Impossible Legalese Explained!

K.C. Jackson, longtime fan/contributor to this page, offers this explanation of the NJT-2002-A Statutory Trust.

NJT2002 is a trust created by investors (usually overseas) who front the
money for the buses. KV Bank manages the trust for these investors.
NJT2002 then leases the buses to NJT (NJ Transit Corporation) who can
then do what they wish with the buses (send them to NJTBus or a private
operator).

From what I understand, the Feds only paid for the base order of 1244
MCIs at $500 million. The "option" buses fall under this lease arrangement.

The benefits of the arrangement are:
- No FTA purchase funds involved, just the lease payments from NJT
- The investors write off the depreciation against their taxes, which is
even more beneficial if the investor is not in the USA
- NJT gets more buses

This is exactly what was done with the 1994 Flxs as you mentioned on the
site - I beleive the investoir trusts were NBB-Linden for the transits,
and Sparta-something for the suburbans.

Trevor Logan sent along this pic of 9601. His site is still at sea but we are all hoping it comes back Real Soon Now!

And you thought Robair's site was the only one in the Mackey family with Legal Blather. This was seen on the side of a D4500 today.

LEASED FROM: NJT-2002-A STATUTORY TRUST
LEASED TO: NEW JERSEY TRANSIT CORPORATION
MORTGAGED TO: NJT-2002-A STATUTORY TRUST, as Head Lessee and
Lessor and K.V. BANK, N.A. as Agent for the Lenders

And you thought all that NBB Newark Lease jazz on the last Flxibles
was confusing?

Who owns these buses? NJT? A bank somewhere? HELP!

(BTW, the certificate lettering has not been observed on NJT D4000's because it doesn't fit!)

102D3 Of The Future?

At today's NJT Roadeo at Howell Garage, the few in attendance saw a rebuilt Bus 7065 through the raindrops. It now matches the appearance of the D4000's. I don't have any idea if the other 102D3 CNG's at Howell are being rebuilt.

This bus was the only noteworthy exhibit. Most of the historic fleet stayed home, though if one looked hard enough in the garage, one could find three MC-9B's still hanging around: 5113, 5117 and 5118. Look for pics of some of these and last year's winner's buses in the Gallery.

It's midnight. It's raining. I am still going to the Roadeo tomorrow. See you all there!

It's 5 a.m., and I just found some errors in the Flxible 1500/2000 page. I have fixed them and the revised page is now up.

Trevor Logan sent along this picture of 4001. His website is taking a little breather, but he'll be back soon at www.transitalk.org.

Also, I have received the final piece of the puzzle that is the NJT roster. The complete list of 2000-series Flxibles is now up. Thanks to Fred McGullam and Jim Bowman for the data!

Read the press release on today's appearance of the Hybrid Cruiser and Transit Buses!

Nova Bus Hybrid Now On Property

NJT has taken delivery of a Nova Bus 82VN hybrid bus. Fleet number 4001, serial number 2R835580.

Don't Tip This Driver!

Passengers on a Coach USA/ONE Bus route the other day were a little shocked to find out that the driver who was collecting fares was actually a vagrant stealing the money for himself.

Elizabeth police took Raymond Hamlin, 21, of Irvington, into custody. Charges against him include theft, receiving stolen property, and driving without a CDL. Bail is set at $100,000.

Police charge that Hamlin stole a bus from the depot on Frelinghuysen Avenue, covered the fare box with a sign saying it was not working, and followed the route, picking up passengers and pocketing the money for himself. He was found with about $32 on his person when arrested.