Who needs an infrastructure bank when you have rich foreigners who want US citizenship
According to "SEPTA to borrow $175 million for new fare system" from the Philadelphia Inquirer, the cost of implementing a smart card fare system will be paid by bonds/borrowed money from the Philadelphia Industrial Development Corporation, a government agency. From the article:
The money for the new fare system is being borrowed through a low-cost loan program developed by the PIDC with CanAm Enterprises, of New York, that allows foreign investors to invest in job-creating U.S. projects in return for U.S. residency. The "Welcome Fund" will provide SEPTA with the $175 million in three installments, at an interest rate of 1.75 percent per year.
The same program has provided funding for the Convention Center, the Temple University Health System, and the Comcast Center, among others, said PIDC president Peter S. Longstreth.
Maybe it's time to give a second glance to those spam inquiries peppering my junk mail box...