President Barack Obama has just signed into law legislation introduced by Congressman Wm. Lacy Clay (D) St. Louis to extend the Metro Transit Agency's ability to issue and pay off bonds over a longer period of time. The bill, HJRes 70, passed with overwhelming support.
"I'm very pleased that we were able to get this done, and I want to thank President Obama for signing this important bill into law." said Congressman Clay. "The extended bond term will give Metro the flexibility to do more capital improvements that will connect citizens on both sides of the river to jobs, cultural attractions and educational institutions. It may also help us find creative ways to get moving on certain elements of the Arch Grounds redevelopment master plan."
Mr. Clay's bill amends the original 1949 compact between Missouri and Illinois which created the former"Bi-State Development Agency, now known as Metro. The new provision will allow the regional transit system to issue bonds with up to a 40-year maturity term. The previous limit was 30-years. That added flexibility will allow Metro to finance additional capital projects in a fiscally responsible way, at no additional cost to the taxpayers.
Metro operates the St. Louis Metropolitan region's public transportation system. It has more than 2,400 employees and carries over 55 million passengers each year.