cheaper debt to be voted on next week

The DART Commission will hold a specially called meeting Wednesday, June 16, to vote to issue $3.5 million dollars in general obligation bonds.

The meeting is at 5 p.m. at DART’s office, 1100 DART Way.

It’s a housekeeping vote, really — a last, necessary step to complete a plan to replace existing debt with cheaper debt, for a savings of about $300,000 annually. This was one of the strategies DART deployed to save money in the budget year that begins July 1. Ultimately, the motive was and is to preserve as much bus service as possible in this recession that has squeezed the budgets of transit agencies across the nation.

See this previous post for an explanation of how the money is being used, as well as of the local support needed to issue the cheaper debt.