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TEA-21 allows transit operators to issue bonds secured with transit system revenues. The proceeds from the sale of bonds may be used as part of local matching funds for a transit capital project. This increases flexibility and local funding for transit capital projects. [3011]


Any transit capital project funded under Sections 5307 and 5309, provided that the grantee maintains a constant or rising level of effort in the subsequent 3 years, taking into account Federal, State and local expenditures for transit capital investment. [3011]

September 14, 1998

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United States Department of Transportation