Comparative Financing Techniques for Purchasing Urban Rail Cars

摘要

The study examined the financial choices of transit managers purchasing rail carsin the US. From an informal survey, it was found that fewer systems utilized 'creative' long-term financing techniques than traditional debt. Many had used safe harbor leasing in the 1980s and now employ an array of Certificates of Participation (COPs), Sale-Leasebacks, Equipment Trust Certificates, Cross-Border Leases and vendor financing to cover local matching shares. Nevertheless, the majority of systems (51.9%) relied on long-term debt, supported by local dedicated revenues. It was recommended that transit systems bargain aggressively on price, pay incurred vendor costs where possible and encourage vendors to locate manufacturing facilities in the US. It was recommended that the Urban Mass Transportation Administration (UMTA) should explore multiple roles in financing cars.