Some good news here.
From the Austin Business Journal
http://austin.bizjournals.com/austin/stories/2006/02/27/daily14.html
Cap Metro approves loan for rail cars
Banc of America Leasing and Capital LLC was selected to provide a $38.6 million loan for the Capital Metropolitan Transportation Authority to buy six rail cars for a planned commuter rail line.
The board of the Austin authority voted Monday to pick a lender for the rail cars, which will be provided by Stadler Bussnang AG. In September, Cap Metro entered a $32 million contract with the Swiss rail car manufacturer to provide six diesel-powered rail cars for the planned urban commuter rail service.
Chief Financial Officer Cynthia Hernandez says Cap Metro will use up to $34 million to pay Stadler for the rail cars, $3 million for spare parts, $917,000 for increases due to currency exchange fluctuations between the euro and the dollar, and $625,000 for borrowing costs.
The money will go into a fund set up by Cap Metro. As Stadler presents invoices, Cap Metro's board will vote on spending the money.
The 10-year loan carries a 3.8 percent interest rate.
Banc of America's was one of six proposals Cap Metro received. Hernandez says Banc of America offered the most favorable rates and terms.
Cap Metro is set to launch the commuter rail line in 2008, with service going from the suburb of Leander to downtown Austin. The first commuter rail car is scheduled to arrive in the fall of 2007.