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On May 5, 2015, MTA entered into a financing agreement with the United States, represented by the Secretary of Transportation, acting through the Federal Railroad Administrator, to finance costs incurred by MTA in connection with the installation of the federally required Positive Train Control Systems on its commuter rail tracks. For more details, see the summary and financing agreement and the supplemental resolution that went before the MTA Board in April 2015. The approved financing was for a total of $967,100,000.
On September 20, 2016, MTA made a draw of $146.5 million (TRB Subseries 2015X-1), on May 1, 2019, MTA made a draw of $300.0 million (TRB Subseries 2015X-2), and on April 20, 2020, MTA made a draw of $244.4 million (TRB Subseries 2015X-3), for a total of $690.9 million drawn in the form of the TRB Series 2015X Bonds. The bonds were amortizing so as of May 5, 2021, the outstanding principal on the draws was $630.7 million.
On May 5, 2021, in conjunction with the TBTA Payroll Mobility Senior Lien Bonds, Series 2021A transaction, MTA voluntarily prepaid the full outstanding amount on the RRIF Loan (TRB Series 2015X) and closed the RRIF Loan. For more information, see the prepayment notice.