Tuesday, December 03, 2002 (Washington, DC) Federal Railroad Administrator Allan Rutter today announced that the Federal Railroad Administration (FRA) plans to conduct a first of its kind workshop designed to educate the freight rail industry about the value of the Railroad Rehabilitation and Improvement Financing (RRIF) program. The workshop will be held on Friday, December 6, in Washington, D.C.

“This is a terrific program, one that offers freight railroads of all shapes and sizes, along with municipalities throughout the country, added financial flexibility in improving rail infrastructure,” said Rutter. “While a few applications are currently under review, the industry has yet to take full advantage of the program. This workshop is designed to take the mystery out of the application process and encourage greater participation,” he continued.

Provided for in the Transportation Equity Act for the 21st Century (TEA-21), the RRIF Program authorizes the Federal Railroad Administration to provide direct loans or loan guarantees for the acquisition, improvement or rehabilitation of existing or new intermodal or rail equipment facilities. Eligible borrowers include railroads, state and local governments and government sponsored authorities or corporation. Detailed information about the program is in the final rule in the July 6, 2000 Federal Register and on FRA’s website at www.fra.dot.gov.

In September 2002, the FRA approved one of the first loans under the program; a $2.1 million direct loan to Oregon’s Mt. Hood Railroad for track rehabilitation and rail equipment acquisition as well as for refinancing a past debt for capital expenditures and equipment purchases.

Rutter added, “I strongly encourage America’s rail industry, particularly the American Short Line and Regional Railroad Association, along with the Association of American Railroads, to join us in this educational effort and help spread the word to their respective membership about the value of this innovative financing program.”

The workshop, How To Prepare an Application for Railroad Rehabilitation and Improvement Financing, will be held from 10:30 a.m. until 4:30 p.m. in Room 2230 of the U.S. Department of Transportation headquarters building at 400 7th St., SW, Washington, D.C. Those wishing to participate in the no-cost workshop should contact Ms. Linda Woodfolk at 202-493-6376 or linda.woodfolk@fra.dot.gov in advance, to expedite admittance to the building.