More results found.
No results match your search term, but we're constantly adding new issuers to the BondLink platform. Looking to learn more?
Learn about Orange County Transportation Authority, including Featured News, Key Projects, The Team, and Bond Programs.
WASHINGTON – The U.S. Department of Transportation today announced its Build America Bureau (the “Bureau”) has provided a Transportation Infrastructure Finance and Innovation Act TIFIA direct loan in the amount of up to $628.93 million to the Orange County Transportation Authority (OCTA) for the I-405 Improvement Project (the Project). The Department provides TIFIA and other surface transportation infrastructure financing through the Bureau.
The loan proceeds will finance part of the construction costs of the Project, which is being built in a 16-mile corridor in northwest Orange County on I-405 between State Route 73 and Interstate 605. The Project will add one new General-Purpose lane and one new toll lane in each direction in the 16-mile corridor. The new tolled express lanes will combine with the existing high occupancy vehicle lane to create two Express Lanes in each direction.
The project aims to improve operations of one of the most congested freeways in the country and is expected to generate about 26,000 jobs. It will also create more reliable and timely access to job centers, schools and to essential services for residents of this region. Its design also incorporates climate resilience elements, especially against flooding and earthquake risks, as well as pedestrian and bike-friendly elements.
The TIFIA loan will replace the current loan that the Bureau provided to OCTA for the Project in July 2017. The new loan, at a lower interest rate, will generate approximately US $258 million in nominal financing costs savings for OCTA over the life of the loan, providing relief from COVID-19 which affected OCTA’s revenues, and helping OCTA continue to deliver its capital improvement plan.
Project construction is already underway. OCTA expects to open the Project to the public by October 2023.
The Bureau, which administers the TIFIA credit program, was established as a “one-stop-shop” to streamline credit opportunities while also providing technical assistance and encouraging innovative best practices in project planning, financing, delivery, and operation. The Bureau has the resources and full commitment to provide additional flexibility and financial assistance to transportation projects in regions impacted by the COVID-19 pandemic to minimize the negative effects and help them with quicker recovery from this crisis. The U.S. Department of Transportation has closed $34.5 billion in TIFIA financings, supporting more than $120 billion in infrastructure investment across the country.
OCTA is the first agency in the nation to reset a partially drawn TIFIA loan, taking advantage of low interest rates to realize significant savings
ORANGE – The Orange County Transportation Authority today reset the interest rate to 1.95 percent on its $629 million federal loan for the I-405 Improvement Project, a first-of-its-kind reset that will help save an additional $158 million over the life of the loan.
OCTA finalized its initial loan in 2017 with a 2.91 percent interest rate through the Transportation Infrastructure Finance and Innovation Act, commonly called TIFIA.
Late last year, OCTA began working with the U.S. Department of Transportation’s Build America Bureau, the agency that runs the TIFIA program, to pay off its existing loan and execute a new one to take advantage of lower interest rates.
OCTA is the first agency to ever reset a partially drawn TIFIA loan, taking advantage of historically low interest rates to realize significant savings of $158 million on a net present value basis.
“I’m proud of OCTA for being proactive in taking advantage of low interest rates to help save millions of dollars for our taxpayers,” said OCTA Chairman Andrew Do, also the county’s First District Supervisor. “Thank you to our partners at the U.S. Department of Transportation for working with us to create a model on how to refinance a drawn TIFIA loan, setting an example for other transportation agencies throughout the country to save public funds that can be reinvested in our infrastructure.”
The TIFIA loan will be repaid solely using the revenue collected from drivers who choose to use the 405 Express Lanes being built as part of the I-405 Improvement Project.
Toll revenue collected beyond what it costs to repay the loan will fund transportation improvements for everyone who travels through the 405 corridor – whether or not they use the Express Lanes. The interest rate savings will allow more money to be available sooner to make those additional improvements along I-405.
“Innovative financing is critical to delivering major infrastructure projects and it’s great to see OCTA lead in this area to maximize available funding and continue making improvements for everyone who lives, works and drives near the 405 Freeway,” said Michael Hennessey, Chairman of OCTA’s Finance and Administration Committee. “This effort will help create greater revenue potential for future projects in the area.”
The original TIFIA loan for the I-405 Improvement Project was estimated to save about $300 million over the life of the loan compared to traditional bond financing, allowing the 405 Express Lanes to remain free to two-person carpools during non-peak hours when the express lanes open, a commitment made by OCTA.
