PORT AUTHORITY OF ALLEGHENY COUNTY SELECTS FINANCING SOLUTION TO REPLACE AGING BUSES $91 million financing enables the Pittsburgh-area public transportation system fleet upgrade

The acquisition will help reduce costs and enhance transportation reliability for its more than 63.2 million annual bus riders.

SCOTTSDALE, AR (PRWEB) July 10, 2003 -- The Port Authority of Allegheny County, Penn., has selected Koch Financial Corporation to provide more than $91 million in financing to obtain new transit buses. The acquisition will help reduce costs and enhance transportation reliability for its more than 63.2 million annual bus riders.

Koch Financial is financing the purchase of 250 transit coaches of varying size and style. The financing package, which runs through October 2004, also covers costs to purchase spare parts for ongoing maintenance.

With this financial package, we can provide better services for our bus riders and in a much shorter time frame," says Claudia Allen, chief financial officer for the Authority. Without this financing agreement, the Authority could only afford to replace a few buses at a time. And with some of our buses approaching the end of their useful life, we are seeing increased maintenance costs. With Koch Financials help, we are significantly reducing the average age of our bus fleet and maintenance costs while improving reliability and service."

During these tight budget times, Koch Financial can assist local governments such as Allegheny County to meet the needs of their communities," said Randy Bushman, president of Koch Financial. Were happy to use our resources to assist them in providing better customer service."

The Port Authority of Allegheny County is the 14th largest public transit system in the United States and annually transports more than 75 million riders. The Authority operates a fleet of 1,029 buses, 55 light rail vehicles, 85 small transit vehicles and the Monongahela Incline, which carries passengers up and down Mt. Washington.

Estimates show that more than 50 percent of downtown Pittsburghs workers and shoppers use the Port Authority's services to travel to and from Downtown Pittsburgh.

Koch Financial Corporation (www.kochfinancial.com) has provided more than $3.7 billion in financing to state and local governments nationwide. It offers customized financing solutions for state and local governments to acquire equipment, including computer hardware and software, telecommunications and energy-management systems, emergency vehicles and other essential assets.

Companies providing equipment or services to states and municipalities can also take advantage of Koch Financials vendor financing programs. Koch Financial, a Koch Industries, Inc. subsidiary, is based in Scottsdale, Ariz., and has regional offices in Chicago, Kansas City and Sacramento.

# # #