[Congressional Record Volume 150, Number 62 (Thursday, May 6, 2004)]
[Extensions of Remarks]
[Page E777]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        COMMENDING THE ALAMEDA CORRIDOR TRANSPORTATION AUTHORITY

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                          HON. XAVIER BECERRA

                             of california

                    in the house of representatives

                         Thursday, May 6, 2004

  Mr. BECERRA. Mr. Speaker, I rise to commend the Alameda Corridor 
Transportation Authority (ACTA). Earlier today, ACTA representatives 
formally presented the U.S. Department of Transportation with the final 
payments for a loan, including interest, which totals nearly $573 
million. This final payment was made 28 years ahead of schedule.
  Opened on time and within budget, the Alameda Corridor is a 20-mile 
rail expressway connecting dock terminals in the Ports of Los Angeles 
and Long Beach to transcontinental rail yards located in downtown Los 
Angeles. The project proceeds primarily along and adjacent to Alameda 
Street--with grade separations to safeguard local communities and 
pedestrian and vehicle traffic--through or bordering the cities of 
Vernon, Huntington Park, South Gate, Lynwood, Compton, Carson, Los 
Angeles, and the County of Los Angeles.
  Much of the Corridor's success was made possible by an innovative 
federal loan, which deferred debt service repayments in the early years 
of the project and allowed for financing at reasonable interest rates 
through the bond market. In fact, this novel financing approach was the 
basis for the Transportation Infrastructure Financing and Innovation 
Act of 1998 (TIFIA), a national program to select projects for credit 
assistance.
  The Alameda Corridor is a project of national significance as it 
facilitates the movement of commerce from around the world to the 
entire nation. The Ports of Los Angeles and Long Beach together handle 
more than 40 percent of the nation's imports by value. More than 2 
million jobs nationwide are associated with trade through these ports. 
These workers, and this country, benefit from the Federal government's 
role in assuming the early project risk that made the Alameda Corridor 
possible.
  Mr. Speaker, in closing, let me again congratulate the ACTA team for 
their management of the project and the early loan repayment completed 
today. The Alameda Corridor is a model project and has set a new 
standard for excellence. I look forward to working on future ``goods 
movement'' projects such as this that will benefit our region and the 
Nation.

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