The Metropolitan Atlanta Rapid Transit Authority signed a $142.9 million contract last week to begin a major overhaul of its aging train-control and rail-safety systems in a deal that is expected to require some bond financing.

MARTA inked the contract with Alstom Signaling Inc., a transit technology firm selected after a competitive bid process. The modernization program includes a number of projects that will be funded from the authority’s capital program, said spokeswoman Cara Hodgson.

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