SEPTA will borrow to install fare system
SEPTA will borrow $175 million to pay for its long-awaited, long-delayed electronic fare system, and SEPTA officials said Thursday they expect to hire a contractor to install the system by May or June.
SEPTA will borrow $175 million to pay for its long-awaited, long-delayed electronic fare system, and SEPTA officials said Thursday they expect to hire a contractor to install the system by May or June.
But it's likely to be at least two or three years before riders can abandon their current tokens, tickets and passes.
SEPTA's board approved borrowing the $175 million Thursday. The board also approved borrowing up to $252 million to pay for 120 new railcars and to overhaul the 110-year-old Wayne Junction rail station in Germantown.
The $425 million is the largest debt SEPTA has ever taken on, but general manager Joseph Casey said the debt burden will not require an increase in fares.
Contact staff writer Paul Nussbaum at 215-854-4587 or pnussbaum@phillynews.com























