The BART System is an electrically powered rapid transit commuter rail system serving the residents of the San Francisco Bay Area. The BART System is currently comprised of 104 miles of double track (including some areas of multiple tracks) and 46 stations. BART is powered by an electric third rail at 1,000 volts DC. It is the fifth busiest transit network in US.
Bonds which fund improvements and operations to the BART System are eligible under the Climate Bonds Standard Low Carbon Transport Criteria because it is a fully electrified and high capacity urban transit network.
For the first bond in June 2017
2017 General Obligation Bonds Series A will fund the following improvements to BART facilities:
The acquisition or improvement of real property to keep BART safe; prevent accidents/breakdowns/delays; relieve overcrowding; reduce traffic congestion/pollution; and improve earthquake safety and access for seniors/disabled by replacing and upgrading 90 miles of severely worn tracks; tunnels damaged by water intrusion; 44-year-old train control systems; and other deteriorating infrastructure.
2017 Refunding Bonds Series E will refinance existing General Obligation Bonds, which were previously issued to fund earthquake safety improvements to BART facilities. This included strengthening tunnels, bridges, overhead tracks and the underwater Transbay Tube.
For the second bond in December 2017
The proceeds of the Prior Bonds were applied for a variety of purposes including acquisition of hundreds of electric rail transit vehicles and passenger cars, automated train control equipment, energy conservation measures, system communication facilities, station and track improvement, commuter parking projects and street improvements, right-of-way agreements, and rehabilitation/enhancements to trains and train performance systems, and construction of the Oakland Airport Connector line. All proceeds of the Prior Bonds were issued to support the operations and maintenance of a 100% electric power, sustainable mass transportation system.
|DATE OF ISSUE||NAME||TYPE OF INSTRUMENT||SIZE||COUNTRY OF ISSUE||
CLIMATE BONDS SECTOR CRITERIA
|VERIFIER'S REPORT||ANNUAL REPORT||FURTHER INFORMATION|
General Obligation Bonds 2017 Series A,
2017 Refunding Series E
|Use of Proceeds Bond||USD 384m||USA||Low Carbon Transport||
2017 Refunding Series A,
2017 Refunding Series B
|Use of Proceeds Revenue Bond||USD 185.5M||USA||Low Carbon Transport||EMMA Annual Disclosure 2017|
|August 2019||2019 Series D||Use of Proceeds Revenue Bond||USD 240m||USA||Low Carbon Transport|
2019 Series F
|Use of Proceeds Revenue Bond||USD 360m||USA||Low Carbon Transport|
|August 2019||2019 Refunding Series G||Use of Proceeds Revenue Bond||USD 43.5m||USA||Low Carbon Transport|
|October 2019||2019 Refunding Series B||Use of Proceeds Revenue Bond||USD 80.3||USA||Low Carbon Transport|