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Learn about OCTA Measure M2 Sales Tax Revenue Bonds, including The Team.
On November 7, 2006, the voters of Orange County chose to extend the Measure M1 half cent sales tax for another 30 years from 2011 through 2041. Measure M2 (M2), administered by the Orange County Transportation Authority (OCTA), will generate billions of dollars to improve transportation in Orange County. M2 is designed to reduce traffic congestion and enhance overall mobility. Improvements in the plan include improving key freeways, upgrading major interchanges, and adding capacity and maintaining streets and roads. M2 allocates 43 percent of funds to freeway projects, 32 percent to streets and roads, and 25 percent to transit projects.
When the M2 Investment Plan was initially developed, forecasts projected M2 sales tax revenue available for projects and programs at $24.3 billion. Since the Great Recession in 2008, projected sales tax revenue has dropped by $10.8 billion and is now projected at $13.1 billion.
On November 13, 2017, the Updated Next 10 Plan was approved by the Board, reflecting new cash flows, schedule, and project information. This comprehensive plan sets priorities and funding commitments over a ten-year period (2017-2026) to ensure that promises made in the M2 Investment Plan can continue to be delivered despite changing economic and revenue shortfall impacts. While the Updated Next 10 Plan considers current cash flow forecasts, project information and schedules, the deliverables remain largely unchanged.
The largest component of the overall M2 Program is the Freeway Program. It receives 43 percent of the net sales tax revenue. In the approved Updated Next 10 Plan, $4.3 billion in freeway projects are scheduled to be delivered. The I-405 Improvement Project, which at $1.9 billion in estimated cost, will be the largest capital project that OCTA has delivered in its history. This project, slated to open in 2023, is concurrently under final design and construction.
OCTA issues Sales Tax Revenue bonds to provide funds for certain transportation projects, such as the upcoming Series 2019 Bonds issuance for the funding of the general purpose lanes for the I-405 Improvement Project. The current bonds outstanding are the Series 2010 A and B Bonds. OCTA is planning to issue ~$400 million of Sales Tax Revenue bonds in February 2019.