Posted on Nov 9, 2023
Voters approve sale of Cincinnati Southern Railway to Norfolk Southern
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Cincinnati voters decided to approve the sale of the city-owned Cincinnati Southern Railway to Norfolk Southern by a close margin of 51.56%, with 100% of precincts reporting.
The corporation will pay the city $1.6 billion in a single lump sum payment; the city will establish a trust fund with the money, investing the principal and spending the investment returns on maintaining current infrastructure.
Members of the CSR Board of Trustees declined an interview request Tuesday night.
"The CSR Board of Trustees are excited about the historic value this remarkable asset will now deliver to current and future generations of Cincinnati citizens," said Board President Paul Muething in a statement. "[We will] secure the services of a financial advisor, as prescribed in Ohio law, who will work with the Board to develop an investment policy and then, with expert fund managers, ensure the responsible, diversified and professional management of this new financial asset."
Mayor Aftab Pureval said Wednesday he's relieved the sale passed and calls this an inflection point for the future of the city.
"Passing Issue 22 now ensures that future generations of Cincinnatians — not just in the next four or eight years, but over the next 100 years — can rely on this trust fund to make sure that the city continues to have the funds to prioritize basic services that people expect from City Hall," he said.
The corporation will pay the city $1.6 billion in a single lump sum payment; the city will establish a trust fund with the money, investing the principal and spending the investment returns on maintaining current infrastructure.
Members of the CSR Board of Trustees declined an interview request Tuesday night.
"The CSR Board of Trustees are excited about the historic value this remarkable asset will now deliver to current and future generations of Cincinnati citizens," said Board President Paul Muething in a statement. "[We will] secure the services of a financial advisor, as prescribed in Ohio law, who will work with the Board to develop an investment policy and then, with expert fund managers, ensure the responsible, diversified and professional management of this new financial asset."
Mayor Aftab Pureval said Wednesday he's relieved the sale passed and calls this an inflection point for the future of the city.
"Passing Issue 22 now ensures that future generations of Cincinnatians — not just in the next four or eight years, but over the next 100 years — can rely on this trust fund to make sure that the city continues to have the funds to prioritize basic services that people expect from City Hall," he said.
Voters approve sale of Cincinnati Southern Railway to Norfolk Southern
Posted from wvxu.org
Cincinnati
Voting
Posted 6 mo ago
Responses: 2
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PO1 William "Chip" Nagel
..."On Tuesday, voters all over Ohio decided to protect abortion access and legalize marijuana, but Cincinnati voters made another big decision: to sell the city’s railroad.
The Cincinnati Southern Railway is the only interstate railroad in the country that’s municipally owned.
Now that voters have approved its sale, ownership will pass on to Norfolk Southern — the same company behind the train derailment in East Palestine earlier this year.
Local government reporter Becca Costello, with Ohio Newsroom member station WVXU, has been reporting on the issue and joined the Ohio Newsroom to discuss the decision."...
..."On Tuesday, voters all over Ohio decided to protect abortion access and legalize marijuana, but Cincinnati voters made another big decision: to sell the city’s railroad.
The Cincinnati Southern Railway is the only interstate railroad in the country that’s municipally owned.
Now that voters have approved its sale, ownership will pass on to Norfolk Southern — the same company behind the train derailment in East Palestine earlier this year.
Local government reporter Becca Costello, with Ohio Newsroom member station WVXU, has been reporting on the issue and joined the Ohio Newsroom to discuss the decision."...
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PO1 William "Chip" Nagel
Mean Mary on fast banjo - Iron Horse
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