Staff report
The Charleston public bus system received a much needed influx of money this week, preventing service from ending at the end of the month.
A $500,000 ConserFund loan from the state Energy Office was approved Wednesday. The loan, coupled with a $300,000 grant from the state Department of Transportation, will extend the Charleston Area Regional Transit Authority's lifespan to the end of September. Without the $800,000, the transit system would have ran out of money at the end of April.
The loan comes with a 3 percent interest rate, and CARTA will begin repaying the loan in June 2005.
The state loan and the transit funds were offered by Gov. Mark Sanford as short-term solutions to CARTA's financial troubles after it was determined a half-cent sales tax referendum would not be held before November. The half-cent sales tax, if approved by voters, would generate money for CARTA, roads and green space.
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