Re: Coos Bay Rail Line Purchase Saved
Author: Coos Bay Rail Fan
Date: 02-08-2009 - 07:01
The loans that the International Port of Coos Bay did not come from tax payers dollars. It come from the State of Oregon thru the Oregon Economic and Community Development Commission. The money used came from Lottery Bond sales. The State of Oregon sold these bonds years ago and repayments from other companies that received loans is part of the proceeds. Out of the $12.6 million dollars loan package is two loans. The first one of $7.2 million must be repaid in 24 months. This loan will be paid off from $8 million dollars the Port is receiving from Federal Transportation money that was allocated for the Coos Bay Bridge repairs. There is a modification pending in Congress to transfer from the bridge repair fund to the purchase fund. (Yes this is taxpayers dollars being used in a wise way, you can't fix the bridge if there is not railroad running?). The second loan in the package is for $5.4 million with a flexable 25 year re-payment schedule, this will come from the revenue generated by the freight moved over the 111 mile line. The State of Oregon will also get some interest on the money used.