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.
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.”