It's in the bank: TSR Rail Authority receives $645,000 check for repairs
LELAND ACKER

At press deadline Tuesday, the TSR Authority (TSRA) reported that a $645,000 check from the Texas Parks & Wildlife Department (TPWD) had been received for track repairs.

During a called meeting by the rail authority last Friday, the panel discussed TPWD's commitment to funding repairs of the Texas State Railroad as they transfer the train to the authority, as is required by the agreement between TPWD and TSRA. The agreement also stipulates that TPWD will transfer $2 million to TSRA to use for transportation enhancement funds.

The TSRA voted unanimously to immediately accept and sign the agreement with TPWD. The board also named Citizens 1st Bank as the TSRA's depository.

Exhibit C, paragraph four of the agreement between TPWD and TSRA says, "TPWD will pay to TSRA $631,732 to be used solely to repair the recent damages (to the Texas State Railroad right-of-way during the spring and summer of 2007 caused by extraordinary rainfall)." The amount TPWD will pay to TSRA is based on engineering estimates obtained by TPWD.

Board President Steve Presley said the amount reflects projected repair costs plus an additional 25 percent for contingencies.

Aside from the $2 million to be used to obtain matching funds, the transfer of $2.3 million in TxDOT matching funds and the $631,732 repair funds, TPWD will assume no obligation to provide further funds. However, Mr. Presley said that TPWD officials said they would try to make up the difference if the repair funds did not go far enough. Should the repairs cost less than $631,732, the left over balance would be returned to TPWD.

Other highlights of the agreement include TPWD will pay TSRA $13,500 to repair the rail car which was damaged in the accident on July 6, and agreements between TPWD and contractors will end Sept. 1. American Heritage Railways of Texas will be responsible for renewing those contracts.

One such contract includes the vendor contract with Eilenberger's Bakery for concessions at the depots.

Four banks submitted proposals to serve as the depository for the TSRA. The board considered proposals from First State Bank, Citizens

1st, Regions Bank and Franklin Bank. Board member

Charles Hassell recused himself from the discussion and decision because he is an employee at Citizens 1st Bank.

Regions Bank was eliminated from consideration after board members expressed hesitancy over using their system of money market accounts. First State Bank, Citizens 1st Bank and Franklin Bank all proposed similar rate structures.

Citizens 1st Bank was selected.

In other action, the TSRA passed a resolution asking TxDOT to amend the scope of work and project budget for the Texas State Railroad Historical Park Renovations Project. The amendment would allow for the funding of operations.

The TSRA will meet at 10 a.m Thursday and/or 2 p.m. Friday to discuss and finalize the agreement between TSRA and American Heritage Railways of Texas, LLC. The Thursday meeting is pending the completion of the final draft of the agreement. The Friday meeting is scheduled if needed.