IRVINE, Calif.--(BUSINESS WIRE)--Amy Potter, chief financial officer for the Transportation Corridor Agencies in Orange County, California, recently provided an update on the finances for the 73, 133, 241 and 261 Toll Roads at the 2018 J.P. Morgan Public Finance Transportation and Utility Investor Forum in New York, New York.
In her presentation, Potter explained how TCA was formed in the mid-1980s to address Orange County’s exploding population, worsening traffic congestion and shrinking traditional transportation funds. The Foothill/Eastern and San Joaquin Hills Transportation Corridor Agencies funded construction of The Toll Roads by issuing toll revenue bonds to private investors.
As one of modern tolling’s leading agencies, TCA is bringing much-needed traffic relief to Southern California drivers:
- TCA built and operates 51-miles of toll roads, the largest network of toll roads in California
- More than 300,000 transactions are recorded on a typical weekday
- TCA collects $358 million annual toll revenue – toll revenue bonds were sold as the primary funding source to finance the roads and the bonds are repaid by future tolls
- With 1.2 million electronic toll collection accounts, TCA offers drivers multiple ways to pay tolls incurred on The Toll Roads
- The Toll Roads make up more than 20 percent of Orange County’s highway system and are the fastest, easiest and most predictable way to get to and through Orange County’s commercial centers and airport
“TCA’s solid financial health and continued growth in transactions and revenue, reflect the toll road system’s value to Orange County’s vibrant economy and transportation network,” Potter said. “During the last three years ridership has increased by nearly 20 percent.”
In 2013 and 2014 the agencies refinanced the debt to take advantage of historically low interest rates and established debt structures that align with The Toll Roads’ historical revenue growth. Since the refinancings, traffic and revenue have exceeded projections and reserves have grown. Credit ratings for both the governing agencies were upgraded in 2017.
The 2018 J.P. Morgan Public Finance Transportation and Utility Forum took place April 18 and 19 in New York, New York. The annual investor forum provides issuers and investors with the unique opportunity to connect with one another in both formal and informal settings, as well as to hear about key market trends from industry-leading professionals.
The Transportation Corridor Agencies (TCA) are two joint powers authorities formed by the California legislature in 1986 to plan, finance, construct and operate Orange County’s 67-mile public toll road system. Fifty-one miles of the system are complete, including the 73, 133, 241 and 261 Toll Roads. TCA continues to meet the region’s growing need for congestion-free transportation alternatives.