About OCTA 91 Express Lanes Revenue Bonds
The 91 Express Lanes was born from the need for congestion relief on SR-91 when no public funds were available to solve this critical transportation problem. Built by the California Private Transportation Company (CPTC), the 91 Express Lanes embodied a unique concept: The private sector would take the risk and the state would get congestion relief at no cost to taxpayers.
Built at a cost of $135 million, the Orange County section of the project was authorized as a toll road by the State of California in 1989 and opened in 1995. An agreement with the State of California Department of Transportation (Caltrans) included a non-compete provision that created a 1.5-mile protection zone along each side of SR-91. This zone prohibited improvements along the corridor and created mobility problems as the region and corresponding transportation demands grew.
To mitigate growing concerns over congestion, the Orange County Transportation Authority (OCTA) acquired the 91 Express Lanes franchise rights in January 2003. This eliminated the non-compete provision, clearing the way for future enhancements that will increase capacity and improve traffic flow along the SR-91 corridor.
In 2008, the Riverside County Transportation Commission (RCTC) received authority to extend the Express Lanes to I-15. Traffic congestion on eastbound SR-91 between Anaheim and Corona is routinely among the worst five areas in the nation. At a cost of $1.4 billion, the RCTC 91 Corridor Improvement Project added regular lanes, tolled express lanes, auxiliary lanes and direct express lane connectors from the northbound I-15 to the westbound SR-91 and from the eastbound SR-91 to the southbound I-15. Improvements to interchanges, ramps and surface streets were also made along the 91 corridor.
The Riverside section of the 91 Express Lanes opened in 2017, providing customers with 8 additional miles of travel time certainty.
To provide 91 Express Lanes customers with excellent customer service, OCTA and RCTC entered into an agreement with the current 91 Express Lanes operator to service both segments of the Express Lanes.
The 91 Express Lanes 2013 Bonds were issued to refund the Series 2003 Bonds, which were originally issued to finance the acquisition of the 91 Express Lanes for the design, construction and installation of the toll road. The current bonds outstanding are the Series 2013 Bonds and no future debt plans are anticipated at this time.
On behalf of the Orange County Transportation Authority, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by the Authority, as it allows us to make critical investments in public infrastructure throughout Orange County. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of the Orange County Transportation Authority.Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.