Bond Programs

Orange County voters first approved Measure M in 1990, establishing a 20-year, one-half cent sales tax to fund transportation improvements throughout the county. The original Measure M program, commonly referred to as M1, concluded in 2011 after delivering major freeway, street, transit, and environmental improvements.

In November 2006, Orange County voters approved the renewal of Measure M with nearly 70 percent support. The renewed program, commonly referred to as M2, extends the one-half cent transportation sales tax for 30 years, from 2011 through 2041. M2 is expected to generate approximately $13.2 billion through 2041 and supports a balanced program of freeway improvements, local streets and roads, transit services, environmental mitigation, and taxpayer safeguards.

OCTA periodically updates its delivery plan to reflect current revenues, project costs, schedules, and economic conditions. The Board of Directors adopted the 2025 Next 10 Delivery Plan in December 2025, confirming that the full M2 program remains deliverable through 2041.

OCTA’s outstanding Measure M Sales Tax Revenue Bonds consist of the Series 2019 and Series 2025 bonds. The Series 2025 bonds refunded the remaining Series 2010A Build America Bonds. Debt service is secured by Measure M sales tax revenues, subject to the provisions of the applicable bond documents.

OCTA currently anticipates that the remaining M2 program can be delivered without additional Measure M debt issuance through 2041.

The 91 Express Lanes originated from the need to provide congestion relief on State Route 91 when public funding was not available to address growing transportation demand. Developed by the California Private Transportation Company, the project introduced an innovative public-private approach under which the private sector assumed the initial development risk and delivered additional capacity without upfront public funding.

Authorized by the State of California in 1989, the Orange County segment was constructed at a cost of approximately $135 million and opened in 1995. The original franchise agreement with the California Department of Transportation included a non-compete provision that restricted certain transportation improvements within a 1.5-mile area on either side of SR-91.

As congestion and transportation needs increased, the Orange County Transportation Authority acquired the 91 Express Lanes franchise rights in January 2003. OCTA’s acquisition eliminated the non-compete provision and allowed future improvements to proceed along the SR-91 corridor. Since acquiring the facility, OCTA has managed toll rates to optimize traffic flow and provide customers with a reliable travel option rather than to maximize toll revenue.

In 2008, the Riverside County Transportation Commission received authority to extend the express lanes into Riverside County. The $1.4 billion 91 Corridor Improvement Project added general-purpose lanes, tolled express lanes, auxiliary lanes, direct express-lane connectors, and improvements to interchanges, ramps, and local streets. The eight-mile Riverside County extension opened in March 2017, providing a continuous express-lane connection between Orange and Riverside counties.

OCTA owns and operates the 10-mile Orange County segment, while RCTC owns and operates the eight-mile Riverside County segment. The agencies coordinate customer service and operating functions to provide motorists with a seamless experience across both segments.

In July 2013, OCTA issued its Senior Lien Toll Road Revenue Refunding Bonds, Series 2013, to refund the Series 2003 Bonds originally issued to finance OCTA’s acquisition of the 91 Express Lanes and related capital improvements.

In July 2023, OCTA issued $47.545 million of Senior Lien Toll Road Revenue Refunding Bonds, Series 2023, to refund the outstanding Series 2013 Bonds. The Series 2023 Bonds are currently OCTA’s outstanding 91 Express Lanes bonds and are secured by net revenues of the Orange County segment of the 91 Express Lanes, subject to the provisions of the applicable bond documents.