60275 | Debt Service (Various, SEPTA)

Capital funds will provide for debt service and costs related to the issuance of bonds, notes, and other indebtedness incurred by SEPTA for the following debt service payments:
Payments on Capital Grant Receipts Bonds, Series 2011/2017- $156.88M (Final year of debt service funding for Series 2011-2017 Bonds - FY 2029)

Acquisition of 120 Silverliner V Regional Rail Cars - These electric multiple-unit (EMU) cars have replaced the Silverliner II and III rail cars, and provided additional cars to supplement the regional rail car fleet. Vehicles fully comply with Americans with Disabilities Act (ADA) requirements and federal and state regulations. The total cost for this project of $319.7 million is funded through a combination of grants and capital financing.

Rehabilitation of the Wayne Junction Intermodal Facility - The Wayne Junction Intermodal Facility was originally constructed at the turn of the 20th Century. This project provided for restoring the station’s historic integrity while modernizing its structure to provide a more accessible and environmentally friendly facility for local residents. The project provided for the enhancement of passenger amenities such as lighting, signage, shelters, audio and visual public announcement system, windscreens, benches, HVAC systems, and sanitary systems. Structural improvements included station building rehabilitation and ADA accessibility modifications, such as high-level platforms, elevators, stairway renovations, passenger tunnel improvements, new canopies and shelters. The total project cost of $29.4 million is funded through a Federal Transit Administration Bus and Bus Facilities Livability Grant and capital financing.
In October 2017, the Authority advance refunded a portion of Capital Grant Receipts Bonds, Series 2011 (“Series 2011 Bonds”), to reduce future debt service payments. The final maturity date of the newly issued Series 2017 Bonds was unchanged from the Series 2011 Bonds.
Payments on Fixed Rate Revenue Refunding Bonds, Series 2017/2019 - $103.25M (Final year of debt service funding for Series 2017-2019 Bonds - FY2028)
Proceeds from the Fixed Rate Revenue Refunding Bonds (“Series 2010 Bonds”) were used to refund the Special Revenue Bonds, Series 1999, which provided funds for the Market-Frankford Line cars, various capital improvement projects, and partial refunding of Series 1995A Bonds. In October 2017, the Authority advance refunded a portion of the Series 2010 Bonds to reduce future debt service payments. In December 2019, the Authority refunded a portion of the Series 2010 bonds to further reduce future debt service payments. The final maturity of the Series 2017 and 2019 bonds was unchanged from the Series 2010 bonds
Capital Financing- EB5 Loan - $241.90M (Refinancing in FY 2022)
In January 2016, SEPTA entered into a loan agreement with the Delaware Valley Regional Center (DVRC) pursuant to the Employment Based Immigration-5th Preference (EB-5) Program administered by United States Citizenship and Immigration Services (USCIS). The loan was made available to SEPTA over a period of several years and was used to partially fund the acquisition of electric locomotives, expansion of Frazer Yard, and substation rehabilitation projects. This loan will be refinanced as part of the Bond Issuance SEPTA is undertaking in calendar year 2022.
Payments on Capital Grant Receipts Bonds, Series 2020 - $130.89M (Final year of debt service funding for other Capital Financing – FY 2032)
Acquisition of 140 Hybrid (Diesel-Electric) Buses – These buses replaced diesel buses acquired in 2004. The vehicles fully comply with Americans with Disabilities Act (ADA) requirements and federal and state regulations. The buses have electronic exterior and interior destination signs, voice annunciation of bus destination and upcoming bus stops, interior video display monitors and the capability for SEPTA’s Control Center to broadcast messages directly to passengers. These buses are equipped with on-board video surveillance and automatic passenger counting systems. The buses are also equipped with enhanced passenger amenities such as USB Charging Ports, Cellular Router for real time critical vehicle data on demand and a dual purpose Passenger Wifi system, and a Qpod Wheelchair Restraint System to decrease wheelchair and scooter ambulatory device tipping.
Payments on State Motor Vehicle Sales Tax Bonds, Series 2022- $984.50M (Final year of debt service funding for other Capital Financing (Estimated – FY 2034)
On February 24, 2022, the SEPTA Board approved the Authority to issue bonds in an amount not to exceed $800 M to support SEPTA’s capital program. This approval is based on PennDOT’s prior approval for SEPTA to issue debt pursuant to Section 1514(f) of Title 74 of the Pennsylvania Consolidated Statutes. The Authority expects to proceed with an initial bond issuance of $550 million to fund various capital projects, including refinancing of SEPTA’s outstanding EB-5 Loan as well as various state of good repair infrastructure, ADA Accessibility station, and rail fleet replacement projects.

No milestones are available for this project.