The Seattle Monorail Project today announced that Board Chairman Tom Weeks and Executive Director Joel Horn have resigned, "accepting full responsibility for the current situation."

The departures follow the board's decision last week to abandon its financing plan for the $2.1 billion dollar project, which would have levied taxes over 50 years and required debt payments totaling $11.4 billion, including interest. The costs for the 14-mile line from Ballard to West Seattle prompted public outrage, leading even some of the monorail's original backers to criticize the current contract and financing plan.

Monorail officials have defended the project, arguing, in part, that interest costs for public projects are rarely discussed.

But State Treasurer Mike Murphy and others have assailed the monorail's financing structure, which relies in part on high-interest, 40-year bonds. Several Seattle City Council members last week pushed the monorail board to rethink its strategy and threatened to reject the necessary permits. Councilman Richard Conlin, chairman of the council transportation committee, called for a "monorail exit strategy."

When the monorail's governing board met last Thursday on the financing plan, members also reviewed Horn's performance in a closed-door session. Horn had received an $8,789 merit raise six months ago, which increased his salary to $187,000, while other employees got a cost-of-living raise.