2003/07/02 Council Agenda Packet

Sound Transit's Maximum Limits on Lawful Debt for All Phase I Costs Total debt authority, long-and-short term,for every Phase I project: $1.052 billion [a] Ceiling on long-term debt for second Phase I plan: circa $492 million [b] Long-term debt reserve (at five percent): circa $ 71.8 million [c] Long-term debt sale (in January, 1999): circa $350 million [d] Long-term debt assumed (for Metro tunnel): circa $ 59.6 million [e] "Other long-term liabilities": circa $ 55.6 million [d]* Long-term debt available to build out Phase I: circa ($45 million)* Ceiling on short-tem' debt for second Phase I plan: circa $560 million [f] Short-term debt reserve (at five percent): circa $ 81.2 million [c] Letter-of-credit guarantee (for BNSF): circa $207.5 million [g] Debt-financing terms (for Sounder North): circa $200 million [h] Subarea loan commitments (through 2003): circa $ 80 million [i] Short-term debt assumed (for Metro tunnel): circa $ 50.5 million [e] Initial line of credit (for agency operations): circa $ 25 million [j] Letter-of-credit guarantee (for Amtrak): circa $ 8 million [g] Escrowed-account guarantee (for Amtrak): circa $ 2.8 million [g] Short-term debt available to built out Phase I: circa ($95 million) [i] Total debt authority, long-and-short term, to complete Phase I: circa ($140 million)[iJ [a] "Ten-Year Regional Transit System Plan" at pages 34, A-2 and B-6, inter alia, stated in 1995 dollars, since both Sound Transit's major slippage in huge capital projects and also recent construction-bid deflation make year-of-expenditure figures problematic,today, and since Phase I taxes, unless extended by voters by November 5, 2006,must "roll back" then(cf pages 26 & 36). [b] Sound Transit's official"Master Plan" -- adopted in October, 1994, accepted by King, Pierce and Snohomish counties in December, 1994 and approved by an "Expert Review Panel" in Citizens Own Sound Transit: 425-822-1342 COST Discussion Draft: 2003.07.01