The finance committee of New York’s Metropolitan Transportation Authority on Monday approved the borrowing of up to $2.5 billion through the issuance of long-term bonds to cover Hurricane Sandy-related repair costs.

The approval is part of a $4.8 billion addition to the agency’s capital plan for 2010 to 2014, bringing the plan up to $29 billion. The MTA full board is scheduled to vote its approval on Wednesday.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.