WASHINGTON – In a small conference room at the Wilson Building, officials from D.C. and WMATA met Friday morning and braced for a crisis.
The Metro system may need an influx of cash very soon, they said, but there is no concrete remedy in place.
“The purpose of today’s meeting was just to alert my colleagues on the council of the financial situation,” said D.C. Council Member Jack Evans who is also a WMATA Board Member.
WMATA borrowed $227 million from three separate banks, and the payments on those loans are due in June. Metro officials are hoping for an extension, but at least one of the banks will demand its money on time next month.
The other two banks may grant an extension, but they may also refuse, leaving a massive amount of financial uncertainty for Metro.
“In a worst case scenerio, WMATA would have to come back to the jurisdictions to get more money,” Evans said.
There is currently no plan between Maryland, Virginia and D.C. on what to do if Metro officials ask for an emergency cash flow.
