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Federal Railroad Administrator Announces $11 Million RRIF Loan To Arkansas & Missouri Railroad

Contact: Robert L. Gould, Warren Flatau
Telephone: (202) 493-6024

Friday, April 11, 2003 (Washington, DC) Federal Railroad Administrator Allan Rutter today announced the award of an $11 million Railroad Rehabilitation and Improvement Financing (RRIF) direct loan to the Arkansas & Missouri Railroad, headquartered in Springdale, Ark.

The RRIF program is an innovative financing tool that offers eligible railroads, states and municipalities added flexibility in making rail infrastructure improvements become reality,? said Rutter. ?RRIF is fully consistent with President Bush?s commitment to growing the economy and as such, I encourage railroads of all shapes and sizes to consider this program when developing their annual capital plans.

The $11 million direct loan provides funding for the purchase of 141 miles of track from the Burlington Northern Santa Fe (BNSF) Railroad as well as track refurbishment, which will reduce the risk of any future derailments along the route. The track acquisition permits the Arkansas & Missouri Railroad to exchange rail traffic with BNSF, Union Pacific and Kansas City Southern Railroads. The Arkansas State Highway and Transportation Department supported the railroad?s loan application.

The Arkansas & Missouri Railroad extends from Monett, Mo., to Fort Smith Ark., and serves 140 customers, some of which are rail-dependent for their shipping needs. The expansion and rehabilitation projects made possible by the loan are expected to promote additional economic development in the region. The term of the loan is 25 years.

Provided for in the Transportation Equity Act for the 21st Century (TEA-21), the RRIF Program authorizes the Federal Railroad Administration (FRA) to provide direct loans or loan guarantees for the acquisition, development, improvement or rehabilitation of existing or new intermodal or rail equipment facilities. Eligible borrowers include railroads, state and local governments and government sponsored authorities. 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
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