Deadline pushes All Aboard Florida train financing to the front burner

By: Shelly Sigo, The Bond Buyer

BRADENTON, Fla. – With time running out to issue bonds, the privately held company building Florida’s new intercity passenger train service moved a planned financing to the front burner.

All Aboard Florida is now poised to take advantage of a $600 million private activity bond allocation from the U.S. Department of Transportation to finance Phase 1 of its system between Miami and West Palm Beach.

The USDOT’s authorization to issue the tax exempt PABs expires on Jan. 1.

In a special meeting Friday, the Florida Development Finance Corp. renewed its agreement to serve as the conduit issuer of the bonds on behalf of the borrower, All Aboard Florida – Operations LLC.

The board of directors approved a bond resolution and related financing documents for the $600 million negotiated deal, said FDFC Executive Director Bill Spivey…