All Aboard Florida got another break from an indulgent federal government last week when the U.S. Department of Transportation granted the company more time to issue $1.15 billion of Private Activity Bonds to finance the second phase of its high-speed passenger rail service.
“This propels our project as we extend Brightline to Orlando, developing a transportation network that will benefit the entire state,” said Brightline President Patrick Goddard.
The tax-exempt bonds were allocated in December and set to expire May 31. So far, investors have not rushed to buy the bonds. The seven-month extension through the end of the year was granted on the condition that the company continue to seek alternative financing.
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