This research report describes the difficult process of rebuilding the largest public transportation provider in the western hemisphere through the creation of a Capital Program. The review highlights the political, financial, and infrastructure challenges that have comprised the last thirty years’ struggle to resurrect the region’s most important transportation asset. Issues featured are the amount of funds that were needed; where the money went; how the funds were raised; and, most importantly, the benefits to the riders that resulted. Also discussed is the watchdog role that the PCAC has played throughout this period. The report concludes with cautionary remarks and recommendations as the MTA continues its efforts to restore and expand this vital system.