Impacts of the Great Recession Washington Metropolitan Area Transit Authority

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in response demand immediate repayment of $43 million debt, wmata sought temporary restraining order against kbc bank group. kbc claimed wmata in technical default of contract following collapse of aig, had guaranteed loan kbc made wmata in 2002. contract involved sale kbc of wmata s rail cars, leased wmata. wmata asked injunction u.s. district court of district of columbia on october 29, 2008.


after 3 days of negotiations in federal court, judge rosemary m. collyer announced settlement on november 14, 2008. wmata had 14 similar lease agreements other financial institutions when kbc case went trial. waivers requested banks allow wmata time replace aig insurer or guarantees federal government.


in 2009 wmata issued 2 new series of municipal bonds bringing total outstanding bonds $390.9 million, of june 30, 2010. includes $55 million of build america bonds issued in 2009 under american recovery , reinvestment act of 2009 partially subsidized federal government.


however, of system s debt financed directly each local jurisdiction. in addition, wmata authorized receive $202 million in grants federal government american recovery , reinvestment act projects. funds spent in 30 projects include information technology, facilities maintenance, , vehicles , vehicle parts.


on january 14, 2010, general manager john b. catoe announced resignation metro, effective april 2, 2010. replaced on april 3, 2010, interim general manager richard sarles. sarles became 1 of 3 finalists interviewing permanent position, , later became permanent general manager on january 27, 2011. jack requa became interim general manager upon sarles retirement january 16, 2015.








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