FFGA.”

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