The fiscal 2001 transportation appropriations bill that Congress passed last week included $500 million for New Jersey Transit Corp.'s Hudson-Bergen Light-Rail line - a sum that the corporation plans to securitize in a $550 million grant anticipation note (Gans) sale in November.

In September, the transit agency completed the first unenhanced, full funding grant agreement financing without having a reserve fund to offset appropriation risks and late federal payments. The sale of $295 million in GANS went well for the state, so it plans to use the structure again to finance the light rail project, according to Jim Poole, director of the state's Office of Public Finance.

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