To generate additional savings, OCTA is working on issuing Bond Anticipation Notes, a short-term financing tool used during the construction of projects, to allow OCTA to take advantage of lower short-term interest rates over the next three years instead of drawing on its TIFIA loan. The issuance of these notes is expected to save an additional $20 million.
“Every dollar we can save Orange County taxpayers in interest, is one more dollar we can invest in our infrastructure to enhance our transportation system,” said OCTA CEO Darrell E. Johnson. “I want to thank our federal partners and all those who played a role in helping to realize these tremendous savings.”
The $2.1 billion I-405 Improvement Project, now more than halfway complete, will add one regular lane in each direction of I-405 between Euclid Street and I-605, and a second lane in each direction in the center of the freeway from SR-73 to I-605 that will combine with the existing carpool lanes to form the 405 Express Lanes.
This 16-mile segment of I-405 is one of the most heavily traveled stretches of highway in the nation, and drivers routinely face severe congestion in both the regular lanes and carpool lanes. The project, anticipated to be completed in 2023, is critical to accommodate expected employment, population and housing growth throughout the region.
For more information about the I-405 Improvement Project, visit octa.net/405improvement.
Since 1991, OCTA’s services and investments in transportation have provided Orange County with the balanced, comprehensive transportation network it has today.
ORANGE – The Orange County Transportation Authority is marking its 30th anniversary this month – three decades of improving the region’s transit, streets and freeways and ongoing work toward a balanced and sustainable transportation system.
In June 1991, OCTA was formed through the consolidation of seven different agencies that focused on various aspects of transportation across the county.
The move to streamline efforts into a single agency allowed for coordination of transportation planning for the county’s growing population, greatly increasing efficiency and saving millions of dollars in taxpayer money by eliminating duplication of efforts.
Since then, Orange County residents have gotten to know OCTA, not only by the familiar blue, orange and white logo on OC Buses, but also through the agency’s many efforts to connect them to employment, education, medical needs, and entertainment.
“When you look back at the 30 years OCTA has been in existence, we can take pride in so many accomplishments to improve Orange County’s freeways and streets, provide reliable transit, protect the environment, and so much more,” said OCTA Chairman Andrew Do, also the county’s First District Supervisor. “With the strong support of the public, who overwhelmingly voted to approve Measure M to fund many of those improvements, we will continue to have a bright future with a balanced and sustainable transportation network.”
Back in 1991, Orange County had about 2.4 million residents. Since then, the population has grown by more than 700,000 residents – or approximately 30 percent – and the county has increasingly become an important employment center and tourist destination, making the goal of keeping Orange County moving even more important.
OCTA’s successes would not be possible without the vision and support of local voters, who passed the Measure M half-cent sales tax for transportation improvements in 1990 and then renewed it with 70 percent of the vote in 2006.
Since then, funds from Measure M, also known as OC Go, have led to a wide range of transportation improvements, with funding help from OCTA’s state and federal partners. Those improvements included:
Just as importantly, OCTA has worked to preserve what makes Orange County such a special place to live by protecting the environment.
OCTA has purchased more than 1,300 acres of open space from willing land owners to protect valuable plant and animal life forever. And more than $55 million has been awarded in competitive grants to fund projects that trap and clean up transportation-related pollution before it reaches local waterways, leading to cleaner waterways and oceans.
While taking time to mark the accomplishments of the past 30 years, OCTA, led by its 18-member Board of Directors, continues to look toward a bright transportation future. That includes work on a 16-mile, $2 billion improvement to the I-405 between Costa Mesa and the county’s border with Long Beach, scheduled to be completed in 2023.
That same year, OC Streetcar, the county’s first modern, electric streetcar along a 4.1-mile route in Santa Ana and Garden Grove, is also set to open.
“We’ve come a long way in these first three decades,” said OCTA CEO Darrell E. Johnson. “While we take a moment to reflect, there’s plenty to be excited about as we look ahead at expanding on OCTA’s accomplishments and keeping our residents, workers and visitors moving safely and efficiently.”
To see more about OCTA’s first 30 years, visit octa.net/30years.
OCTA in cooperation with The California Department of Transportation (Caltrans) is widening the San Diego Freeway (I-405) between State Route 73 (SR-73) and Interstate 605 (I-605).The project will improve 16 miles of I-405 between the SR-73 freeway in Costa Mesa and I-605 near the L.A. County line. The project includes adding one regular lane in each direction between Euclid Street and I-605 and making improvements to freeway entrances, exits and bridges. In addition, the project will add the 405 Express Lanes, incorporating the existing carpool lanes and a new lane in each direction between SR-73 and I-605. The 405 Express Lanes will give solo drivers the choice to speed up their commute for a toll and give options for carpoolers to use the lanes for free. When the express lanes open, two-person carpools will pay a toll only during peak hours and carpools of three or more will be free at all times.
