New York MTA May Borrow as Much as $4.8 Billion for Sandy Work

The New York Metropolitan Transportation Authority said it may borrow as much as $4.8 billion to pay for damages from superstorm Sandy.

The short-term debt would be repaid with expected reimburshements from insurance companies and the Federal Emergency Management Agency, transit officials said today at a board meeting in New York.

The MTA operates the New York City region’s subways, buses, commuter rail lines and some bridges and tunnels.

To contact the reporter on this story: Esme E. Deprez in New York at edeprez@bloomberg.net

To contact the editor responsible for this story: Mark Schoifet at mschoifet@bloomberg.net

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