Mayor Bloomberg in 2009 when he was about to run for his third term. But he came to the conclusion that it wouldn't work. It wouldn't work. And look, The MTA even said, General Lieber even said basically it would take years to study because the revenue from the buses has been pledged to the bondholders. In other words, the MTA is financed by issuing bonds. The bonds are backed by the revenue from the mta. A big part of the revenue from the MTA are the buses. (05:08–05:24)
CLAIM
Claims that MTA revenue from buses is pledged to bondholders, complicating free bus proposals.
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