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JTA Acquires $100 Million in Revenue Bonds
The Jacksonville Transportation Authority (JTA) has closed on $100.5 million in Series 2015 Revenue Bonds comprised of serial bonds due from 2017 to 2036 with a true interest cost of 3.04 percent.
JTA Chief Executive Officer Nathaniel P. Ford Sr. called the financing “a milestone for JTA. It allows us to develop a robust debt management program to leverage JTA’s financial position for the benefit of Jacksonville and surrounding areas through construction and transit operations.”
The proceeds from the bond issuance will provide immediate funding for construction of public transportation and road improvements through a program called JTAMobilityWorks, which JTA Chairman Scott L. McCaleb said will create jobs in the community.
The revenue bonds, underwritten by J.P. Morgan, will be paid off by 2036 through the extension of the Local Option Gas Tax. In July 2014, JTA successfully negotiated a 20-year extension whereby 1 cent paid on every gallon goes to the city and 5 cents goes to JTA to pay debt service and fund transit operations.
In anticipation of receiving the bonds, JTA hosted a three-part Business Development Academy to help small businesses—contractors, consultants and vendors—polish their skills regarding future grant possibilities with the agency. The academy addressed such topics as bonding, insurance, worker’s compensation, safety and financial management, bidding, estimating, scheduling, certified payroll, negotiating contracts, compliance, building relations, teaming and marketing.
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