OR-2023-013
Formula Grant
Overview
Grant Description
Application Purpose: The purpose of this grant is to use FHWA FY 2023 Congestion Mitigation Air Quality (CMAQ) and FHWA FY 2023 Surface Transportation Block Grant Program (STBG) funds transferred to FTA Section 5307 for TriMet to make debt service payments on capital grant receipt revenue bonds that were issued to fund transit-related projects, including but not limited to the Division Transit Project (DTP). These funds have been committed by Metro, and payments have been obligated by TriMet through an IGA. Prior years' funding for this activity has been awarded under grants: OR-2021-046, OR-90-X131, OR-95-X009, OR-95-X033, OR-95-X053, OR-2016-014, OR-2018-011, OR-2019-010, OR-2020-011, and OR-2022-037.
Activities Performed: The recipient will use the grant funds for annual debt service payments, including principal gains/losses, premiums/discounts, and interest, on the following capital grant receipt revenue bonds: the 2005 bonds, the 2011AB bonds, the 2015 refunding bonds, the series 2017A refunding bonds, and the 2018A bonds. The 2015 and 2017 bonds were issued to refund a portion of the 2005 and 2011AB bonds, respectively.
Expected Outcomes: Timely payment of debt service requirements is one of several factors for TriMet to continue receiving a high credit rating by external parties, which can lead to obtaining higher market values in future bond issuances. This will enable TriMet to continue financing certain transit projects in our Capital Improvement Program (CIP). This grant will support transit projects that provide access and reliability to TriMet transit projects and have a positive effect on congestion and air quality.
Intended Beneficiaries: The intended beneficiaries of this grant are TriMet, prospective investors, underwriters, and rating agencies of future TriMet capital bonds. It will also benefit Metro and TriMet staff in continuing to implement projects set forth in the regional funding plan.
Subrecipient Activities: The recipient does not intend to subaward funds.
Activities Performed: The recipient will use the grant funds for annual debt service payments, including principal gains/losses, premiums/discounts, and interest, on the following capital grant receipt revenue bonds: the 2005 bonds, the 2011AB bonds, the 2015 refunding bonds, the series 2017A refunding bonds, and the 2018A bonds. The 2015 and 2017 bonds were issued to refund a portion of the 2005 and 2011AB bonds, respectively.
Expected Outcomes: Timely payment of debt service requirements is one of several factors for TriMet to continue receiving a high credit rating by external parties, which can lead to obtaining higher market values in future bond issuances. This will enable TriMet to continue financing certain transit projects in our Capital Improvement Program (CIP). This grant will support transit projects that provide access and reliability to TriMet transit projects and have a positive effect on congestion and air quality.
Intended Beneficiaries: The intended beneficiaries of this grant are TriMet, prospective investors, underwriters, and rating agencies of future TriMet capital bonds. It will also benefit Metro and TriMet staff in continuing to implement projects set forth in the regional funding plan.
Subrecipient Activities: The recipient does not intend to subaward funds.
Funding Goals
NOT APPLICABLE
Grant Program (CFDA)
Awarding Agency
Funding Agency
Place of Performance
Oregon
United States
Geographic Scope
State-Wide
Related Opportunity
NOT APPLICABLE
Analysis Notes
Infrastructure $21,829,999 (100%) percent this Formula Grant was funded by the 2021 Infrastructure Act.
Amendment Since initial award the End Date has been extended from 10/31/23 to 06/30/24.
Amendment Since initial award the End Date has been extended from 10/31/23 to 06/30/24.
Tri-County Metropolitan Transportation District Of Oregon was awarded
Formula Grant OR-2023-013
worth $21,829,999
from the FTA Office of Budget and Policy in June 2023 with work to be completed primarily in Oregon United States.
The grant
has a duration of 1 year and
was awarded through assistance program 20.507 Federal Transit Formula Grants.
$2,498,541 (10.0%) of this Formula Grant was funded by non-federal sources.
Status
(Complete)
Last Modified 9/23/24
Period of Performance
6/8/23
Start Date
6/30/24
End Date
Funding Split
$21.8M
Federal Obligation
$2.5M
Non-Federal Obligation
$24.3M
Total Obligated
Activity Timeline
Transaction History
Modifications to OR-2023-013
Additional Detail
Award ID FAIN
OR-2023-013
SAI Number
OR-2023-013-01-20.507
Award ID URI
SAI EXEMPT
Awardee Classifications
Other
Awarding Office
6905A5 REGION 10 DOT FTA
Funding Office
693JJ8 OFFICE OF BUDGET AND POLICY(TBP)
Awardee UEI
YXFYCBFAF5S3
Awardee CAGE
1UTW6
Performance District
OR-90
Senators
Jeff Merkley
Ron Wyden
Ron Wyden
Budget Funding
Federal Account | Budget Subfunction | Object Class | Total | Percentage |
---|---|---|---|---|
Formula and Bus Grants, Liquidation of Contract Authorization, Federal Transit Administration, Transportation (069-8350) | Ground transportation | Grants, subsidies, and contributions (41.0) | $21,829,999 | 100% |
Modified: 9/23/24