With a vote of 7-0, the MTA Board made history by unanimously okaying Prop-K reform and passing the Pilot Plan.
The meeting, which didn't start until almost 5 PM, had the air of a foregone conclusion about it. The room was half full and only three people spoke against the plan. The usual people, with the addition of Murai, spoke in favor of it.
The people who are financing the loans (called "my suits" by Chris Hayashi) confirmed that they were willing to grant loans on the basis of a Fixed Rate of $250,000.
Director Heinicke asked them if they would be willing to grant loans for a higher amount of money and their spokesman said that $250,000 was all that they would be willing to loan at this time.
That's it folks. It's a done deal. Now we'll see how it works out.