The general purpose lane portion of the project is an OCGO, formally Measure M (Orange County's half-cent transportation sales tax), project and will be funded by a combination of local, state and federal funds, with the express lanes portion of the project financed and primarily paid for by those who choose to pay a toll and use the 405 Express Lanes.
Because of the high demand for the I-405 and the need to stay within the existing right of way, the project cannot provide enough additional lanes to eliminate congestion. The 405 Express Lanes, however, will provide a fast, stress-free travel option. Because the amount of traffic in the 405 Express lanes will be optimized by raising and lowering tolls in response to traffic demand, the 405 Express Lanes will be more predictable and move more vehicles per lane during peak periods than the regular, general purpose lanes. Solo drivers in the 405 Express Lanes will pay the full toll and carpools are anticipated to be offered discounts or free travel. The toll policy has not been finalized yet but it will be designed to provide customers with a safe, reliable, congestion-free commute. The 405 Express lanes will offer people a choice to travel faster when they absolutely need to.
In 2040, it's expected to take 29 minutes to travel during rush hour from SR-73 to I-605 in the general purpose lanes after improvements to the I-405 are complete. That commute can be reduced to 13 minutes if a driver chooses to take the 405 Express Lanes.
The new parking structure will blend into the historic architectural design of the area and incorporate modern features like solar panels and electric car charging ports to contribute to the building’s energy efficiency. Some key design elements include:
611 New Parking Spaces
This 5-story structure will have 2 subterranean levels and a total of 611 parking spaces. The increase of parking spaces will improve accessibility for Metrolink riders and motorists visiting Old Towne Orange.
Electric Car Charging Ports
Several dedicated parking spaces will feature electric car charging ports, allowing for eco-friendly vehicles to plug in and recharge.
The building and plaza areas will reflect the historic character and scale of Old Towne Orange to blend into the architectural design of the historic district. The design was developed with extensive input from the community.
Solar panels will be placed on the facility’s roof, thereby providing reduced energy costs for lighting, mechanical and ventilation systems.
Bike Racks and Lockers
This newly added feature will encourage active transportation by providing commuters peace of mind knowing there is a secure place to store their bicycles.
Environmental: December 2009 – May 2016
Design: November 2010 – April 2016
Construction: July 2017 – Early 2019
To complement Orange County’s Metrolink service, passengers need a way to get to their final destination after getting off a train. Through Transit Extensions to Metrolink, a Measure M program (now called OC Go) intended to broaden the reach of Orange County’s backbone rail system to key employment, population, and activity centers, the cities of Santa Ana and Garden Grove developed a fixed guideway project that would address this need.
After evaluating many alternatives and extensive outreach, a streetcar was chosen as the preferred alternative. Expected to begin operations in 2021, the OC Streetcar will link the bustling Santa Ana Regional Transportation Center (SARTC), which provides regional rail, OCTA bus, and intercity and international bus services, to a new multimodal hub at Harbor Boulevard/Westminster Avenue in Garden Grove. Along the way, OC Streetcar will connect directly with 18 OCTA bus routes. OC Streetcar will serve the historic downtown Santa Ana and Civic Center which includes government offices, federal, state and local courthouses, unique restaurants and shops, an artists’ village, several schools and a variety of community enrichment organizations.
OC Streetcar will increase transportation options and provide greater access along its 4.15-mile route (in each direction) along Santa Ana Boulevard, 4th Street, and the Pacific Electric right-of-way to Harbor Boulevard in Garden Grove.
Orange County’s population is expected to increase 13 percent by 2035, and that means more drivers on our roadways. To ease growing traffic demands, OCTA, the California Department of Transportation (Caltrans), the County of Orange and all 34 cities are working together to coordinate traffic lights across the county.
Traffic signal synchronization allows a series of lights to turn green in advance of arriving traffic based on synchronized timers set to current traffic conditions and congestion levels.
OCTA improves traffic flow by coordinating traffic lights across city boundaries. Most signal timing projects result in a 5 to 15 percent improvement in travel time and speed, reducing travel times, stops and delays.
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.
Bond Ratings: A1/AA/A+
Final Maturity: 2030
Debt Outstanding as of 12/31/2019: $91,865,000
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.
Final Maturity: 2041
Bond Ratings: Aa2/AA+/AA+
Debt Outstanding as of 12/31/2019: $635,220,000