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FEDS FINALLY APPROVE FUNDS FOR LOS ANGELES RAIL PROGRAM

P Rosta

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Abstract

After two rejections, the Los Angeles County Metropolitan Transportation Authority's financial restructuring plan was approved by federal overseers in July 1998, releasing $61.5 million in held-up funds. The funds are earmarked for the subway's $1.3-billion San Fernando Valley leg. More than two-thirds complete, it is on track for a May 2000 opening. The $1.6-billion Hollywood segment also is nearly complete and set to start up in May 1999. The new restructuring plan calls for finishing the San Fernando Valley line before work resumes on new rail projects. The state legislature is also proposing to establish a new local agency to assume responsibility for building the suspended $804-million, 13.7-mi (22-km) rail line connecting Los Angeles and Pasadena.

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After two rejections, the Los Angeles County Metropolitan Transportation Authority's financial restructuring plan was approved by federal overseers in July 1998, releasing $61.5 million in held-up funds. The funds are earmarked for the subway's $1.3-billion San Fernando Valley leg. More than two-thirds complete, it is on track for a May 2000 opening. The $1.6-billion Hollywood segment also is nearly complete and set to start up in May 1999. The new restructuring plan calls for finishing the San Fernando Valley line before work resumes on new rail projects. The state legislature is also proposing to establish a new local agency to assume responsibility for building the suspended $804-million, 13.7-mi (22-km) rail line connecting Los Angeles and Pasadena.

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Available abstract

After two rejections, the Los Angeles County Metropolitan Transportation Authority's financial restructuring plan was approved by federal overseers in July 1998, releasing $61.5 million in held-up funds. The funds are earmarked for the subway's $1.3-billion San Fernando Valley leg. More than two-thirds complete, it is on track for a May 2000 opening. The $1.6-billion Hollywood segment also is nearly complete and set to start up in May 1999. The new restructuring plan calls for finishing the San Fernando Valley line before work resumes on new rail projects. The state legislature is also proposing to establish a new local agency to assume responsibility for building the suspended $804-million, 13.7-mi (22-km) rail line connecting Los Angeles and Pasadena.

Key concepts: Metropolitan area, Restructuring, Agency (philosophy), Finance, Legislature, Work (physics), Plan (archaeology), Business

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FEDS FINALLY APPROVE FUNDS FOR LOS ANGELES RAIL PROGRAM — Research Paper | ScholarLens