VIA Metropolitan Transit announced the sale of $82 million in MTA Contractual Obligation Bonds to help finance the purchase of 270 CNG buses as part of the agency’s SmartMove five-year capital plan.
VIA’s multi-year plan to purchase these clean-energy vehicles is designed to replace aging buses in its current fleet. The vehicles scheduled for replacement are at least 15 years old. The agency’s fleet expansion will reduce operating costs and allow the agency to carry out planned service enhancements.
VIA Metropolitan Transit Authority earned a “AAA” rating from Standard & Poor’s (S&P) Ratings Service, which allows VIA to take advantage of the lowest interest rates available. Only 5 percent of municipal entities achieve a AAA rating, according to bond analysts. VIA says its AAA rating reflects the agency’s sound stewardship of public resources, and is also reflective of the agency’s strong management and financial practices.
“Replacing the oldest vehicles in our fleet with CNG buses will result in a significant emissions reduction for the region and furthers VIA’s commitment to environmental sustainability,” VIA President/CEO Jeffrey C. Arndt said.”