(MTA corrects to say notes are proposed, not approved)
NEW YORK Nov 28 New York's Metropolitan
Transportation Authority said on Wednesday i t p roposes to sell
$4.8 billion of bond anticipation notes over the next two years
to cover damages caused by Superstorm Sandy.
Under the plan, the MTA will sell $2.9 billion of the notes
in 2013 and $1.9 billion in 2014, with the proceeds earmarked
for repairing damaged infrastructure.
The debt will be repaid with reimbursements MTA will get
from the Federal Emergency Management Agency and from insurance,
The MTA's initial storm damage estimate is $5.02 billion,
and the agency said it expects it might have to cover $950
million of that amount on its own.
(Reporting by Hilary Russ; Editing by Leslie Adler)