Good points all. Commenters (including me) sometimes need to be corrected. Would note, though, that while Caltrain started with Caltrans (which was the only transportation agency available to take over SP's commute service when they wanted to abandon it), that arrangement was never intended to be permanent. The JPB setup process started right away. Caltrans did operate things (contracting it out) for several years, and did purchase new equipment (the Nippon Sharyo cars - shells built in Japan, and completed at a pier in SF (Belt Rwy was still around to receive the complete product) to meet US content requirements, and the first batch of F40s) to replace SP stuff that was really falling apart by then. Was working at Caltrans at the time (in a non-rail division), and several of us were invited to ride a test trip with new stuff right off the dock to provide comments and ratings ...