Statement from MTA Chairman and CEO Patrick J. Foye:
“The MTA is drawing down $1 billion on its existing line of credit as the authority continues its essential role responding to the CoViD-19 pandemic, which crucially involves moving the medical professionals, first responders, transportation workers, child care workers and essential personnel on the frontlines protecting New York.
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These emergency funds, which will be drawn down on March 20, 2020, are critical as the agency encounters a fiscal cliff due to significant, sustained revenue losses and increased expenses resulting from the coronavirus pandemic.
Let’s be clear: these funds, while important in providing liquidity, are not a comprehensive or permanent solution.
This a national disaster that requires a national response and we are urgently requesting the federal government provide more than $4 billion in federal funding to ensure the financial health of the MTA.
We cannot afford to wait.”